Spain faces challenge with aging elevator infrastructure

Spain is currently addressing the modernization of its elevator infrastructure, as approximately half of the country's 1.2 million elevators are more than twenty years old. This aging fleet presents significant challenges regarding safety, accessibility, efficiency, and connectivity.

João Penedo, head of Otis for Iberia, Middle East, and Africa, noted that the fragmented nature of property ownership in Spain often complicates renovation efforts. Small property owners within residential communities frequently struggle to reach consensus or manage the sudden costs associated with large-scale upgrades. To address these economic barriers, Otis is implementing modular solutions for phased modernization and offering financing options, including interest-free plans of up to ten years, to facilitate necessary infrastructure updates.