Gross rental yields in Spain have returned to normal

Residential Valuation Specialist | November 15, 2022

Last Updated: Sept. 20, 2022
MADRID - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Centro
Studio €170,000 €850 6.00%
1-Bedroom €255,500 €1,200 5.64%
2-Bedroom €441,000 €1,800 4.90%
3-Bedroom €695,000 €2,950 5.09%
4+Bedroom €859,000 €3,500 4.89%
Barrio de Salamanca
Studio €300,000 €910 3.64%
1-Bedroom €325,000 €1,450 5.35%
2-Bedroom €630,000 €2,000 3.81%
3-Bedroom €889,000 €2,920 3.94%
4+Bedroom €1,570,000 €4,000 3.06%
Carabanchel
Studio €150,000 €675 5.40%
1-Bedroom €155,000 €750 5.81%
2-Bedroom €159,000 €850 6.42%
3-Bedroom €165,000 €950 6.91%
4+Bedroom €339,500 €1,100 3.89%
Chamberi
Studio €244,250 €900 4.42%
1-Bedroom €270,400 €1,250 5.55%
2-Bedroom €490,000 €1,721 4.21%
3-Bedroom €790,000 €2,900 4.41%
4+Bedroom €1,150,000 €3,000 3.13%
Ciudad Lineal
Studio €226,500 €710 3.76%
1-Bedroom €190,000 €950 6.00%
2-Bedroom €229,000 €1,150 6.03%
3-Bedroom €260,000 €1,250 5.77%
4+Bedroom €599,000 €2,400 4.81%
Puente de Vallecas
Studio €119,000 €550 5.55%
1-Bedroom €142,300 €750 6.32%
2-Bedroom €135,000 €800 7.11%
3-Bedroom €161,000 €870 6.48%
Tetuán
Studio €165,000 €725 5.27%
1-Bedroom €211,950 €1,050 5.94%
2-Bedroom €250,000 €1,283 6.16%
3-Bedroom €415,000 €1,950 5.64%
4+Bedroom €827,500 €2,775 4.02%
Chamartin
Studio €269,500 €885 3.94%
1-Bedroom €398,000 €1,150 3.47%
2-Bedroom €425,000 €1,570 4.43%
3-Bedroom €650,000 €1,825 3.37%
4+Bedroom €1,325,000 €3,300 2.99%
Madrid avg. Rental Yields 4.96%
BARCELONA - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Eixample
Studio €222,222 €1,150 6.21%
1-Bedroom €439,500 €1,990 5.43%
2-Bedroom €517,500 €2,275 5.28%
3-Bedroom €500,000 €2,203 5.29%
4+Bedroom €550,000 €2,650 5.78%
Ciuatat Vella
Studio €165,000 €1,098 7.99%
1-Bedroom €212,000 €1,250 7.08%
2-Bedroom €375,000 €1,663 5.32%
3-Bedroom €375,000 €2,150 6.88%
4+Bedroom €445,000 €2,100 5.66%
Sant Martí
Studio €225,000 €1,200 5.65%
1-Bedroom €240,000 €1,725 8.63%
2-Bedroom €312,250 €1,875 7.21%
3-Bedroom €260,000 €2,000 9.23%
4+Bedroom €420,000 €1,900 5.43%
Sarrià-Sant Gervasi
Studio €267,500 €1,150 5.16%
1-Bedroom €395,000 €1,650 5.01%
2-Bedroom €525,000 €1,650 3.77%
3-Bedroom €675,000 €2,100 3.73%
4+Bedroom €1,080,000 €3,000 3.33%
Sants-Montjuïc
Studio €160,000 €925 6.94%
1-Bedroom €190,000 €1,198 7.57%
2-Bedroom €235,000 €1,350 6.89%
3-Bedroom €245,000 €1,150 5.63%
4+Bedroom €349,000 €1,500 5.16%
Horta Guinardó
1-Bedroom €132,000 €965 8.77%
2-Bedroom €225,000 €950 5.07%
3-Bedroom €219,000 €1,063 5.82%
4+Bedroom €299,000 €2,500 10.03%
Gràcia
Studio €199,000 €950 5.73%
1-Bedroom €265,000 €1,600 7.25%
2-Bedroom €360,000 €1,599 5.33%
3-Bedroom €352,000 €1,603 5.46%
4+Bedroom €470,000 €1,970 5.03%
Les Corts
Studio €212,500 €850 4.80%
1-Bedroom €385,000 €1,380 4.30%
2-Bedroom €370,000 €1,450 4.70%
3-Bedroom €430,000 €1,850 5.16%
4+Bedroom €839,500 €4,099 5.86%
Barcelona avg. Rental Yields 5.99%
VALENCIA - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
L´Eixample
Studio €290,000 €1,450 6.00%
1-Bedroom €287,500 €1,250 5.22%
2-Bedroom €395,000 €1,375 4.18%
3-Bedroom €425,000 €1,400 3.95%
4+Bedroom €650,000 €1,500 2.77%
Ciutat Vella
Studio €239,500 €1,300 6.51%
1-Bedroom €221,000 €1,300 7.06%
2-Bedroom €292,500 €1,990 8.16%
3-Bedroom €425,000 €1,700 4.80%
4+Bedroom €620,000 €2,000 3.87%
Extramurs
Studio €205,000 €1,090 6.38%
1-Bedroom €199,609 €1,275 7.66%
2-Bedroom €258,350 €1,275 5.92%
3-Bedroom €269,000 €1,400 6.25%
4+Bedroom €316,500 €1,350 5.12%
Valencia avg. Rental Yields 5.59%
CÓRDOBA - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Centro
Studio €83,250 €490 7.06%
1-Bedroom €111,900 €500 5.36%
2-Bedroom €158,750 €650 4.91%
3-Bedroom €189,000 €750 4.76%
4+Bedroom €270,000 €900 4.00%
Córdoba (all locations)
Studio €82,000 €500 7.32%
1-Bedroom €109,900 €500 5.46%
2-Bedroom €123,000 €650 6.34%
3-Bedroom €127,500 €700 6.59%
4+Bedroom €204,000 €850 5.00%
Córdoba avg. Rental Yields 5.68%
ALICANTE - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Centro
Studio €178,000 €700 4.72%
1-Bedroom €159,000 €750 5.66%
2-Bedroom €232,000 €1,075 5.56%
3-Bedroom €260,000 €990 4.57%
4+Bedroom €330,000 €1,350 4.91%
Alicante (all locations)
Studio €129,000 €615 5.72%
1-Bedroom €139,000 €750 6.47%
2-Bedroom €167,000 €900 6.47%
3-Bedroom €159,000 €900 6.79%
4+Bedroom €236,000 €1,250 6.36%
Alicante avg. Rental Yields 5.72%
SEVILLE - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Centro
Studio €173,500 €600 4.15%
1-Bedroom €210,000 €750 4.29%
2-Bedroom €252,000 €850 4.05%
3-Bedroom €320,000 €995 3.73%
4+Bedroom €585,000 €1,500 3.08%
Nervión
Studio €175,800 €760 5.19%
1-Bedroom €178,000 €750 5.06%
2-Bedroom €239,995 €980 4.90%
3-Bedroom €297,000 €1,200 4.85%
4+Bedroom €376,500 €1,390 4.43%
Macarena
1-Bedroom €128,000 €600 5.63%
2-Bedroom €95,000 €750 9.47%
3-Bedroom €97,000 €750 9.28%
4+Bedroom €146,300 €900 7.38%
Triana
1-Bedroom €154,500 €750 5.83%
2-Bedroom €212,500 €800 4.52%
3-Bedroom €229,250 €925 4.84%
4+Bedroom €341,250 €1,350 4.75%
Sevilla este
1-Bedroom €118,000 €575 5.85%
2-Bedroom €178,000 €750 5.06%
3-Bedroom €166,500 €800 5.77%
4+Bedroom €237,000 €833 4.22%
Los Remedios
Studio €145,000 €680 5.63%
1-Bedroom €235,900 €700 3.56%
2-Bedroom €230,000 €1,000 5.22%
3-Bedroom €272,000 €950 4.19%
4+Bedroom €549,000 €1,495 3.27%
Seville avg. Rental Yields 5.12%
PALMA DE MALLORCA - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Centro
1-Bedroom €156,000 €735 5.65%
2-Bedroom €210,000 €863 4.93%
3-Bedroom €238,000 €1,050 5.29%
4+Bedroom €319,000 €1,250 4.70%
Palma de Mallorca (all locations)
Studio €152,500 €885 6.96%
1-Bedroom €310,000 €995 3.85%
2-Bedroom €350,000 €1,300 4.46%
3-Bedroom €339,000 €1,500 5.31%
4+Bedroom €450,000 €2,200 5.87%
Palma de Mallorca avg. Rental Yields 5.23%
MURCIA - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Centro
1-Bedroom €147,450 €550 4.48%
2-Bedroom €160,000 €700 5.25%
3-Bedroom €170,000 €900 6.35%
4+Bedroom €380,000 €1,000 3.16%
Murcia (all locations)
Studio €78,000 €450 6.92%
1-Bedroom €77,500 €550 8.52%
2-Bedroom €90,000 €650 8.67%
3-Bedroom €109,900 €750 8.19%
4+Bedroom €245,000 €990 4.85%
Murcia avg. Rental Yields 6.26%
All yields are gross - i.e., before taxes, repair costs, ground rents, estate agents fees, and any other costs. Net yields (what you´ll really earn) are typically around 1.5% to 2% lower.
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

Get updated rental yields data for 75 countries

Gross rental yields - the return earned on the purchase price of a rental property, before taxation, vacancy costs, and other costs - range from 2.99% to 6.91% with an average of 4.96% in Madrid. Similar yields, or maybe slightly higher, can also be had in Barcelona with the yields ranging from 3.33% to 10.03% and a city average of 5.99%. Not great, though not untypical for cities like Madrid and Barcelona. Yields on the very smallest apartments now offer reasonable returns. But then smaller apartments tend to need more maintenance, so a higher yield is justified.

Rents are similar in the two cities, maybe slightly lower in Madrid so a two-bedroom apartment will cost around EUR 800 to EUR 2,000 per month, while a four-bedroom apartment will cost around EUR 1,100 to EUR 4,000 a month. In Barcelona, a two-bedroom apartment costs about EUR 950 to EUR 2,275 a month, and a four-bedroom apartment rents for about EUR 1,500 to EUR 4,099 a month.

In other cities the rental yields are also moderate to good. Valencia´s rental yields range between 2.77% and 8.16%, Córdoba produces yields between 4.00% to 7.32%, In Alicante you can expect rental yields between 4.57% to 6.79%, Seville has rental yields of 3.08% to 9.47%, Palma de Mallorca earns yields between 3.85% to 6.96%, and Murcia produces rental yields between 3.16% and 8.67%.

When buying property, take into consideration that round-trip transaction costs are moderate to high in Spain. See our Property transaction costs analysis in Spain and Residential property transaction costs in Spain, compared to the rest of Europe.