🇪🇸 Property investment in Spain
Market data for 30 Spanish cities. Compare rental yields, median prices, and population trends. Spain's gross yields range from 3.69% in San Sebastián to 7.47% in Murcia — average 5.9% across these markets.
Madrid
Madrid
Barcelona
Catalonia
Valencia
Valencia
Seville
Andalucía
Zaragoza
Aragón
Málaga
Andalucía
Palma de Mallorca
Balearic Islands
Bilbao
Basque Country
Alicante
Valencia
Las Palmas
Canary Islands
Murcia
Murcia
Córdoba
Andalucía
Valladolid
Castile and León
Vigo
Galicia
Granada
Andalucía
A Coruña
Galicia
San Sebastián
Basque Country
Santander
Cantabria
Santa Cruz de Tenerife
Canary Islands
Pamplona
Navarre
Almería
Andalucía
Salamanca
Castile and León
Marbella
Andalucía
Cádiz
Andalucía
Tarragona
Catalonia
Girona
Catalonia
Toledo
Castile-La Mancha
Cartagena
Murcia
Oviedo
Asturias
Gijón
Asturias
Investing in Spanish property as a foreign buyer
Purchase costs — budget ~12% on top of the price
Resale properties are subject to Impuesto sobre Transmisiones Patrimoniales (ITP), a regional transfer tax. Rates range from 6% in regions such as La Rioja to 11% in the Balearics for higher-value properties. New-build properties instead attract IVA (VAT) at 10%, plus Actos Jurídicos Documentados (stamp duty) of 0.5–2%. Add notary fees (~0.5–1%), property registry (~0.2–0.5%), and legal/gestión fees (~0.5–1%). Total acquisition costs are typically 10–14% depending on region, property type, and value.
IRPF — rental income tax
EU/EEA non-resident landlords pay a flat 19% tax on net rental income (gross rent minus allowable expenses). Non-EU residents pay 24% on gross income with no expense deductions. Spanish tax residents include rental income in their general IRPF base and benefit from a 60% deduction on net rental income for long-term residential lets (subject to Ley de Vivienda modifications in tensioned zones). Non-resident landlords must file quarterly returns (Modelo 210).
IBI — annual property tax
Impuesto sobre Bienes Inmuebles is levied by each municipality at 0.4–1.1% of the cadastral value. Since cadastral values are typically 20–50% of market value, the effective cost as a percentage of purchase price is often 0.1–0.3% per year. IBI is always paid by the owner and is not transferable to the tenant.
Ley de Vivienda — 2023 Housing Law
Spain's 2023 Housing Law allows regional governments to designate zonas tensionadas (tensioned zones) in areas where housing costs are high relative to income. In these zones, rent increases on new contracts may be capped or indexed. Catalonia has implemented the widest restrictions; Madrid's regional government has opted not to designate zones as of 2026. Verify the status of your target area before investing, especially if you plan to re-let at market rates after a tenancy ends.
Tourist rental licences
Short-term rentals require a regional vivienda de uso turístico (VUT) licence. Availability varies widely by municipality: Barcelona and Palma have effectively frozen new licences; Madrid restricts short-term lets in buildings without 100% owner consent; San Sebastián has strict quotas. Always verify licence status for the specific building before purchasing with short-term rental intent.
NIE number
All foreign buyers must obtain an Número de Identificación de Extranjero (NIE) before completing a purchase. This is a tax identification number issued by the Spanish National Police. The process takes 1–4 weeks in Spain or can be done via a Spanish consulate abroad. A Spanish-speaking gestoría or property lawyer can handle this on your behalf.
Key data sources
Price and rent data is sourced from Idealista market reports, INE (Instituto Nacional de Estadística) housing statistics, and Colegio de Registradores property registry data. Population data from INE municipal register (padrón municipal). Data reflects 2025–2026 transaction and rental market conditions.
Spain-specific rental yield calculator
Includes IRPF tax status selector (EU/EEA vs Non-EU), IBI slider, community fees, and Spanish purchase costs.