Rental Market Yield Trends
In the third quarter of 2025, Spain saw a decline in returns from residential rentals. At the end of the period, the rate stood at 6.9 percent, down from 7.2 percent at the end of summer 2024. These figures come from a study conducted by idealista. Even so, rental returns remain almost twice as high as yields on ten-year government bonds, which offer 3.3 percent.
Comparison of Different Real Estate Segments
The analysis included not only apartments but also other types of properties. Office spaces continue to offer the highest investment returns at 11.5 percent, though this is slightly down from last year’s 11.7 percent. Retail premises yield 9.9 percent, a small increase compared to last year (9.7 percent). Garages provide a return of 6.2 percent, which is also above the figure from September 2024 (6 percent).
Yield by Region: Leaders and Laggards
Among Spanish cities, Murcia maintains its status as the most profitable capital for rental housing, with a return of 7.7 percent. It is followed by Zamora and Lleida (7.5 percent each), Jaén (7.4 percent), Huelva and Ceuta (7.1 percent each). In Castellón de la Plana, the yield reaches 7 percent. Below this level are Segovia (6.8 percent), Las Palmas de Gran Canaria (6.7 percent), Córdoba and Ávila (6.6 percent each). The lowest rate is recorded in San Sebastián—3.5 percent. In Palma, the return is 4.4 percent, in A Coruña—4.5 percent, in Cádiz—4.6 percent, and in Pamplona—4.7 percent. In Madrid, this indicator stands at 4.8 percent, while in Barcelona it is 5.8 percent.
Commercial property profitability
Shops remain the most profitable type of real estate in almost all capitals. In Murcia, the figure reaches 11.7 percent; in Zaragoza—11 percent; in Oviedo—10.9 percent; in Tarragona and Lleida—10.8 percent each; in Huelva and Girona—10.7 percent each. In Barcelona, shops yield 8.3 percent, in Madrid—7.4 percent. The lowest rates are noted in Cuenca (6.4 percent), Albacete (6.9 percent), Málaga (7 percent), and Palma (7.1 percent).
Offices and garages: market features
Among office properties, Seville leads with a yield of 11.2 percent. In Zaragoza, the figure is 9.8 percent, in Vitoria — 9.3 percent, in Burgos — 9.2 percent, in Lleida — 9 percent, and in Murcia — 8.6 percent. In Castellón de la Plana, office yields are at 8.4 percent, in Las Palmas de Gran Canaria — 8 percent, and in Valladolid — 8 percent. In Barcelona, offices generate a yield of 7.6 percent, while in Madrid — 6.4 percent. The lowest yields are recorded in Palma — 6.1 percent, as well as in León (6.2 percent), San Sebastián (6.3 percent), and Cáceres (6.4 percent).
Garages are considered the least profitable investment in most cities. The highest yields are recorded in Murcia (8.8 percent), Castellón de la Plana (8.1 percent), Toledo and Ávila (both at 6.9 percent). In Barcelona, garages yield 6.3 percent, while in Madrid — 5.4 percent. The minimum returns are in Palencia — 2.8 percent, Granada — 2.9 percent, Salamanca — 3 percent, and Palma — 3.2 percent. Only in these cities is the yield on garages lower than that of government bonds.
Research methodology and the role of proptech
For its analysis, idealista specialists compared sales and rental prices for key property types, using quarterly indices for the third quarter of 2025. This approach makes it possible to determine what percentage of income an owner can expect from renting out a property. It helps assess the current market situation and serves as a benchmark for potential investors.
The collection and analysis of information were carried out by the idealista/data unit, which specializes in providing analytics for Spain, Italy, and Portugal. The calculations used both proprietary databases and open as well as private sources.
