Gross rental yields on Spanish homes averaged 6.2% in the third quarter of 2026, according to idealista/data's index. That is 0.7 percentage points lower than at the end of summer 2025. For buyers who plan to rent, the figure is still positive, but the gap over government debt has narrowed.
What this 6.2% actually measures
This is a gross yield: it divides the asking sale price by the annual rent the market is asking. It does not deduct property tax (IBI), community fees, insurance, taxes, empty months or management costs. It is useful for comparing areas and asset types, but it is not what you keep.
Homes compared with other assets
Within the report, homes yield slightly more than garages and trail offices and commercial premises. Against government debt the gap is still above two points, although it has shrunk considerably over the past year.
| Asset | Gross yield Q3 2026 | A year earlier |
|---|---|---|
| Offices | 11.2% | 11.5% |
| Commercial premises | 10.0% | 9.9% |
| Homes | 6.2% | 6.9% |
| Garages | 6.0% | 6.2% |
| 10-year State Bond | 4.1% | 3.3% |
Why it is falling: the bond rises, rents do not drop
The change is driven mainly by the rise in the 10-year bond, from 3.3% to 4.1%. When government debt pays more, the distance between what a rented flat yields and a risk-free asset shrinks. The report does not attribute the drop to lower rents and makes no forecasts.
A warning sign for small investors: in 14 capitals, garages already yield less than the bond.
City differences: the figure that matters most
The capitals with the highest gross home yields are Huelva (7.4%), Castellón (7.2%) and Zamora (7.0%). At the other end are San Sebastián (3.3%), A Coruña (4.2%), Madrid (4.3%) and Palma (4.3%). San Sebastián is the only capital yielding less than the bond.
The report does not publish a home yield for the province of Malaga or the Costa del Sol. Only the city of Málaga appears, for offices, at 6.7%. In our area, the useful figure is the one calculated from real prices and rents in each neighbourhood.
How to calculate the net return before buying
A simple example: a flat priced at €300,000 with purchase costs of around 10% means a total outlay of about €330,000. If it rents for €18,000 a year, the gross yield on the price is 6%. But once you deduct IBI, community fees, insurance, management and one month of vacancy, the net rent falls to about €12,600, or roughly 3.8% on the total outlay.
With numbers like these, comparing a flat in Marbella con otro en Fuengirola or Estepona means looking at net rent, rental demand and the cost of financing the purchase, not just the percentage shown in an advert.
Frequently asked questions
What is the gross rental yield?
It is the annual rent divided by the purchase price. It excludes costs, taxes and empty months, which is why it is always higher than the net yield.
Does the yield fall equally across Spain?
No. The differences between capitals are large: from Huelva at 7.4% to San Sebastián at 3.3%.
Can non-resident foreigners buy homes to rent out?
Yes, there are no general restrictions. It is worth checking the tax rules for non-residents and the local rules on holiday rentals before deciding.
Is buying to rent still worthwhile with the bond at 4.1%?
It depends on the price, the area and whether you want income or capital growth. With the bond higher, the margin over government debt is smaller, so compare the net return rather than the gross one.
Conclusion
A 6.2% yield is still attractive next to the bond, but the advantage is shrinking. On the Costa del Sol the decision comes down to working out the net return with local data for each area. If you would like to value a property or compare neighbourhoods in Málaga, EVS Property Group can prepare a tailored analysis.
What next? The most useful thing after reading is to look at the real market: browse properties by city or tell us on WhatsApp what you are looking for — area, budget, timing — and we will prepare a tailored selection, with no obligation.
You may also find useful: sell your property invest on the Costa del Sol free valuation monthly price report
