Appreciation (appraised value from the Ministry of Housing), rent (INE contracts) and gross yield across Spain, down to the municipality. Click a row to expand its sub-areas and choose the period to compare. Madrid by district and neighbourhood, with real estate websites data, is on its own page.
See also: Madrid by district and neighbourhood, with real estate websites data →
Gain from buying at the start of the period and valuing today, unlevered, per €100 invested.
Municipalities with more than 25,000 inhabitants and official sale (MIVAU) and rent (INE) series. Ranked by estimated annual IRR for the chosen period, with their sustainability traffic light. Municipalities affected by the October 2024 DANA floods are excluded by default: the destruction of homes, reconstruction and demand from rehoused families distort their prices and rents in a way that is not sustainable.
Estimated annual IRR (unlevered): annual return from buying at the start of the period, collecting net rent each year (75% of gross: vacancy, property tax, community fees, insurance and maintenance) and selling at the end at today's price. It therefore adds capital gain and rent: the more a zone has appreciated, the higher it is. It is the figure the tables are ranked by. It excludes taxes, transaction costs and financing; with debt it would be higher where appreciation exceeds the cost of the loan.
Sustainability (traffic light, separate from the IRR): three signals compared with the median of each table. 1) Rent grows above the average, which is what supports prices in the long run. 2) Gross yield is above the average, i.e. housing is not expensive in years of rent. 3) Price has not moved away from rent more than the average (sale/rent ratio). Green = 2 or 3 signals; amber = 1; red = none or falling rent. Hover over the dot to see which signals it meets.
Sources. Appreciation: appraised value from the Ministry of Housing (MIVAU, quarterly since 2005; municipalities above 25,000 inhabitants). Rent growth: INE Rental Housing Price Index (actual contracts declared to the tax authority, annual 2011-2024; municipalities above 10,000 inhabitants; excludes the Basque Country and Navarre). This page uses only these two sources, never mixed. «Last year» is the latest annual change published: MIVAU to Q2 2026 and INE 2024 vs 2023. As there is no official rent level in €/m² per municipality, the current price, rent and gross yield come from real estate websites (September 2026). INE measures all contracts in force, which is why it rises more slowly than asking prices. Madrid by district and neighbourhood, with real estate websites data, is on its own page.
Municipalities affected by the DANA floods: the 78 listed in the annex of Royal Decree-Law 6/2024 (BOE, 6 November 2024), 39 of which have data in this study. They carry a DANA tag and, unless the box is ticked, are neither scored nor ranked, so as not to distort comparisons. Valencia city appears only through its southern outlying districts and is not tagged.
Capital gain vs rent: from the appreciation and rent growth of the period and the current gross yield, the yield at the start is reconstructed and the net rent collected is added (75% of gross, for vacancy, property tax, community fees, insurance and maintenance). Indicative estimate, before taxes and transaction costs. Orbis Route analysis; not investment advice.
