Overview
- The national gross housing yield in provincial capitals fell to 6.7% in Q4 2025 from 7.3% early in the year, still nearly double the 3.3% yield on 10-year Spanish bonds.
- Lleida delivered the highest housing return at 7.5%, with Murcia second at 7.4% and Zamora third at 7.2%, followed by Castellón, Ceuta, Huelva and Jaén at 7.0%.
- Offices were the most profitable real-estate asset at 11.2%, and commercial premises led yields in many cities, with Murcia topping the ranking at 11.6%.
- Garages were generally the least lucrative investment, though Murcia stood out with an 8.1% return.
- Large markets showed thinner housing returns — Barcelona at 5.6% and Madrid at 4.7% — and Málaga’s yields trailed the national average despite high rent and sale prices.