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Córdoba offers some of Spain's most attractive rental yields, with gross returns averaging 5.8% to 6.1% across residential properties as of September 2025.
The city presents an excellent balance between affordable entry prices and solid rental income, particularly for small to mid-sized apartments in central locations near the university and historic districts.
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Córdoba's rental market delivers gross yields of 5.8-6.1% for apartments, with studios and 3-bedroom units performing best at 7.6% and 7.8% respectively.
After accounting for taxes, maintenance, and vacancy, net yields typically range from 4.0% to 4.5%, making Córdoba competitive with other Spanish investment markets.
| Property Type | Gross Yield (%) | Typical Price (€) | Monthly Rent (€) |
|---|---|---|---|
| Studio Apartment | 7.58% | 95,000 | 600 |
| 1-Bedroom Apartment | 6.25% | 120,000 | 630 |
| 2-Bedroom Apartment | 6.72% | 125,000 | 700 |
| 3-Bedroom Apartment | 7.75% | 120,800 | 780 |
| 4+ Bedroom Apartment | 6.86% | 175,000 | 1,000 |
| Houses/Townhomes | 5.5-6.0% | 180,000+ | 850+ |
| City Average | 6.05% | 130,000 | 750 |
What are the average rental yields in Córdoba right now?
Córdoba's residential rental market delivers gross yields averaging 5.83% to 6.05% as of September 2025.
The city-wide average sits at 6.05% for apartments and residential properties, with the broader Córdoba province reaching up to 7.1% when including smaller municipalities. These figures represent gross returns before accounting for taxes, maintenance, and vacancy periods.
Apartments specifically range from 5.25% to 6.43% depending on size, location, and property condition. Houses and townhomes typically deliver slightly lower yields due to higher purchase prices per square meter, though they offer larger floor areas and additional amenities that can attract family tenants.
The current yield environment reflects Córdoba's position as one of Spain's more affordable investment markets, offering returns significantly above the national average while maintaining lower entry costs than major metropolitan areas like Madrid or Barcelona.
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How do yields vary depending on the neighborhood or area?
Rental yields in Córdoba vary significantly across different neighborhoods, with central and university-adjacent areas commanding the highest returns.
The Centro Histórico and Judería districts deliver the strongest yields due to consistent demand from students, young professionals, and tourists. These areas benefit from proximity to the University of Córdoba and major cultural attractions, ensuring steady rental demand throughout the year.
Property prices range from €1,150 per square meter in areas like Campo de la Verdad-Sector Sur-Guadalquivir to €1,865 per square meter in premium zones like Huerta de la Reina-Arruzafilla-Figueroa. Rental prices follow a similar pattern, ranging from €7.78 per square meter in peripheral areas to €9.77 per square meter in prime locations like El Brillante-El Tablero-Valdeolleros.
University-adjacent neighborhoods typically offer the best yield-to-risk ratio, as student demand remains consistent and turnover is predictable. Properties near the historic center also perform well due to tourism and young professional interest.
Peripheral and suburban areas generally offer lower yields but may provide better capital appreciation potential over the long term as the city expands.
What are the differences in yields between apartments, houses, and other property types?
Apartments consistently outperform houses and townhomes in terms of rental yields across Córdoba's residential market.
Studios deliver the highest yields at 7.58%, followed closely by 3-bedroom apartments at 7.75%. These property types benefit from strong demand and relatively lower purchase prices, creating an optimal yield environment for investors.
1-bedroom and 2-bedroom apartments generate yields of 6.25% and 6.72% respectively, while larger 4+ bedroom apartments produce 6.86% returns. The sweet spot appears to be 2-3 bedroom units, which attract both students sharing accommodation and young professionals.
Houses and townhomes typically deliver yields in the 5.5% to 6.0% range, lower than apartments due to higher absolute purchase prices and maintenance costs. However, they often attract longer-term family tenants, reducing vacancy risk and turnover expenses.
Commercial and mixed-use properties can occasionally deliver higher yields, but they require more specialized knowledge and carry additional regulatory complexities that make them less suitable for most individual investors.
How does property size or surface area affect rental yields?
Smaller properties consistently deliver higher rental yields in Córdoba, with an inverse relationship between property size and yield percentage.
| Property Size | Typical Yield (%) | Reason for Performance |
|---|---|---|
| Studio (25-35m²) | 7.58% | High demand, low purchase price |
| 1-Bedroom (40-50m²) | 6.25% | Strong student/professional demand |
| 2-Bedroom (55-70m²) | 6.72% | Optimal for sharing arrangements |
| 3-Bedroom (75-90m²) | 7.75% | Popular with student groups |
| 4+ Bedroom (100m²+) | 6.86% | Limited demand, higher prices |
| Houses (120m²+) | 5.5-6.0% | Family market, premium pricing |
| Large Villas (200m²+) | 4.5-5.5% | Luxury market, lower yields |
The higher yields on smaller properties reflect strong demand from Córdoba's large student population and young professionals who prioritize location over space. These tenants are willing to pay premium rents per square meter for central locations.
Larger properties face a smaller potential tenant pool, as families seeking more space often have stricter budget constraints and longer decision-making processes. This dynamic creates the yield differential observed across property sizes.
What are the typical purchase prices including fees, taxes, and other acquisition costs?
Property purchase prices in Córdoba city center average €1,542 to €1,549 per square meter as of September 2025, representing a 4% to 4.5% increase over the previous year.
Total acquisition costs typically add 10% to 14% to the base purchase price, making the true cost of property ownership significantly higher than advertised prices. For resale properties, buyers pay Transfer Tax (ITP) of 8% to 10% in Andalusia, while new builds incur 10% VAT plus 1.5% stamp duty.
Additional costs include notary fees, property registration, and legal representation, which combined add approximately 1% to 2% to the transaction total. A typical €125,000 apartment would therefore cost €138,750 to €142,500 after all fees and taxes.
Buyers should budget an additional €2,000 to €3,000 for property surveys, mortgage arrangement fees (if applicable), and insurance setup. These costs are generally non-negotiable and must be factored into investment calculations from the outset.
Foreign buyers may face additional compliance costs for tax registration and ongoing reporting requirements, though these are typically minimal compared to the primary acquisition expenses.
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What do ongoing expenses such as maintenance, property management, and local taxes look like?
Ongoing property ownership costs in Córdoba typically consume 25% to 40% of gross rental income, significantly impacting net yields.
The IBI (local property tax) ranges from 0.4% to 1.3% of cadastral value, translating to approximately €200 to €800 annually for most residential properties. Community fees for apartments average €50 to €80 monthly, with premium or newer buildings commanding higher fees for enhanced facilities and services.
Professional property management costs 5% to 7% of gross rental income annually when using full-service providers. This typically includes tenant finding, rent collection, maintenance coordination, and basic legal support for tenancy issues.
Maintenance expenses should be budgeted at 1% to 2% of property value annually. For a €125,000 apartment, this represents €1,250 to €2,500 yearly for routine repairs, appliance replacement, and periodic renovations to maintain rental competitiveness.
Insurance costs approximately €200 to €400 annually for standard residential properties, with higher premiums for properties used for short-term rentals or those with enhanced coverage requirements.
What are the typical vacancy rates, and how do they differ by property type or area?
Córdoba maintains relatively low vacancy rates, typically in the mid-single digits across most residential property types and locations.
Central and university-adjacent apartments experience the lowest vacancy rates, often below 5% annually due to consistent student and young professional demand. These properties benefit from predictable tenant turnover patterns aligned with academic calendars.
Larger houses and properties in suburban areas face higher vacancy rates, sometimes reaching 8% to 12% annually due to a smaller potential tenant pool and longer search periods for suitable family tenants. These properties also experience seasonal variations in demand.
Short-term rental properties face more variable occupancy depending on tourism patterns, local events, and seasonal factors. While gross yields may appear higher, actual occupancy rates of 60% to 75% can significantly impact realized returns.
Properties requiring significant renovation or those priced above market rates can experience extended vacancy periods, emphasizing the importance of competitive pricing and proper property presentation in Córdoba's rental market.
What is the gross rental yield compared to the net yield once all costs are factored in?
Net rental yields in Córdoba typically represent 60% to 75% of gross yields after accounting for all ownership costs, taxes, and vacancy periods.
A property delivering 6.05% gross yield would generate approximately 4.0% to 4.5% net yield after deducting maintenance, property management, local taxes, vacancy allowance, and income tax obligations. This reduction reflects the reality of property investment costs that many investors initially underestimate.
Non-resident property owners face a 24% flat tax on rental income, rising to 30% for non-EU owners, which significantly impacts net returns. Spanish residents benefit from progressive taxation that may result in lower effective rates depending on total income levels.
The gap between gross and net yields widens for properties requiring more intensive management or those with higher maintenance requirements. Newer properties and those with professional management tend to maintain better net-to-gross yield ratios.
Investors should always calculate net yields when comparing investment opportunities, as gross yield figures can be misleading when properties have different cost structures or tax implications.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Argentina versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
How do short-term rental yields compare with long-term rental yields?
Short-term rentals in Córdoba can deliver gross yields of 7% to 10%, significantly higher than traditional long-term rentals, but with substantially increased complexity and risk.
Licensed holiday rentals in central Córdoba benefit from tourism demand and can command daily rates equivalent to 3-4 times monthly long-term rental rates. However, occupancy rates typically range from 60% to 75%, and seasonal variations can create income volatility.
Short-term rentals require more intensive management, including guest communication, cleaning between stays, maintenance coordination, and compliance with evolving tourism regulations. Management costs often reach 15% to 25% of gross income compared to 5% to 7% for long-term rentals.
Regulatory risks are increasing for short-term rentals, with Spanish municipalities implementing stricter licensing requirements and occupancy limits. Córdoba may follow this trend, potentially affecting future short-term rental viability.
Net yields for short-term rentals often converge with long-term rental returns once all costs and risks are properly accounted for, making the choice largely dependent on investor preference for active versus passive management.
What are example yields for different types of properties in Córdoba right now?
Current market examples demonstrate the yield variations across different property types and locations in Córdoba as of September 2025.
1. **Studio in Centro Histórico**: Purchase price €95,000, monthly rent €600, gross yield 7.58%2. **One-bedroom near University**: Purchase price €120,000, monthly rent €630, gross yield 6.25%3. **Two-bedroom in Judería**: Purchase price €125,000, monthly rent €700, gross yield 6.72%4. **Three-bedroom student apartment**: Purchase price €120,800, monthly rent €780, gross yield 7.75%5. **Four-bedroom family apartment**: Purchase price €175,000, monthly rent €1,000, gross yield 6.86%6. **Suburban townhouse**: Purchase price €180,000, monthly rent €850, gross yield 5.67%7. **Premium villa**: Purchase price €350,000, monthly rent €1,400, gross yield 4.80%These examples reflect current market conditions and demonstrate how property type, location, and size influence investment returns. Student-oriented properties in central locations consistently deliver the highest yields.
Properties targeting families or luxury markets trade yield for stability and potential capital appreciation, making them suitable for different investment strategies and risk profiles.
What types of tenants or renter profiles are most common, and how do they impact yields?
Córdoba's rental market is dominated by university students, young professionals, and short-term tourists, each group creating distinct yield and management characteristics.
University students represent the largest tenant segment, typically seeking shared accommodation in 2-3 bedroom apartments near campus and the city center. This demographic drives high yields but requires active management due to regular turnover and occasional property wear concerns.
Young professionals increasingly choose Córdoba for its affordable living costs and cultural attractions, preferring 1-2 bedroom apartments with modern amenities. These tenants often sign longer leases and maintain properties better, though they may pay slightly lower rents than students willing to share accommodation.
Tourism and business travelers create demand for short-term accommodations, particularly in the historic center. While this segment can generate premium daily rates, it requires intensive management and faces increasing regulatory scrutiny.
Family renters seek larger properties with outdoor space, typically in suburban areas. They offer stability and lower turnover but generally accept lower yields due to limited availability of suitable rental properties.
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How have rents and yields changed compared to 1 year ago and 5 years ago, and what is the forecast for the next 1, 5, and 10 years?
Córdoba's rental market has experienced consistent growth over recent years, with rents increasing 6.5% between July 2024 and July 2025, accompanied by property price increases exceeding 4% annually.
Over the past five years, the market has shown gradual but steady appreciation, favoring landlords through rising rents and property values. This trend reflects Córdoba's growing popularity among students, professionals, and tourists seeking affordable alternatives to Spain's major metropolitan areas.
Short-term forecasts (1-2 years) suggest continued rent growth of 4% to 7% annually, driven by university enrollment growth, tourism recovery, and spillover demand from higher-priced Spanish markets. Property values are expected to follow similar growth patterns.
Medium-term projections (3-5 years) anticipate sustained growth as Córdoba benefits from Spain's broader economic recovery and continued urbanization trends. Infrastructure improvements and cultural tourism development should support rental demand across all property types.
Long-term outlook (10+ years) remains positive, with Córdoba positioned to capture growth from demographic shifts, climate migration within Spain, and its established reputation as an affordable, culturally rich residential destination. Yields may moderate slightly as the market matures, but total returns including capital appreciation should remain attractive.
How does Córdoba's rental yield compare with other similar Spanish cities today, and what would be the smartest investment choices at this moment?
Córdoba delivers competitive rental yields compared to other Spanish cities, offering superior returns to major metropolitan areas while maintaining lower entry costs and reduced volatility.
| City | Gross Rental Yield (%) | Average Price/m² (€) | Investment Appeal |
|---|---|---|---|
| Córdoba | 6.05 | 1,500-1,550 | High yield, low entry cost |
| Madrid | 4.82 | Much higher | Capital appreciation focus |
| Barcelona | 7.51 | Higher | High yield, high cost |
| Valencia | 6.19 | Similar | Comparable opportunity |
| Alicante | 5.86 | Similar | Tourist market exposure |
| Murcia | 6.56 | Similar/lower | Emerging market |
| Seville | 5.9 | Higher | Tourism-dependent |
The smartest investment choices in Córdoba currently focus on well-located 2-3 bedroom apartments near the university and historic center, targeting the student and young professional markets that drive consistent demand and optimal yields.
Properties priced between €120,000 and €140,000 offer the best balance of affordability, yield potential, and future appreciation prospects. These typically include renovated apartments in traditional buildings with modern amenities.
Investors should prioritize central locations over peripheral areas, as transport links and cultural attractions ensure sustained rental demand regardless of economic cycles. Properties within walking distance of the University of Córdoba command premium rents and experience minimal vacancy periods.
It's something we develop in our Argentina property pack.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Córdoba represents one of Spain's most compelling rental investment opportunities, combining attractive yields with manageable entry costs and stable tenant demand.
Smart investors should focus on central apartments targeting students and young professionals, where yields consistently exceed 6% and vacancy risks remain minimal.