Holiday lets (VUT, vivienda de uso turístico: a home licensed for tourist use) offer gross yields that can double or triple those of residential letting in busy tourist areas. But regulation has tightened the conditions in the main cities, so a precise analysis is needed before investing.
The real yield
In prime areas (central Barcelona, Madrid, Palma, San Sebastián), a VUT can generate €80-200/night. With 70-80% occupancy in the high season, the gross yield can reach 12-18%. After expenses (platform fees of 3%, cleaning, check-in/out, management), the real net yield is usually between 7% and 12%.
Regulation in 2026
- Barcelona: A total moratorium on new VUT licences.
- Madrid: Since September 2025 (Plan Reside), VUTs are not allowed in residential buildings in the historic centre, not even on the ground floor: only in entire buildings devoted to that use. Outside the centre, in residential buildings, only on the ground or first floor with independent access.
- Balearic and Canary Islands: Very restrictive regulation with a numerus clausus.
- Coastal municipalities: The situation varies greatly from town to town.
When it makes sense in 2026
A VUT is still viable in: coastal tourist municipalities without restrictions, medium-sized cities with growing tourism (Córdoba, Toledo, Granada), rural areas, and properties that already have a VUT licence (the value of the licence is included in the price). Buying in the hope of getting a licence in areas under a moratorium is a serious mistake.
Analyse before investing: Use RadarPro to see the estimated yield by area. Also read the comparison with long-term letting.
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