Investing in Gipuzkoa: 12 €/m²/month in rent and 3.9% gross yield
Buying in Gipuzkoa costs 3,793 €/m² on average and renting goes for 12 €/m² a month, leaving a gross yield of 3.9% before costs and taxes. It falls somewhat below the Spanish average (4.2%), with purchase prices above the Spanish average.
12 €/m²/monthRent90 m² home: €1,121/month
3,793 €/m²Purchase90 m² home: €341,370
3.9%Gross yieldAnnual rent over purchase price
46/100Momentum50 = flat market
The map
The map of Gipuzkoa
Its municipalities, coloured by gross yield. Grey ones publish too little data.
Gross yield< 3%3–4 %4–5 %5–6 %≥ 6%sin datos
Administrative boundaries from the Spanish National Geographic Institute (CC BY 4.0). The Canary Islands are drawn shifted, as on any map of Spain.
The verdict
What the analysis sees
The specific signals the official data leaves about this market, before going into detail.
On gross yield it ranks 3 of 3 among the provinces of its region.
Gipuzkoa has 733,365 residents, an approximate unemployment rate of 10% (below the Spanish average). These are signals of how deep housing demand runs, not of the risk of any one tenant.
In favour
126 properties analysedWe hold stock for sale here, each with its own investment score.
The market level in Gipuzkoa and what it means for a buy-to-let buyer. Per-m² figures are converted to a reference home of 90 m².
25.4 yearsPrice / Rent (PER)Years of rent to pay off the purchase
Within Gipuzkoa municipalities sit on average 24% away from that figure: real dispersion between local markets, not the estimate's margin of error. Drill down to a municipality to see its own.
3,793 €/m²Purchase price
Spain 2,028 €/m²€/m² of transactions, population-weighted average
12 €/m²/monthRent
Spain 7 €/m²€/m² a month, population-weighted average
3.9%Gross yield
Spain 4.2%annual rent over purchase price, before costs
The contrast
Expensive or profitable
Each municipality with enough data placed by what it costs to buy and what it earns. Top left is cheap and profitable; bottom right is expensive and earns little.
The comparison
Where it stands against the rest
Gipuzkoa's percentile among the 52 provinces, computed on the same figure for all of them.
Gross yield3.9%
8
PeorMedianaMejor
Rent level12 €/m²/month
100
PeorMedianaMejor
Momentum46/100
4
PeorMedianaMejor
Within País Vasco it ranks 3 of 3 on gross yield.
The demand
Demand, employment and liquidity
The structural depth of the market: how many people live here, what they earn, how much changes hands and what stress it carries. This is market context, never a measure of tenant risk.
2.7Market turnover
Spain 3.3transactions a year per 1,000 residents · more turnover, easier to resell
10%Unemployment (approx.)
Spain 11%registered unemployed over unemployed + social security contributors
9.6‰Net migration
Spain 12.8‰arrivals minus departures from abroad per 1,000 residents
0.23Repossession pressure
Spain 0.55housing repossessions per 1,000 dwellings of the provincial stock · 2025
The risk
Housing repossessions
A figure the INE only publishes per province: how many urban dwellings end in repossession, against the total stock. It measures market stress, not tenant risk.
0.23Repossessions per 1,000 dwellings2025
2.7Market turnoverTransactions a year per 1,000 residents
88Municipalities in the provinceEach with its own guide
Inside Gipuzkoa
The municipalities of Gipuzkoa
The 40 most populated with their market level; the remaining 48 are linked below.
TerritoryPurchaseRentGross yieldMomentumAdverts
Donostia/San SebastiánExpensive market relative to local income5,053 €/m²14 €/m²/month3.4%41/10036
IrunIn line with the Spanish average3,007 €/m²10 €/m²/month4.0%85/10011
ErrenteriaIn line with the Spanish average3,171 €/m²11 €/m²/month4.1%63/1004
EibarIn line with the Spanish average2,124 €/m²8 €/m²/month4.8%57/1001
HernaniYield above the average2,122 €/m²13 €/m²/month7.4%26/1003
HondarribiaIn line with the Spanish average4,251 €/m²15 €/m²/month4.4%17/10011
ZarautzNo market level can be estimated6,012 €/m²——30/1003
Where each figure comes from, over which territory and from what date. Confidence measures data coverage, never investment quality.
Data coverage
90/100
Gipuzkoa covers 88 municipalities. Every figure is computed by summing or population-weighting those municipalities, never by averaging their percentages.
official rent series (SERPAVI)4 of 88
series sufficient to measure momentum85 of 88
official appraised value (MIVAU)4 of 88
estimated market level6 of 88
our own adverts31 of 88
When each figure is from
For an aggregate we show the oldest figure from each source, since that is what limits how the whole can be read.
rent
2024
sale
2026Q1
official appraisal
2026Q1
population register
2025
registered transactions
2026Q1
registered unemployment
2026M06
MIVAUAppraised housing value and registered transactions
SERPAVIOfficial reference rent index
INEPopulation register, migration and repossessions
AEATAverage gross household income
SEPE and Social SecurityRegistered unemployment and contributions
CatastroCadastral value, age and IBI rate
InmobliaOur own catalogue of adverts, each with its investment score
An indicative statistical estimate for comparing markets, not an appraisal or an investment recommendation. Gross yield does not deduct costs, IBI, insurance, voids or taxes.
