El riesgo real de un piso turístico no está en el precio del metro cuadrado, sino en cuatro frentes que hay que auditar antes de firmar: comunidad de vecinos (veto de 3/5 desde abril de 2025), licencia autonómica y su transferibilidad, derramas y CAPEX técnico, y fiscalidad. Un piso tipo de 250.000 € con 28.000 € de ingreso bruto anual puede acabar en solo un 4,5% de yield neto tras descontar cada partida.
Most of the traps in the purchase of a tourist apartment are not seen in an announcement or a visit. They are shown in the community's minutes, at the Property Registry, at the tourism window of the autonomous community and at the fiscal pro- form. Due diligence presign is, in practice, the only actual secure against buying an asset that cannot be exploited as a tourist housing.
El contexto juega a favor del activo: las pernoctaciones extrahoteleras marcaron un record de 146,3 millones en 2025 (+3%), y los apartamentos turisticos ya concentran el 52,1% del total (Source: INE, Extractable Tourist Accommodation Occupation Survey, 2025). The demand's structural. The risk, most often, is regulatory and community, and not market. That's why this checklist's been ordered so you really misconduct operations, and so it's easy to check.
1. Legal Front: The Neighbourhood Community Is Now The First Risk
Desde el 3 de abril de 2025, con la reforma de la Ley de Propiedad Horizontal introducida por la Ley Organica 1/2025, la comunidad de propietarios puede limitar, condicionar o prohibir nuevas viviendas de uso turistico con el voto favorable de 3/5 de los propietarios que representen, ademas, 3/5 de las cuotas de participacion. Tambien puede aprobar un recargo de hasta el 20% en los gastos comunes para las VT (Source: Ministry of Housing and Urban Agenda, 2025).
Traducido a due diligence: antes de firmar hay que pedir y leer las actas de junta de los ultimos anos y los estatutos inscritos. Un acuerdo de 3/5 ya votado contra las VT vacia la tesis de inversion por completo, aunque la licencia siga formalmente viva. La buena noticia para quien compra un activo ya en marcha: los pisos que operaban antes del 3 de abril de 2025 pueden seguir, pero conviene documentar esa anterioridad y no presuponerla.
- Board proceedings of the last 3-5 an: seek any point about VT, spills or surcharges.
- Statutes entered A previous statutory prohibition can weigh more than new law.
- Community debt certificate: las cuotas impagadas del vendedor se subrogan al inmueble (afeccion real del año en curso y los tres anteriores).
- Simple registration note up-to-date: actual ownership, loads, mortgages, embargoes, servums.
2. The urban and administrative front: the license that (but not always) is transferred
The most expensive mistake is to assume that the VUT license comes with the key. That's bad. The enabling for tourist rental depends on the autonomous code - VUT at some CAA, VV or HUT at some other - and, since April of 2025, in many territories the change of ownership of a housing for tourist use requires explicit authorization from the community of owners. That is: the same 3 / 5 veto that affects high news can block activity from continuing to your name.
We have to check three different things and avoid confusing them: that the license exist and currently, that activity can be maintained and that the municipality does not have a moratorium or a plan that freezes or challenges empowerment (Madrid with the RESIDE Plan on its roof, Barcelona with the end of licenses at 2028).
And a nuance that a great deal of content remains bad: the Unified State Retirement Registry (RD 1312 / 2024) was partially annulled by Supreme Court decision 620 / 2026 of 19 of May 2026 for invading autonomous skills. A state registration is no longer a reference to validity: what commands an autonomous code. If a seller argues that "it's already in the single register," that doesn't just prove that an asset can be exploited.
3. Technical front: the CAPEX that doesn't appear in the price
The physical status of the building and the building translates directly into euro that leave the return. Here due diligence looks for committed but still invisible spending:
4. Tax front: from purchase price to net by hand
Taxes change their return and should be mapped before they sign them, not at the next rental bell. The purchase will pay ITP (second transmission) or VAT. At the operation, rental of housing without hotel services is exempt from VAT and with hotel-type services - cleaning during the stay, restoration, reception - tributes to 10%, and not to 21% (Fuente: Agencia Tributaria, 2025). The performance tax on IRPF for residents and IRNR for non-residents.
It is also necessary to decide the structure of tenure (physical person vs. company) as a share of the expected gain and to take into account the municipal capital gain in the sale. None of these points derail operation by itself, but all together move several points the net yield.
5. The cascade of euro pre-sign: from gross to actual net
El bruto que venden los anuncios no es la cifra con la que vives. La due diligence solo sirve si termina en numeros. Esta es la cascada para un piso turistico tipo —un activo de 250.000 € con un ingreso bruto anual de 28.000 €— para ilustrar como cada partida verificada en la due diligence baja la rentabilidad bruta hasta el yield neto real:
| Concept | Annual amount | % on gross |
|---|---|---|
| Gross income (ADR × occupation) | 28.000 € | 100% |
| − Comisión de canal (OTA ~15-18% / Tudesvío 10%) | −3.640 € | −13% |
| − Cleaning and laundry | −3.360 € | −12% |
| − Professional management | −2.800 € | −10% |
| − IBI, community and insurance | −2.520 € | −9% |
| − Supply and maintenance | −2.240 € | −8% |
| − CAPEX / Reserve and gaps | −2.240 € | −8% |
| NOI (net operating profit) | 11.200 € | 40% |
| Net Yield about 250.000 € | ≈ 4,5% |
An illustrative example with an operational cost structure of the order ~ 60-70% of the raw (sector estimate). The amounts depend on town, ADR, actual occupation and channel. The distribution of recreational market channels - Booking 54,3%, Airbnb 26,7%, direct 17,6% - shows why the OTA commission weighs so much (Source: Lodgify, 2025).
The point isn't the example 4,5% but each risk found in due diligence becomes a line of this cascade. Una derrama pendiente es un golpe puntual al CAPEX; un recargo del 20% en gastos comunes sube la linea de comunidad; una comision OTA del 18% en lugar del 10% del canal directo se come ~2.200 € de NOI al ano en este mismo ejemplo (8 puntos sobre 28.000 € de bruto). Bajar la dependencia de OTA con un canal directo como Tudesvio (10% vs. 15-18% de las plataformas) protege el neto sin tocar el ingreso bruto.
6. Why opacity challenges purchase (and transparency pits)
The difference between buying good and bad buy's barely ever at cover price. He's at what they don't teach you before they sign. The comparison between how Bliss approaches pre-signature due diligence and what the category offers makes clear where capital is lost or protected:
| Reg. | Bliss | Fixed canon operator | Hand key promoter |
|---|---|---|---|
| EUR cascade from gross to NOI | Reg, start-up, with source | Just the fee you pay with no breakdown | Yield round without method |
| License + Community Check (3 / 5 veto) | Audit before signing | Owner's assumption | "He's legalized." |
| Capture of the owner's upside | Loan + share that catches up | Fixed canon = upside ceiling | Not applicable |
| Market figures with above source | INN, STR, BRE, Lodgify online | Commercial material | No source claims |
| Monthly Reporting to Owner | Owner transparent statements | Unleaking of the canon | Limited |
Bliss currently manages a real portfolio with an average 87% care and revenues above market average (internal Bliss portfolio information) It's not market information: it's proof that the difference between the raw and the net in hand is decided in management and in what's revised before buying.
7. The pre-sign checklist, on a page
Actifiable Abstract to lead to operation. If a point cannot be closed with document, it's an open risk that you have to discount price or stop signing:
- Legal: Board minutes (3-5 years), registered statutes, community debt certificate, simple note with loads.
- Community: ¿hay acuerdo 3/5 contra VT o recargo del 20% votado? ¿El piso operaba antes del 3-abr-2025?
- License: A valid autonomy, transferability to your name, absence of a local moratorium.
- Technician: Voting leases, TE / IEE, habitability card, VT-tuning CAPEX.
- Prosecutor: EC internal market, EC internal market, EC internal market
- Numbers: complete euro cascade, actual net yield, occupational and channel sensitivities.
FAQ
What's to check before you buy a resort?
Four fronts: legal (community agreements about VT after the April LpH reform of 2025, statutes, registration charges), urban and administrative (that the VUT license exists, valid and activity can be maintained), technical (state of the property, voted losses, ITE) and fiscal (VAT, IRPF / IRNR, municipal capital). A single failed point can leave an asset that cannot be exploded as a VT, so you should close the due diligence before signing, not after.
Is the VUT license transferable while buying the flat?
Not always, and this is the most expensive mistake. The empowerment for VT depends on every autonomous community and, since the April reform of the Horizontal Property Act of 2025, in many cases the change of ownership of a tourist housing requires an explicit authorization from the property community. We have to check the concrete autonomic regime and whether activity can continue to your name before buying and never assume that the license is included with the key.
Can the neighbor community ban rental?
Sí. La reforma de la LPH que entró en vigor el 3 de abril de 2025 (Ley Orgánica 1/2025) permite a la comunidad limitar, condicionar o prohibir nuevas viviendas de uso turístico con el voto favorable de 3/5 de los propietarios que representen 3/5 de las cuotas. También puede aprobar recargos de hasta el 20% en gastos comunes para las VT. Por eso hay que pedir las actas de junta antes de firmar: un acuerdo ya votado puede vaciar la tesis de inversión.
The NRUA, the single state registry, remains obligatory?
El Registro Único estatal de Arrendamientos (RD 1312/2024) fue anulado parcialmente por la sentencia del Tribunal Supremo 620/2026, de mayo de 2026, por invadir competencias autonómicas. Lo que manda en la práctica es el código autonómico (VUT, VV, HUT según la CCAA). En due diligence hay que verificar la habilitación autonómica concreta, no dar por buena una inscripción estatal que ya no es la referencia.
What hidden liabilities to look for at a tourist floor?
Derramas votadas pero aún no giradas (CAPEX que pagarás tú), cuotas de comunidad impagadas que se subrogan al inmueble, cargas y embargos en el Registro de la Propiedad, recargos del 20% aprobados para VT, ITE o IEE pendiente, e inspecciones turísticas o expedientes sancionadores abiertos. Cada uno se traduce en euros que salen del NOI o del precio de compra.
How does due diligence affect net profitability?
Due diligence does not inflate the jield, protects them. A flat bought without valid license, with the community against or with an outstanding 15.000 € spill can go from a reasonable net ield to destroying capital. The pre-sign euro cascade translates every risk found at a price discount or at a recurrent cost so that the number with which you sign will be the actual number.
How much VAT and taxes does an apartment have to rent?
The rental of housing without hotel services is free of VAT and with hotel services (while cleaning, restoration and reception) tributes to the 10%, not to the 21%. The performance tax at IRPF for residents or at IRNR for non-residents. The purchase can carry ITP or VAT as appropriate. Taxes should be mapped at due diligence as they change their net by hand.
Is it worth buying a loose floor or better an entire building?
The loose floor loads the risk of the community: The 3 / 5 veto from LpH reform and surcharges apply only when there are communities that vote. A single-owner building dodge that risk because there's no board that decides about activity. If an investor wants a scale without dependent on neighbours, the complete block is another asset class and the loose floor remains meaningful with well closed community due diligence. We have developed them in the guide to whole building with no neighbouring veto.
Keep deepening
The due diligence of a flat is the residential version of that applying to bigger assets. To extend the framework:
- Due diligence in buying a hotel: the investor's checklist - the same method applied to a hotel asset.
- Regulation risk at VT: how to discount asset value - how the professional investor appreciates the regulations.
- Taxation of rental: VAT, Companies and IRPF - the fiscal front in detail.
- Yield net in tourist housing: the actual figure, not the gross - complete cascade of euro.
- Non-resident foreign investment in tourist housing - IRNR and tenure structure for whoever buys from outside of Spain.
- Tourist investment with Bliss and our management services.
Official sources to verify the framework: INE - Survey of Occupation at Extractable Tourist Accommodation 2025 and note by Ministry of Housing and Urban Agenda on LpH Reform (April 2025).
Before signing, put the actual number onto the table
We audit license, community and cascade of euro of the asset you're looking at, and we tell you the actual net yield, not that of the announcement. No round promise.