El yield neto se calcula dividiendo el NOI (ingreso bruto menos comisión de canal, limpieza, suministros, IBI, comunidad, mantenimiento y gestión) entre el capital total invertido. La rentabilidad bruta vacacional ronda el 6-10%, pero cae al 3-7% neta tras gastos. En el ejemplo del artículo, 30.000 € de bruto anual quedan en 10.500 € de NOI (~35%) y un yield neto del 5,25% sobre 200.000 € de inversión, antes de descontar el impuesto sobre el beneficio.
There's a number that appears in every tourist investment announcement and barely ever survives an honest spreadsheet: Iield. "Profitability of 9%," "Profitability of 12%." That sounds good till you get rid of the channel commission, cleanup, IBI, community, management and the days that housing's empty. What's left - the net ield That's the only figure a professional investor sign with.
The difference isn't nuance. The gross pay-back of the holiday runs around the 6-10% every year but falls to the 3-7% once you discount costs, taxes and gaps (sector estimate). That is: the gross may be twice the net. Whoever buys looking at the incumbent pays more. Whoever builds the cascade of euro before signing knows exactly what's been brought home.
That article's that cascade, step by step with real numbers and sources mentioned. That's the method we put into Bliss before we accept an asset in management, and the same as you should demand from anyone selling you "profitability."
Raw Yield, net Yield and chap.
Before the cascade, the definitions, because most "benefits" you will see mix up the three concepts:
- Yield gross = Annual rental income and purchase price. He doesn't count anything. That's his announcement number.
- NOI (net operating income) = gross income - all operating expenses (channel, cleaning, supplies, IBI, community, insurance, maintenance, management, gaps). That's the heart of valuation.
- Yield net on investment = NOI = total capital invested (purchase + ITP / VAT + note + registration + reform). That's your real return as a buyer.
- Cap rate = NOI) market value of assets. It serves to value and compare assets with each other, and not to measure your return.
The NOI is the common denominator. Whoever doesn't teach you NOI's selling you a headline. The next step is to build them Euro to euro.
The cascade of euro pre- sign: from raw to net by hand
That's the table that changes capital decisions. We have an example tourist housing with an annual gross income of 30.000 € (a pausible figure for an asset of a bedroom in a well-run Spanish half town) and we discount every item to get to the benefit by hand. The percentages of spending are typical operational ranges and your concrete asset is modeled with its number.
| Concept | % on gross | (EUR / year) | Accumulated |
|---|---|---|---|
| Gross income (number of announcement) | 100% | 30.000 € | 30.000 € |
| − Channel Commission / OTA (actual mix ~ 16%) | −16% | −4.800 € | 25.200 € |
| − Cleaning and laundry per stay | −12% | −3.600 € | 21.600 € |
| − Supply (light, water, internet) | −8% | −2.400 € | 19.200 € |
| − IBI, municipal and insurance fees | −6% | −1.800 € | 17.400 € |
| − Community share | −5% | −1.500 € | 15.900 € |
| − Maintenance and replacement | −6% | −1.800 € | 14.100 € |
| − Professional management (charged) | −12% | −3.600 € | 10.500 € |
| − Flow by empty day / stationary | (Realist raw) | — | 10.500 € |
| NOI (net operational income) | ~35% | 10.500 € | 10.500 € |
Ejemplo ilustrativo. Porcentajes operativos típicos de mercado; los gastos operativos pueden absorber en torno al 70% del bruto en VT bien gestionada (estimación sectorial). El impuesto sobre beneficios (IRPF/IS/IRNR) se aplica after from NOI.
On that NOI from 10.500 €, the net jield depends how much you paid. If the asset costs 180.000 € and 20.000 € of purchase and reform costs (200.000 € of total investment), the net ield is from 5,25% - not the gross 9-10% that suggested the income divided by the price. That's the real figure. And we still have to put an end to that tax.
The Commission of the Channel: The Expenditure That best controls
Of all cascades, the carcase commission is the only one directly applicable to the raw and at the same time with the most management space. At the mean resort mix, Booking concentrates the 54,3% of Reserve, Airbnb 26,7% and direct channel only 17,6% (Lodgify, 2025). With OTA commissions from the 15-18%, every share point that you migrate from OTA to direct channel goes up nearly completely to the NOI.
That's where professional management with its own channel makes measurable difference. The Bliss direct channel, Tudesvío, charges a 10% commission against 15-18% from Airbnb, Booking or VRBO (internal details Bliss). It's not free - no distribution is - but the difference from 5-8 points onto the part of the entrance passing through direct channel is pure return. In an asset that bills 30.000 €, move a 30% from OTA's reserves to 10% from Tudesvío can be worth several hundreds of net euro a year without touching the price and occupation.
The occupation that you assume decides the result
The second most expensive mistake of underwriting amateur is to assume cataloguing. The mean rental of the holiday market is 56,6% (Lodgify, 2025), no el 85-90% que suelen pintar los anuncios. Modelar a 85% cuando el mercado está al 56% infla el bruto un 50% antes de empezar la cascada, y todo lo demás se desmorona.
Occupation isn't a fixed figure: it's a result of training and management. The actual portfolio of Bliss operates to a 87% with an average employment and more income versus market average (internal details Bliss), pero eso se consigue con pricing dinámico (PriceLabs), distribución multicanal y operativa, no asumiéndolo. La regla para tu modelo: parte de la ocupación de mercado, y trata cualquier mejora como una hipótesis de gestión que hay que justificar, no como un regalo.
Why structural demand supports the exercise
Building the cascade with prudence doesn't mean pessimisticism about the sector. Extrachoteles demand is at best: Extrachewer nights reached a record of 146,3 million at 2025 (+ 3,0%)and the tourist apartments already represent the 52,1% of that total (INE, EOAT 2025). The tourist housing as an asset class has a structural tidal wind.
The point is another: strong demand doesn't turn an inflated gross ield into real net. The opportunity exists but it's caught with honest numbers and management, not with headlines. The investor who understands this buys better than the one who pursues the "9% guaranteed" of the announcement.
Bliss versus alternatives: transparency vs. opacity
The market for management and recruitment of tourism investment generally moves with round and without method. That's how Bliss's proposal compares with the two dominant archetypes:
| Criterion | Bliss Homes | Retirement X% | Fixed canon operator |
|---|---|---|---|
| EUR cascade | Yeah, gross → NOI → net with sources | No, just round gross ield | No, just the canon. |
| Flow with verifiable source | INN, Lodgify, portfolio data | "+ 40%" with no method or source | Canon without NOI breakdown |
| Direct Channel Commission | Tudesvío 10% (vs 15-18% OTA) | No Commission published | Unrelevant to the owner |
| Capture of the upside | Combined model ground and distribution | Variable with no guarantees | Fixed canon lays ceiling |
| Mapping regulatory risk | By CCAA, updated | It's not usually covered. | Just great cities |
The fixed fee of Clehome-type operators has a virtue - predictable income - and an hidden cost: it lays a roof to your upside. If an asset fires an occupation or an ADR, that excess remains with an operator. The mixed model of Bliss (an R2R ground that guarantees income plus an increased collection) is designed precisely for good market year to be your good year as well, not just that of the manager.
How to use this before signing
Become a three-step checklist for every opportunity that gets you:
1. Requires NOI, but not raw jield
If whoever sells only gives you "X% profitability," ask them for a complete cascade with every euro expenditure. If you can't, the number doesn't exist.
2. Market-occupied model
Part of the mean 56,6% (Lodgify, 2025). Any improvement with respect to that was a management hypothesis that had to be justifiable, and not a figure.
3. Apply your NOI tax
The operational net jield does not yet include IRPF / IS / IRNR. Subtract your profit tax to get to the final euro by hand.
Once you have the actual net yield, the next step is to compare markets with the same rigor and understand how management moves every lever. That's why we have written the net profitability of tourism housing by town 2026 and financial model of VT investment with NOI and cash flow. If your asset is an entire block, the logic scale at profitability of a tourist building. And if you're looking for the first market filter, start with where to invest in tourist housing at 2026. If you buy from outside of Spain, tax changes: we figure that out. non-resident foreign investor in tourist housing in Spain. To see how we manage the asset once purchased, there's the rent your tourist housing and our management services.
FAQ
How's the net yield of a tourist housing computed?
El yield neto es el NOI (ingreso neto operativo) dividido entre el capital total invertido (precio de compra más impuestos, notaría, registro y reforma). El NOI es el ingreso bruto anual menos todos los gastos operativos: comisión de canal, limpieza, suministros, IBI, comunidad, seguro, mantenimiento, gestión y el coste de los días vacíos. La rentabilidad bruta vacacional ronda el 6-10%, pero cae al 3-7% neta tras gastos (estimación sectorial).
What expenses should be deducted from gross income?
Channel Commission (15-18% in OTAs such as Airbnb or Booking), cleaning by stay, supplies (light, water, internet), IBI, community share, insurance, maintenance and replacement, management commission and bad for empty days. Operating costs for well-run tourist housing can represent around the 70% gross income (sector estimate).
How much does the OTA commission weigh on the net jield?
A lot, because it's applied to the raw. At the mid-resort booking centre, the 54,3% of the Reserve, Airbnb of the 26,7% and the direct channel of the 17,6% (Lodgify, 2025). With OTA commissions from the 15-18%, every share point that you migrate to a direct channel (Tudesvío, 10% at Bliss) goes directly to the NOI. It's not marginal: it's one of the net yield levers that the manager has most control about.
What's with the bad yield that's selling commercials?
Porque casi siempre se calcula sobre ingreso bruto y ocupación optimista, sin descontar comisión de canal, limpieza, impuestos ni vacíos. Un 8-10% bruto se convierte habitualmente en 3-7% neto (estimación sectorial). El inversor profesional razona en NOI y yield neto, no en el titular del anuncio.
What actual employment should be used for calculation?
The average occupation of the holiday market moves around the 56,6% (Lodgify, 2025), but the 90% that usually takes an optimistic underwriting. The difference between assuming 56% and assuming 85%'s occupation changes the net yield completely. The actual portfolio of Bliss operates at the 87% of medium occupation, but that's a result of dynamic and management training, not a starting point that can be assumed without method.
Do VAT and taxes get into the cascade?
The IBI, municipal fees and profit tax (IRPF, IS or IRNR if you are non-resident) do affect the net at hand. The rental of housing without hotel services is free of VAT and with hotel-type services we have an impact on 10% and not on 21% (Tax Agency, 2025). The operational cascade discounts the IBI and the fees and benefits tax goes after NOI.
What's the difference between net jield and cap rate?
The figure cap is the NOI divided by the market value of the asset and serves to value and compare assets with each other. The net yield about the investment divides the NOI among the total capital you have put (buy more purchase and reform costs) and measures your return as a buyer. Both are from the same NOI and the difference lies with the denominator.
How does a professional manager help with net jield?
Sube los ingresos (pricing dinámico, más canal directo, mejor ocupación) y controla los costes con escala. En la cartera real de Bliss eso se traduce en un 87% de ocupación media y más ingresos frente a la media de mercado (datos internos Bliss), además de un canal directo propio (Tudesvío) al 10% de comisión frente al 15-18% de las OTAs. La comisión de gestión se descuenta en la cascada, pero el efecto neto sobre el NOI suele ser positivo cuando el activo estaba infraexplotado.
Your actual net yield, before signing
We set up a complete cascade of your asset or opportunity that you are evaluating: actual expenses, market jobs, your taxation and the effect of passing to direct channels. No round promise with every figure attached to source.