Moratalaz · Madrid
Rental yield in Horcajo
Horcajo is a mid-priced area for Madrid, with an average rental yield and a Total Return in line with the city average. Here is what a typical flat in Horcajo costs to buy and rent, and the Total Return (IRR) it delivers, compared with Moratalaz and the rest of Madrid.
Sale price
4,770
€/m² · second-hand homes
Rent
19.3
€/m² per month · market rate
Gross yield
4.9%
annual rent ÷ price
Total Return
9.9%
10-year IRR · typical flat
Appreciation
+5.5%
a year, 10-15 year history
Cash flow
-€324
per month, year 1, after tax
What the data says
Horcajo is a neighbourhood in the Moratalaz district of Madrid. The reference sale price is €4,770/m², based on the 2025 registry statistics (Madrid City Council): 1% below the Madrid median (€4,808/m²) and 23% above its district median (€3,890/m²). It ranks 67 of 130 neighbourhoods in Madrid by price and 1 of 6 within Moratalaz.
The achievable market rent is around €19.3/m² per month (the neighbourhood's own figure; idealista asking rents adjusted to achievable rent): about €2,316 a month for a typical 120 m² flat, with no legal cap. The gross yield (annual rent ÷ price) comes to 4.9%, 0.2 points above the city median (4.7%): rank 61 of 130 by gross yield.
With a 70% mortgage at 3.80% over 25 years and a sale after 10 years, the estimated Total Return (IRR) for that typical flat is 9.9%, in line with the Madrid median (9.8%). It takes about €208,722 of cash (deposit, taxes and costs), and first-year cash flow after tax is -€324 a month.
Asking prices in the Moratalaz district have grown by an average of 5.5% a year over the last 10 and 15 years (idealista, December 2025). Historical, not a forecast: it is the appreciation the modelled sale assumes.
A typical flat in Horcajo
The same standard assumptions as the CasaROI map: change the mortgage, term or tax profile in your account and the Total Return is recalculated for your case.
- Size
- 120 m²
- Purchase price
- €572,400
- Monthly rent
- €2,316
- Cash needed · deposit + transfer tax + costs
- €208,722
- Monthly cash flow (year 1)
- -€324
- Total Return (IRR)
- 9.9%
Assumptions: 70% mortgage over 25 years at 3.80%, sale after 10 years, Spanish tax resident at a 37% marginal rate, no renovation.
Neighbourhoods in Moratalaz, ranked by gross yield
| Area | €/m² | Rent €/m² | Gross | IRR |
|---|---|---|---|---|
| Pavones | 3,776 | 17.7 | 5.6% | 11.0% |
| Fontarrón | 3,770 | 17.7 | 5.6% | 11.0% |
| Media Legua | 3,875 | 17.9 | 5.5% | 10.9% |
| Vinateros | 3,904 | 18.0 | 5.5% | 10.9% |
| Horcajo | 4,770 | 19.3 | 4.9% | 9.9% |
| Marroquina | 4,305 | 17.0 | 4.7% | 9.7% |
Frequently asked questions
How much does a square metre cost in Horcajo?
€4,770/m² on average, based on the 2025 registry statistics (Madrid City Council). A typical 120 m² flat costs about €572,400, 1% below the Madrid median.
How much is rent in Horcajo?
Around €19.3/m² per month at market rates: €2,316 a month for a 120 m² flat, with no legal cap.
Is Horcajo a good buy-to-let investment?
The gross yield is 4.9% (Madrid median: 4.7%). With a 70% mortgage and a sale after 10 years, the estimated Total Return (IRR) is 9.9% against a city median of 9.8%. It depends on your financing and tax residency: with your own profile the number can change.
Is Horcajo in a stressed rental zone?
No. Madrid is not a declared stressed rental zone: rents are set by the market, with no legal cap.
Buying in Horcajo?
Paste the listing and we tell you whether it holds up at that price: legal rent, taxes, red flags and a verdict.
Sources and method
- Sale: Estadística Registral · Ayuntamiento de Madrid (precio declarado, neighbourhood) · MITMA city anchor 4212 €/m² (2024)
- Rent: estimación · alquiler ajustado al precio del neighbourhood (modelo idealista yield–precio) · a alcanzable (×0,95)
- Appreciation: average of the 10- and 15-year rates of the area's asking price — historical, not a forecast