Hortaleza · Madrid
Rental yield in Piovera
Piovera is an expensive area for Madrid, with a low rental yield and a Total Return below the city average. Here is what a typical flat in Piovera costs to buy and rent, and the Total Return (IRR) it delivers, compared with Hortaleza and the rest of Madrid.
Sale price
6,596
€/m² · second-hand homes
Rent
17.3
€/m² per month · market rate
Gross yield
3.1%
annual rent ÷ price
Total Return
5.6%
10-year IRR · typical flat
Appreciation
+4.4%
a year, 10-15 year history
Cash flow
-€1,117
per month, year 1, after tax
What the data says
Piovera is a neighbourhood in the Hortaleza district of Madrid. The reference sale price is €6,596/m², based on the 2025 registry statistics (Madrid City Council): 37% above the Madrid median (€4,808/m²) and 31% above its district median (€5,050/m²). It ranks 30 of 130 neighbourhoods in Madrid by price and 1 of 6 within Hortaleza.
The achievable market rent is around €17.3/m² per month (the neighbourhood's own figure; idealista asking rents adjusted to achievable rent): about €1,644 a month for a typical 95 m² flat, with no legal cap. The gross yield (annual rent ÷ price) comes to 3.1%, 1.6 points below the city median (4.7%): rank 125 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 5.6%, below the Madrid median (9.8%). It takes about €228,323 of cash (deposit, taxes and costs), and first-year cash flow after tax is -€1,117 a month.
Asking prices in the Hortaleza district have grown by an average of 4.4% 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 Piovera
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
- 95 m²
- Purchase price
- €626,620
- Monthly rent
- €1,644
- Cash needed · deposit + transfer tax + costs
- €228,323
- Monthly cash flow (year 1)
- -€1,117
- Total Return (IRR)
- 5.6%
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 Hortaleza, ranked by gross yield
| Area | €/m² | Rent €/m² | Gross | IRR |
|---|---|---|---|---|
| Apóstol Santiago | 4,096 | 18.0 | 5.3% | 9.1% |
| Pinar del Rey | 4,252 | 18.0 | 5.1% | 8.7% |
| Canillas | 4,732 | 16.7 | 4.2% | 7.4% |
| Palomas | 5,367 | 15.5 | 3.5% | 6.2% |
| Valdefuentes | 6,073 | 16.7 | 3.3% | 5.9% |
| Piovera | 6,596 | 17.3 | 3.1% | 5.6% |
Frequently asked questions
How much does a square metre cost in Piovera?
€6,596/m² on average, based on the 2025 registry statistics (Madrid City Council). A typical 95 m² flat costs about €626,620, 37% above the Madrid median.
How much is rent in Piovera?
Around €17.3/m² per month at market rates: €1,644 a month for a 95 m² flat, with no legal cap.
Is Piovera a good buy-to-let investment?
The gross yield is 3.1% (Madrid median: 4.7%). With a 70% mortgage and a sale after 10 years, the estimated Total Return (IRR) is 5.6% against a city median of 9.8%. It depends on your financing and tax residency: with your own profile the number can change.
Is Piovera 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 Piovera?
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: idealista · neighbourhood rent adjusted to achievable rent (×0,95)
- Appreciation: average of the 10- and 15-year rates of the area's asking price — historical, not a forecast