When comparing major French and Spanish cities in terms of gross rental yield, the verdict is clear: Spain beats France hands down.
In this ranking of the 20 most profitable cities in France and Spain combined, Spanish cities overwhelmingly dominate the top of the list. The most striking finding: 9 of the top 10 cities are Spanish. Only one French city manages to make it into the Top 10: Marseille.
—are all in Spain
, ranks in the Top 10
, Murcia
This Spanish dominance can be attributed to a combination of factors that is highly favorable to investors: prices per square meter that remain affordable in several major cities, strong demand for rental housing, a dynamic demographic, and rising rents.
Nine Spanish cities occupy the top nine spots. Marseille saves face for France, coming in at 10th place.
| # | City | Price per square foot | Rent per square meter | Gross income | Price changes | Rent trends |
|---|---|---|---|---|---|---|
| 1 | 🇪🇸 Top 10 in Murcia |
1 600 € | 9,5 € | 7,1 % | +8 % | +10 % |
| 2 | 🇪🇸 Top 10 in Zaragoza |
1 900 € | 10,5 € | 6,6 % | +6 % | +8 % |
| 3 | 3 309 € | 17,7 € | 6,4 % | +12%–+14% | +7% to +8% | |
| 4 | 🇪🇸 Top 10 in Alicante |
2 600 € | 13,5 € | 6,2 % | +10 % | +12 % |
| 5 | 🇪🇸 Top 10 in Seville |
2 740 € | 13,1 € | 5,7 % | +9% to +10% | +6 % |
| 6 | 🇪🇸 Top 10 in Málaga |
3 600 € | 17,0 € | 5,7 % | +12 % | +14 % |
| 7 | 🇪🇸 Top 10 in Bilbao |
3 300 € | 14,5 € | 5,3 % | +5 % | +7 % |
| 8 | 🇪🇸 Top 10 in Palma |
4 200 € | 18,5 € | 5,3 % | +9 % | +11 % |
| 9 | 🇪🇸 Top 10 in Barcelona |
5 180 € | 22,6 € | 5,2 % | +6 % | +8 % |
| 10 | 🇫🇷 Marseille alone 🇫🇷 in the top 10 |
3 600 € | 14,5 € | 4,8 % | +2 % | +4 % |
| 11 | 🇫🇷 Toulouse |
3 500 € | 14,0 € | 4,8 % | +1 % | +4 % |
| 12 | 🇪🇸 Madrid |
5 960 € | 23,3 € | 4,7 % | +8 % | +10 % |
| 13 | 🇫🇷 Lille |
3 300 € | 13,0 € | 4,7 % | +1 % | +3 % |
| 14 | 🇫🇷 Montpellier |
3 700 € | 14,5 € | 4,7 % | +1 % | +4 % |
| 15 | 🇫🇷 Nantes |
3 600 € | 13,5 € | 4,5 % | −3 % | +3 % |
| 16 | 🇫🇷 Lyon |
4 700 € | 16,0 € | 4,1 % | −2 % | +3 % |
| 17 | 🇫🇷 Strasbourg |
3 900 € | 13,5 € | 4,1 % | −1 % | +3 % |
| 18 | 🇫🇷 Bordeaux |
4 400 € | 14,5 € | 4,0 % | −4 % | +2 % |
| 19 | 🇫🇷 Paris |
9 300 € | 31 € | 4,0 % | −3 % | +3 % |
| 20 | 🇫🇷 Nice |
5 500 € | 18 € | 3,9 % | +2 % | +5 % |
Ranked by gross yield in descending order · Data for 2025–2026 · Sources: Terreta Spain, BBVA Research, SeLoger, Idealista.
Why isSpain so dominant?
The ranking reveals a simple reality: Spain’s major cities still offer a better balance between purchase prices, rent levels, and growth potential.
Cities such as Murcia, Zaragoza, Valencia, Alicante, and Seville have prices per square meter that are significantly lower than those in major French cities, while rents are high enough to generate higher gross returns.
Conversely, major French cities are experiencing a squeeze: prices remain high, but rents aren’t always keeping pace. As a result, even strong performers like Lyon, Bordeaux, Paris, and Nice find themselves at the bottom of the rankings.
The Top 20 speaks for itself: for investors seeking gross rental yields, Spain far outperforms France.
Conclusion: Spain has the edge
This ranking does not mean that France is no longer attractive to real estate investors. The French market continues to offer significant advantages: bank financing, the LMNP tax regime, legal certainty, and market depth.
But when it comes to gross rental yield alone, Spain is the clear winner. With nine cities in the top 10, Spain stands out as the most dynamic market for investors seeking returns in 2026.
