PROPIA · 2026

How we select houses

These are the eight criteria we use to choose a house, and a real example of one we passed on.

1. Purchase price below 7 times estimated annual gross revenue.
2. Valid holiday-rental authorisation compatible with the applicable rules; continuity or transfer must be verified for each transaction.
3. Area occupancy above 40% a year with an average nightly rate of €250 or more for six guests.
4. Less than 90 minutes from an airport or high-speed rail station.
5. No pending structural work: roof, utilities and habitability certificate in order.
6. Usable outdoor space and a private pool: what sustains the nightly rate.
7. Community bylaws with no restrictions on tourist rental.
8. Comparable sales in the last 12 months, so we don't buy into a market with no exit.

And what we rule out: Off-plan new builds, flats in conflictive communities, municipalities with regulation under review, and any price above 8 times revenue.

An example of a discarded house

A chalet on the Costa Brava, in good condition, with a pool, but priced at €385,000 with estimated gross revenue of €42,000 a year — over 9 times revenue, above our 7x limit. We would have had to raise the project's capital to over €100,000 per investor to make the numbers work, changing the customer segment we're aiming at. We passed on it, even though the house itself was good.