Investment approach
Return benchmarks in open data: what platforms publish
Open data has no average return for development projects in Spain. Platforms publish their own figures on different bases. A table as of 13.10.2026 and a look at what can be compared with what.
Open data has no average return for development projects in Spain: there are figures from individual platforms and funds, and each measures something different. On 13.10.2026 Urbanitae publishes an "Average IRR" of 11,7%, Fellow Funders a "TIR media histórica" (historical average IRR) of 12,4%, and one Luxembourg closed-ended real estate fund sets a target above 8% a year. All of these figures are stated by the platforms themselves, and I did not verify them against individual projects. IRR is the internal rate of return: the annual discount rate at which the net present value of a project's cash flows equals zero. Below, each figure with its source, date and caveat, followed by a look at what can be compared with what. This is a reference, not a forecast and not advice.
What do platforms and funds publish about returns?
| Source and date | Stated figure | What it measures |
|---|---|---|
| Urbanitae, home page, 13.10.2026 | Average IRR 11,7% | Average of the annualised returns of fully repaid projects; footnote: past return is not a reliable indicator of future return |
| Fellow Funders, home page, 13.10.2026 | TIR media histórica 12,4% | Average across the platform's completed projects; the home page does not split it by sector (agro, real estate, private equity, energy) |
| Fellow Funders, press release of 22.06.2026 | Estimated IRR (TIR estimada) 15,02%, ROE 34,29%, about 24 months | Estimate for a single project, Sant Joan Despí Fase II, before its completion |
| Closed-ended real estate fund (Luxembourg), FAQ, 13.10.2026 | Target above 8% a year, project average above 10%; private credit 8–10% | Target values stated by the fund; the FAQ does not say whether before or after fees and taxes |
| Cat Real Estate via Idealista, 16.09.2024 | 5,5% | Average yield on family office deals in retail units and offices closed by the consultancy over a half-year: the source does not specify the type of yield; completed premises, not development |
| Cushman & Wakefield, MarketBeat Living Q2 2026 | 4,10% and 4,40% | Net yield on prime PRS (purpose-built private rented sector): central Barcelona and the best decentralised area. Rental, not development |
All the sources attach caveats to their figures. Fellow Funders warns of possible total loss of capital, the fund states that the target return is not guaranteed, and Urbanitae says past return does not determine future return.
Why can these figures not be put in one row?
There are five differences, and each changes what the number means.
- Target and result. The fund's figure above 8% is called a target, and Fellow Funders' 15,02% an estimate before project completion. The 11,7% and 12,4% are historical averages of completed projects.
- Base. Urbanitae counts only fully repaid projects, so projects in progress and problem projects may not be in that figure. This follows from the footnote, not from a statement by the platform.
- Composition. Fellow Funders works in agro, real estate, private equity and energy, and the 12,4% on the home page is not split by sector, so there is no separate figure for real estate.
- Type of investment. Equity, secured loan and rental give different profiles at Urbanitae.
- What is deducted. Fees, taxes and exchange rate are not disclosed on the pages reviewed.
What is comparable with a DNPI project, and what is not?
Platform IRR is annual. The contractual 10% in the DNPI model is calculated differently: DNPI's fee is 50% of project profit, and if the investor's return over the whole project after the fee is below the contractual 10%, DNPI tops it up out of its own fee. This is a return per project, not annual; the terms, the calculation base and the limits are set by the contract for the specific project, and it is not a guarantee of capital preservation. Ten percent here is the compensation threshold, not a promised or expected result.
Worked example, not a forecast. Assumption: all capital is paid in at the start and returned in a single payment at the end of the term. Then 10% over the whole project with a 2-year term corresponds to about 4,9% a year at compound interest, and with 3 years to about 3,2%. And the other way round: 11,7% a year for 2 years gives about 24,8% over the whole term, for 3 years about 39,4%. If money is paid in in tranches or returned earlier, the conversion differs, and IRR is calculated on the actual dates of the flows. So platform figures and a per-project figure must be brought to the same base before they are compared. How to do it is shown in the article on project return and investor return and in the comparison of equity multiple and IRR.
Which questions should you ask on seeing a return figure?
- Is it a target, an estimate or the result of completed projects?
- Which projects went into the average, and which did not?
- Before or after fees, taxes and structure costs?
- Over what term and on what capital base?
- What share was contributed by the operator itself?
More on platforms and formats: three entry formats. Your own project figures can be put together in the calculator.
Who is this comparison not for?
Anyone looking for a single "market" figure: there is none, and any average would hide the difference between types of investment. Anyone comparing rental yield with development return: they carry different risks and terms. And anyone who wants to decide on one line of a home page: the project document decides, not the marketing figure.
Questions and answers
What is the average return of development projects in Spain?
There is no single figure in open data. Platforms publish their own averages on different bases: Urbanitae states 11,7% on fully repaid projects, Fellow Funders 12,4% on the platform's completed projects (as of 13.10.2026).
How does target return differ from historical return?
A target figure, like the closed-ended fund's in the table, shows the manager's expectation, not a result. A historical one is calculated on completed projects and depends on which projects went in.
Can a platform's IRR be compared with the return per project?
Only after bringing them to the same base. IRR is annual, while return per project is calculated over the whole term. Worked example: 10% over 2 years with one investment at the start and one repayment at the end is about 4,9% a year.
What do Fellow Funders' 15,02% and 34,29% mean?
They are estimates for the Sant Joan Despí Fase II project from the platform's press release of 22.06.2026: IRR of 15,02% a year and ROE of 34,29% over a term of about 24 months. The result will be known once the project is completed.
Where can these figures be checked?
On the platforms' own pages and in the project documents, with the date of checking. Figures change, which is why the article gives the date 13.10.2026.
