Investment approach
A tourist-rental flat in Barcelona: payback before 2028
Tourist income in Barcelona is capped at November 2028. How to work out whether the premium for the licence pays back, taking in 10% IVA, the IBI surcharge and the tourist tax.
The payback of a flat bought for tourist rental in Barcelona is calculated over a finite horizon. The city council is not renewing the licences of about 10,000 tourist flats, which must return to the residential stock by November 2028, and the city issues no new licences (Ajuntament de Barcelona). So the flat is valued as ordinary housing and the tourist income as a temporary extra.
The payback of the licence premium is the time in which the extra income from tourist letting, compared with ordinary letting, returns the sum paid to the seller on top of the flat's price. If it does not manage that before the licence ends, the premium is not recovered.
Why the calculation horizon is finite
Licences for tourist-use housing (HUT, habitatge d'ús turístic) in Catalonia are now time-limited. Decreto-ley 3/2023 limited them to five years with renewal, only if the urban plan expressly allows it, and gave flats already operating a five-year transitional period (BOE). Barcelona has stated that its PEUAT plan (the special urban plan for tourist accommodation) will have no category for tourist housing.
The decree allows a single extension of the transitional period of up to five years if the owner proves that the period does not compensate the loss. The application is filed after four years of the decree being in force and before the end of the transitional period. It cannot be counted on without an abogado (lawyer), so the base scenario in the calculation ends in November 2028. This fact itself is covered in the article on the closure of licences by 2028.
What lines have been added to the calculation in 2026
Since 8 October 2026 Real Decreto-ley 29/2026 has been in force, and since April 2026 Barcelona has a new surcharge on the tourist tax. The Congress of Deputies has not yet validated the decree-law (as of 13 October 2026), so before deciding check the current wording with an asesor fiscal (tax adviser).
| Line | Rule | From when |
|---|---|---|
| IVA | Letting a furnished flat to one guest for up to 30 nights is taxed at 10%, unless it is the owner's main home (art. 20.Uno.23 and 91 of the Ley del IVA) | From 1 December 2026 |
| IBI surcharge | In a stressed housing market zone the council may charge up to 50% of the tax, up to 100% with two tourist properties and up to 150% with four (art. 72.4 ter TRLRHL) | From the 2027 IBI, if the ordenanza (municipal ordinance) has introduced it |
| Tourist tax | For HUT in Barcelona 4.50 € per person per night plus a council surcharge of 5.00 €; surcharge 6.00 € from 1.04.2027 and 7.00 € from 1.04.2028 (ATC) | Rate from 1.04.2026 to 31.03.2027 |
| Switch to ordinary letting | After the licence ends, the terms and limits of the LAU (Spain's urban lettings law) apply | From the date the licence ends |
The tourist tax is paid by the guest, but it is part of the final price against which the flat competes. IVA (VAT), with the guest's price unchanged, takes 1/11 of revenue. Why the IVA line used to be drawn by the set of services is covered in the article on taxes for tourist and long-term letting; from 1 December 2026 a time limit is added to it.
Does the licence premium pay back: a worked example
Worked example, not a forecast. The flat costs 400,000 € as ordinary housing, and the seller asks a further 60,000 € for the valid licence. Tourist income is counted from 1 January 2027 to 30 November 2028, which is 23 months. Rates, occupancy and costs are assumptions.
| Line per year | Tourist letting | Long-term letting |
|---|---|---|
| Revenue | 49,500 € with IVA, 45,000 € without IVA | 19,200 € |
| Platform, cleaning, management | 18,000 € | — |
| IBI, comunidad, insurance | 2,400 € | 2,400 € |
| IBI surcharge 50% on an IBI of 800 € | 400 € | — |
| Net income before income tax | 24,200 € | 16,800 € |
Tourist letting brings in the example 7,400 € a year more, about 14,200 € over 23 months. The 60,000 € premium is not recovered even by a quarter. For a tax resident the gap is smaller still: long-term letting as a main home gets a reduction of income in the IRPF (personal income tax), tourist letting does not. How to disclose such assumptions in any calculation is described in the article on yield assumptions.
What if the flat has no licence
In Barcelona a new licence cannot be obtained. In the municipalities on the list in Decreto-ley 3/2023, where there are problems of access to housing or a high concentration of tourist flats, such housing is compatible with residential use only if the plan expressly allows it, the licence is issued for five years, and no more than 10 tourist flats per 100 residents. This is checked with the specific town hall, not from the listing.
If the seller's calculation shows tourist income without a line on the probability of getting a licence, it is not a calculation but a hope.
What to check before an offer
- The number, type and date of the licence, its match to the flat and its status at the town hall, together with the abogado.
- The time to the end of the transitional period and the chances of an extension under Decreto-ley 3/2023.
- The price of the flat from closed transactions as ordinary housing, without a premium for the licence.
- Bookings passing to the new owner and the contract with the management company.
- Two scenarios: tourist income until the licence ends and ordinary letting after it, with the costs of the switch and the void period.
- Furniture and the format of future letting; the options are covered in the article furnished or empty.
When such a purchase does not suit
It does not suit if the economics of the deal rest only on tourist income until 2028: that is a bet on a few years, not an investment in an asset. Nor does a purchase suit where the licence premium cannot be recovered through the extra income over the remaining term.
It does not suit anyone planning many tourist flats either: the IBI surcharge grows with the number of properties up to 150%. Anyone considering such a flat should calculate both scenarios before the deposit, as part of an investment analysis.
Questions and answers
Can a flat with a tourist licence be bought in Barcelona in 2026?
A flat with a valid licence can be bought, but the city issues no new ones. The term of the licence and of the transitional period is checked from the documents of the specific flat with an abogado.
How much does a HUT licence cost when buying a flat?
Exactly as much as the extra income it brings by the end of the term compared with ordinary letting. In the worked example that is about 14,200 € over 23 months before tax.
Will there be IVA on tourist letting from December 2026?
Under Real Decreto-ley 29/2026, from 1 December 2026 letting a furnished flat to one guest for up to 30 nights is subject to IVA at 10%, unless it is the owner's main home. The Congress of Deputies has not yet validated the decree-law.
What tourist tax do guests of a flat in Barcelona pay?
From 1 April 2026 to 31 March 2027, for tourist housing, 4.50 € per person per night plus a council surcharge of 5.00 €. The surcharge will rise to 6.00 € from 1 April 2027 and to 7.00 € from 1 April 2028.
