Gross rental yields by country

What this measures

Gross yield = (monthly rent x 12) / purchase price. It excludes vacancy, management fees, maintenance, transaction costs and income tax, so it is an upper bound on the income a landlord can expect rather than a net return.

Because it is calculated the same way in every market, gross yield is the cleanest cross-border comparison. To move to a net figure, subtract the round-trip transaction costs and effective rental income tax we publish for the same country.

How to read the numbers

High-yield markets usually carry higher interest rates, higher political or currency risk, or weaker capital growth. Low-yield markets such as Switzerland or Hong Kong price in expected appreciation and cheap financing.

Yields inside a country vary widely by city and neighbourhood. Use the country figure to shortlist markets, then drop into the city guides for the local spread.

Frequently asked questions

What is a good gross rental yield?

What counts as a good yield varies widely by country and city — check the country page for local context. In general, markets with lower yields tend to rely more on capital growth than income, and vice versa.

Is gross yield the same as net yield?

No. Net yield deducts vacancy, service charges, management, maintenance, insurance, property tax and income tax. Net yield is always lower than gross yield, and the gap depends on the country.