Updated: July 2026. Figures include source and date; the index is recalculated every month.
The thesis can be summed up in one sentence: you buy a scarce asset which, when entrusted to someone who knows how to manage it, pays a monthly income under contract. The figures on this page are the actual market figures as of July 2026 — and so are the risks. If you’re looking for a risk-free version, it doesn’t exist; be wary of anyone who tries to sell it to you.
The model, with its three components
You provide the capital; you don’t need to do the driving. The three components that need to fit together:
1. The licence, verified: ownership, encumbrances, validity and any penalties checked before any talk of money. 2. Who operates it: a professional fleet with drivers, vehicles and platform demand already up and running. 3. The contract: rent, term, deposit, who is liable for penalties and for maintaining the licence.
There are two ways to earn income. In direct leasing, you are the lessor: higher gross rent, but the work involved in contracts, collections and incidents is yours. With operator-managed leasing, there is a management layer: lower rent, zero day-to-day operations. The models are compared at Can I be an owner without driving? and at Invest.
The actual figures (July 2026)
- The typical case published in investing: a €60,000 licence — within the Valencia or Seville range on the index — leased to an operator with an indicative net rental income of €1,100 per month, after management fees have been deducted. That amounts to €13,200 per year: a gross yield of 22 per cent per annum on the property’s value, before tax and taking into account periods when the property is unoccupied.
- Current rental yields on the marketplace: Seville €1,500, Málaga €1,750, Valencia €1,900 (contract in force), Barcelona €2,200 per month. The actual market range: €1,500–2,200 depending on the province (current listings).
- The latest rental deal recorded in the public register: Madrid, in the €2,000–2,500 per month range, signed after 39 days on the market (sold, July 2026).
- What underpins these rental figures: verified operators in the network report turnover of €6,500–7,100 per month per vehicle with occupancy rates of 82–87 per cent. An operator generating that much revenue can cover your rent; one who doesn’t demonstrate it is merely making promises.
Apply these figures to your own situation — region, price, operating model — using the profitability simulator. And the full breakdown of the model, including a comparison with the property market, can be found in Buying to Let: The Investor’s Figures.
The risks, unvarnished
This market is all too quick to promise ‘guaranteed passive income’. Our list is quite different:
- Tenant default. This is the number one risk and it’s not just a theoretical one: a tenant who stops paying means months of lost rent whilst you sort out the licence. This should be managed before signing the contract — proven solvency, a security deposit (two months’ rent is standard), direct debit arrangements and clear grounds for termination — and you should have an action plan in place should this occur.
- Regulation. The value of the asset rests on a regulated shortage that the courts are re-evaluating: the CJEU (2023) and the Supreme Court (2024) overturned the automatic application of the ratio that closed the application window. At present, no province is granting licences as a matter of course, but if legal precedent ends up opening up the market in certain regions, the scarcity — and the price — will ease there. We set this out plainly in the post-Supreme Court map analysis; the situation by province, with source and date, is shown in the regulatory map.
- Concentration. The demand that pays your rent depends, in practice, on very few platforms. A change in conditions – commissions, requirements, withdrawal from a city – hits the turnover of the operator paying you. And the risk is regional: you’re buying into the regulation and demand of ONE province, not of Spain (the 80/20 rule).
- Liquidity. This isn’t shown on the screen. The latest registry closures took 39–63 market days — a good figure for an asset of this kind, but it’s not like selling an index fund on a Tuesday.
- The asset requires maintenance. Regular inspection, insurance, registered vehicle: the owner remains liable even if they do not operate it. The contract must set out these obligations in black and white (requirements for a legal lease).
- The rental income is gross and subject to tax. The tenancy is subject to 21 per cent VAT and is included in your personal income tax or corporation tax; it also needs to account for estate agent’s fees, council charges and the time between tenants (how it is taxed).
Guaranteed rent, explained
For those who want the worst-case scenario set out in writing before investing a single euro, there is the highest level of verification: guaranteed rent. A verified operator from the network signs a contract for a guaranteed minimum monthly rent for 24 months, which is attached to the transaction; VTC360 verifies the operator’s creditworthiness and holds the first year’s rent in escrow. If the farm yields more, the agreed terms apply; if it yields less, the minimum income is still payable. It is not a fixed-income investment — it is a contract with a counterparty, which is why verification is so important — but it is the closest thing available in this market (how it works, in detail).
Taxi, ride-hailing or flat: the honest comparison
- A flat yields a single-digit gross return in major capital cities, with a tangible asset, a market with centuries of history and low regulatory risk. It is the benchmark against which every investor with 50–150k compares.
- Taxis are a local market, with highly regulated licence transfers and prices that depend on each local council (taxis or ride-hailing services, with data).
- The ride-hailing licence commands the highest return — 22 per cent gross in a typical case — precisely because it concentrates the risks outlined on this page. Higher returns, here as elsewhere, come at the price of higher risk. The difference is that at VTC360 the risk is documented and published, not hidden.
The fundamental question — is it a good investment in 2026? — has a long and honest answer in the guide: it may be, and it may not be. It depends on the entry price, the location and your investment thesis.
The beginner’s shortcut: buying with a tenant already in place
There’s a version of this investment where the start-up phase is already sorted: buying a licence with an existing tenancy agreement. The lease is subrogated — it remains exactly as it is, and you start collecting the rent from the very first month — so you don’t need to find a tenant or negotiate a lease: you’re buying an existing income stream that you can verify through documentation (rent, deposit, payment history). On the marketplace, these licences are highlighted with their lease agreement clearly visible; the one in Valencia published today, for example, has a current lease of €1,900 per month. You’ll pay a little more for this ready-made start — and it’s usually worth it: the difference between an empty property and one with a solvent tenant already in place.
The mistakes of the novice investor
- Buying into the advertised return. 22 per cent is a benchmark based on the published terms; a ‘guaranteed 25 per cent’ with no contract, evidence or methodology is just a sales pitch. Ask for the documentation to back it up.
- Choosing a province based solely on absolute price. A cheap licence in a province with no demand for fleet vehicles is an asset without a tenant: the theoretical rent won’t be collected. The right question isn’t ‘how much does it cost?’ but ‘who’s going to run it there?’ (how much does it cost to rent a licence, by province).
- Signing with the first operator that comes along. The operator’s financial stability IS the investment. Years in business, fleet size, occupancy rates and turnover per vehicle: if they don’t disclose these, they’re not the right partner for you.
- Ignoring tax implications and tenant turnover. Gross rental income isn’t money in your pocket: VAT, income tax or corporation tax, accountancy fees and the time between tenants all take priority.
- Not having an exit strategy. This investment is realised by selling, and selling takes 39–63 days in the best-case scenario. If you might need the capital within six months, this isn’t the right asset for you.
How to do it right, in six steps
1. Choose a county using the index as your guide: price, sample size and trend, not gut feeling. 2. Look only at verified licences — with a certified track record or, better still, with guaranteed rental income. 3. Examine the operator before looking at the rental income: fleet size, years in business, occupancy rates and turnover per vehicle, as published on the operator network. 4. Review the contract: rental income, term, deposit, penalties, and approval. Without a proper contract, there’s no investment — just hope. 5. Run the figures through the simulator, converting gross rental income to net. 6. Finalise the deal with the money held in escrow, as with any purchase on VTC360 — the process is the same as outlined in the definitive buying guide.
Don’t buy into the theory: buy the figures. The investor who doesn’t take the lead has just one tool at their disposal — data — and in this market, it’s all out in the open: indices with samples, operators with metrics, closing prices with ranges and dates, and clearly identified risks. Use them before investing a single euro, and demand the same from anyone competing for your capital. And if, in a few years’ time, it’s time to sell, a property with a paying tenant and documented rental income will sell better — that guide is also available.
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Sources: index VTC360 and marketplace (July 2026) · public register of transactions VTC360 · metrics reported by the network of verified operators · CJEU, Case C-50/21 (June 2023) · Supreme Court doctrine on the ratio (2024). This guide is revised with each monthly update of the index.