Published on and written by Cyril Jarnias
Dos Hermanas is increasingly attracting investors looking for a solid and profitable alternative to Seville, without the sky-high prices of Andalusia’s most expensive neighborhoods. A young, dynamic city driven by logistics, the agri-food industry, and new technologies, it is also experiencing a residential boom, particularly around the major urban project Entrenúcleos.
Analyzing data on prices, rents, yields, and major projects makes it possible to identify the best strategies: long-term rental, short-term rental, or seeking medium-term capital appreciation.
A Growing Market in Seville’s Orbit
Dos Hermanas, currently home to 135,000 residents, could approach 200,000 inhabitants by 2032, according to local projections. This sustained population growth is no accident. Located just over six miles from Seville, the city boasts excellent road and rail connections and is increasingly playing the role of a “qualified commuter town,” particularly in the Montequinto neighborhood, where many residents work in Seville.
Dos Hermanas is home to 14 technology and innovative companies, ranking 6th in Andalusia.
This combination – population growth, economic diversification, proximity to a major metropolis – creates fertile ground for real estate demand, both for purchases and rentals, with a direct impact on prices.
Price Trends: Clear Rise, But Still Below Seville
Available figures clearly show an upward trajectory in prices in Dos Hermanas in recent years, for both apartments and houses.
In August 2025, the average asking price for residential sales reached €1,646/m², up 11.07% compared to September 2024 (€1,482/m²). Over the previous two years, the peak was recorded in June 2025 at €1,651/m², and the low point in March 2024 at €1,356/m². In other words, in just over a year, the market has absorbed nearly €300/m² in increases from its low point.
If we zoom in by property type, the trend is equally clear.
Average Prices by Property Type
Data from various sources converge on a strong annual increase, particularly pronounced for apartments.
Here is a summary table (one of the available series):
| Year | Apartments (€/m²) | Annual Variation | Houses (€/m²) | Annual Variation |
|---|---|---|---|---|
| 2022 | 1,835.41 | — | 1,347.82 | — |
| 2023 | 1,914.63 | +4.32% | 1,406.93 | +4.39% |
| 2024 | 2,098.21 | +9.59% | 1,533.32 | +8.98% |
| 2025 | 2,310.84 | +10.13% | 1,680.14 | +9.58% |
Another, more forward-looking series projects a 2026 price of €3,136/m² for apartments and €1,985/m² for houses, with further increases expected, although the pace would slow somewhat (around +3 to +5% for houses and +4 to +5% for apartments).
The Andalusia region is experiencing an annual price increase of 3 to 5% for the coming years, following a very dynamic period from 2021-2025. Prices remain lower than in Madrid or the Balearic Islands, leaving room for catch-up, particularly in the Seville metropolitan area.
Another interesting indicator: in June 2025, the average price in Dos Hermanas (€1,597/m²) remained approximately 3.15% below that of Seville city center, maintaining an attractive price differential for households and investors seeking a more affordable alternative without giving up the metropolitan area.
Neighborhoods with Very Different Profiles
Investing in Dos Hermanas is not the same depending on whether you target Montequinto-El Colmenar, the Zona Centro, or more peripheral sectors like Fuente del Rey-Los Merinales. The price differences between neighborhoods are significant enough to guide an investment strategy.
Sale Prices and Rents by Key Areas (August 2025)
The table below summarizes average prices in five representative areas:
| Area | Sale Price (€/m²) | Rent (€/m²/month) |
|---|---|---|
| Montequinto – El Colmenar | 2,082 | 9.35 |
| La Motilla | 1,869 | 10.75 |
| Zona Centro | 1,494 | 9.25 |
| La Hacienda – Nueva Andalucía | 1,388 | 3.93 |
| Fuente del Rey – Los Merinales | 947 | 8.20 |
Several lessons stand out immediately.
Montequinto-El Colmenar represents the classic upper-end residential area, with the highest sale prices. It is a zone for middle and upper classes, very well connected to Seville, featuring large houses and recent apartments. The rent level (around €9.35/m²) is consistent with this positioning.
The La Motilla neighborhood presents a special case: it has the highest average rent in the area at €10.75/m², while its sale price per square meter is lower than Montequinto’s. For an investor, this gap can generate a more attractive gross yield, especially if the acquisition is made below the average price of €1,900/m², for instance, on a property needing renovations or a one-off opportunity.
The Zona Centro shows more moderate sale and rental prices, but they are rising sharply. In October 2024, the average sale price reached €1,354/m², up 6.7% year-on-year. Rents followed a similar trajectory (+8.55% year-on-year, to €8.25/m² in October 2024, with a peak at €8.33/m² in July). This central area remains an interesting compromise between reasonable purchase prices and strong rental demand, especially for small apartments close to shops and the RENFE train station.
La Hacienda-Nueva Andalucía surprises with a very low average rent (€3.93/m²), despite a not insignificant sale price (€1,388/m²). This figure likely reflects the presence of many subsidized housing units or segments poorly captured by the conventional private market, making it an area to analyze with caution if the main objective is rental yield.
Districts like Fuente del Rey-Los Merinales offer the lowest sale prices on the market (€947/m²) and relatively high rents (€8.20/m²), seemingly an ideal profile for a yield-focused investor. However, these areas are more peripheral, often more modest, and may carry higher liquidity or vacancy risk. A thorough analysis of the neighborhood, rental demand, and build quality is essential before any commitment.
Prices by District and Average Entry Ticket
Another dataset provides an idea of the average entry ticket by sector, combining price per m² and estimated total price:
| District | Price (€/m²) | Average Total Price (€) |
|---|---|---|
| Centro – Doña Mercedes | 1,458 | 132,380 |
| Arenal – La Pólvora | 1,784 | 174,720 |
| Arco Norte – Avda. España | 1,636 | 151,819 |
| Vista Azul – Consolación | 1,631 | 150,667 |
| Entrenúcleos | 2,459 | 259,993 |
| La Motilla – Fuente del Rey | 1,796 | 173,851 |
| La Hacienda – Nueva Andalucía | 1,796 | 173,851 |
| Adriano | 1,796 | 173,851 |
We can immediately see that Entrenúcleos is the most expensive area per square meter, with an average ticket around €260,000. We’ll come back to this neighborhood later, a true laboratory for the new Dos Hermanas.
At the opposite end, the historic center (Centro – Doña Mercedes) offers properties around €130,000, often in older buildings, sometimes needing renovation, but with strong potential for traditional rental.
Entrenúcleos: The Engine of New Supply and Value
Entrenúcleos deserves its own section, as this gigantic urban project is reshaping the real estate supply in Dos Hermanas. Located between the traditional urban core and Montequinto, this sector covers over 750 hectares and is presented as one of the largest urban developments currently underway in Spain.
The neighborhood already has more than 9,000 residents, but its final potential is much larger: approximately 20,000 homes and over 60,000 residents eventually. More than half of the planned homes are VPO (officially protected housing), which guarantees a significant portion of rent-controlled supply, but also a stable and young demographic base.
A Deluge of New Developments
Most major Spanish developers – AEDAS Homes, Vía Célere, Grupo Recio, Único Homes, Grupo Galia, BRT Hispalis, Miramar Real Estate, etc. – have launched residential projects there, with a very wide range of products.
Some examples illustrate the diversity of supply:
| Development / Developer | Property Type | Price Range (€) | Indicative Size | Features |
|---|---|---|---|---|
| Jardines de Entrenúcleos | 2–3 bedrooms | 192,000 – 443,000 | 69–89 m² | 10 km from Seville, terraces |
| Entrelux III | 4-bedroom villas | 545,000 – 565,000 | 260–273 m² | Luxury chalets |
| AQ Nobuh (Phase I) | 2–4 bedrooms | 205,000 – 294,000 | 84–119 m² | VPO development, terraces |
| Chalet Visolmar | 4-bedroom villa | 1,250,000 | 243 m² | High-end single-family villa |
| Residencial Aires del Sur | 3 bedrooms | 142,100 | 113 m² | Adapted for reduced mobility, registration required |
| Célere Jara | 2–5 bedrooms | (several tranches) | — | 194 homes, pool, A energy rating |
| Elvenia (AEDAS / Sanjose) | 2–4 bedrooms | — | 15,000 m² built | 107 homes, large gardens |
| BRT Hispalis (480 homes) | 1–4 bedrooms | — (subsidized rents) | — | Affordable housing, gym, AV room |
| Miramar Real Estate (260 homes) | 1–4 bedrooms | — (subsidized rents) | — | Pool, padel, gym, terraces |
Prices for new deliveries around 2026 start from about €130,000 (for example, Residencial Avenida de Andalucía in the city center, but this type of ticket is also found on some VPO units in Entrenúcleos) for an average size of 79 m². The high-end exceeds half a million euros, particularly for premium chalets.
The Junta de Andalucía has granted €26.4 million in subsidies for the construction of affordable housing.
Concretely, this means that for these operations, visibility on rental income is very high in the long term, even if the gross yield may be slightly more contained than on a completely free-market property. From a wealth perspective, however, the risk of vacancy is extremely low.
Infrastructure and Transport: A Bet on Mobility
Entrenúcleos is not just a cluster of new buildings. The sector is linked to several major projects: a new Casilla de los Pinos train station (contemporary style building, hall, passenger services, cafeteria) directly connected to the neighborhood, quick access to the SE‑30 and SE‑40 ring roads, a future tram/metrobus station on the José Rodríguez de la Borbolla axis, and a possible extension of Seville Metro Line 1.
Add to this the proximity of Loyola University (within a ten-minute walk from some complexes like Portia I), and it’s clear why Entrenúcleos is presented as the engine of the new residential market in Dos Hermanas.
Entrenúcleos
For an investor, this translates into both long-term capital appreciation potential – as the infrastructure is built out – and strong rental demand from students, young professionals, families, and executives working in Seville.
Long-Term Rentals: Sustained and Diverse Demand
The rental market in Dos Hermanas is also under pressure. Erasmus Play data indicates an overall average rent of €918/month (all types combined), with a median price of €650/month. The number of listings on some platforms remains low (around a dozen active offers at any given time), which reflects the scarcity of supply rather than a lack of demand.
At the same time, other sources mention up to nearly 800 rental properties across the entire market, suggesting that demand is strong enough to absorb a significant volume without driving down rents.
In August 2025, the average asking rent was €9.24/m²/month, up more than 10% year-on-year.
How Much Does a Property Actually Yield?
To translate these figures into financial reality, we can do some simple approximations. Take a 90 m² apartment, the most common type (3 bedrooms) in Dos Hermanas’s recent stock:
– At the average rent of €9.24/m², the theoretical gross rent would be around €832/month.
– Over a year, this corresponds to approximately €9,984 in gross income.
If this same property is purchased at €2,000/m² (i.e., €180,000), the gross rental yield is around 5.5%, not including purchase costs or ongoing expenses. At €1,700/m² (€153,000), it rises to over 6.5% gross.
Average gross yields observed in Andalusia range between 4% and 6%. This potential can be higher by targeting specific micro-markets, such as student housing or accommodations for temporary workers in logistics areas.
Rents by property type support this analysis:
– Room in a shared apartment: around €450/month on average, with offers starting at €190–250/month.
– Studios: approximately €1,200/month on average, starting from €550–900 in observed examples.
– Entire apartments: between €700 and €1,400/month depending on the number of rooms and location (3-bedroom apartments are often around €750/month).
The strong presence of new homes with pools, gyms, green spaces, and parking (especially in Entrenúcleos and Arco Norte) attracts a long-stay clientele willing to pay a premium for comfort and security, which improves the investor’s risk profile.
Short-Term Rentals and Airbnb: A Profitable but Seasonal Market
In the short-term rental segment, Dos Hermanas is not a major tourist hotspot like Seville city center, Marbella, or Málaga, but Airbnb figures show there is a significant market boosted by proximity to Seville and the quality of villas and rural homes on the outskirts.
AirROI lists 78 active listings, with a median occupancy rate around 45% and an overall rate of 46%. The median monthly revenue is $1,161, but the top 25% of hosts exceed $2,094, and the top 10% performers break the $4,757 monthly mark.
The average monthly income from an Airbnb rental in Paris climbs to nearly $2,945 during peak season.
In summary, short-term rentals in Dos Hermanas can be interesting in two scenarios:
Discover two accommodation options suited to different needs and budgets for your stay in Andalusia.
Ideal for groups or families seeking space and tranquility while visiting Seville.
Close to transport links to Seville, offering excellent value for money for business, student, or tourist stays.
The market remains more fragile and less liquid than in already well-established tourist centers. Therefore, before basing a strategy exclusively on Airbnb, it is essential to check local regulations (particularly concerning tourist rental licenses) and build a fallback scenario in long-term rentals if regulations or demand change.
Comparison with Neighboring Markets: The Price Advantage
Dos Hermanas positions itself as a “second ring” relative to Seville, with a significant price advantage:
– Seville city center shows average prices around €2,834/m², clearly higher than those in Dos Hermanas.
– Montequinto, sometimes considered a separate market, is around €2,469/m².
– Other towns in the province, such as Los Palacios y Villafranca, average around €1,404/m², or La Algaba at €1,645/m².
For an investor looking to position themselves in the Seville metropolitan area with a budget under €300,000, the city of Dos Hermanas is a serious option to consider.
– rising rents,
– a pool of young households and students,
– a solid industrial and logistics base,
– and a very abundant supply of new developments in promising sectors.
In the overall Spanish context, prices in Dos Hermanas remain well below saturated markets like Madrid, Valencia, the Balearic Islands, or the Costa del Sol, where €3,000 to €5,000/m² are common, or even much higher in luxury segments.
The Spanish Macro Framework: Structural Support for Rising Prices
Beyond the local micro-economy, several national factors support the appreciation of properties in Dos Hermanas:
Analysis of the main structural and cyclical factors influencing the housing market in Spain, with a focus on Andalusia.
An estimated deficit of between 500,000 and 700,000 units, with approximately 625,000 households in deficit expected between 2021 and 2025.
Real prices remain about 30% below the peak of the 2007 housing bubble.
Foreign buyers account for approximately 20% of real estate transactions nationally.
In Andalusia, only 8 to 10% of residential listings concern new properties, indicating insufficient supply.
Demand is supported by internal migration to the south and digital nomad visas (28% granted in Andalusia in 2025).
Major research players (BBVA Research, CaixaBank Research, Banco de España, Tinsa, Idealista…) converge on a forecast of continued price increases, although the pace should moderate after the spectacular gains of 2021‑2025. BBVA anticipates for example +7% nationally in 2026, with nearly stable transaction volume growth.
For an investor positioning themselves in Dos Hermanas today, this means the probability of rapid value erosion is relatively low, barring a major macroeconomic shock, and the prospect of annual appreciation of 3 to 5% in the medium term is realistic.
Acquisition Costs and Taxation: Budgeting Your Project Well
As everywhere in Spain, the total purchase cost of a property significantly exceeds the listed price. You should generally budget between 10% and 15% in additional costs, depending on whether it is a new or resale property and the financing method.
Resale (Second-Hand)
In Andalusia, buying an existing property is subject to a transfer tax (ITP) of 7% of the price. Added to this are:
– notary fees: often between €600 and €1,200,
– land registry fees: €400 to €1,000,
– lawyer’s fees: generally 1 to 2% of the price, subject to 21% VAT,
– possibly broker or management fees (gestor).Total budget to plan for the purchase of an apartment at €200,000, including notary and legal services fees.
New (Developer)
For a new property sold by a developer:
– VAT (IVA) at 10% on the purchase price,
– Stamp duty (AJD) at 1.2% in Andalusia,
– similar notary, registry, and lawyer fees.
In total, the bill comes to around 12 to 13% of the price, or approximately €236,000 to €239,000 for a home listed at €210,000.
Recurring Costs
Once an owner, you also need to factor in annual expenses:
Overview of the main recurring costs for an apartment owner, including municipal taxes, homeowners association fees, and essential services.
Rate of 0.40% applied to the cadastral value, which is lower than the market price. Typical annual bill between €200 and €1,000 for an apartment.
Generally €50 to €300 per month, varying by standard and amenities (pool, gym, gardens, 24-hour security, etc.).
Includes costs for building and contents insurance, electricity, water, garbage collection, and internet access.
For an apartment worth €300,000 in a residence with a pool, you can budget around €3,500 to €4,500 in annual charges. For a villa or large chalet, total costs (garden maintenance, pool, energy consumption) can amount to €5,000–€8,000 per year.
Finally, non-residents must file an annual tax return (Modelo 210), either on rental income received, or, in the case of personal use, on a deemed income calculated based on the cadastral value. Capital gains realized upon resale are also taxed.
Purchase Process for a Foreigner: A Secure but Demanding Framework
Spain allows foreigners, including non-EU citizens, to freely purchase real estate. The framework is relatively protective, but requires strict adherence to the procedure.
The key steps are always the same:
For a secure real estate purchase in Spain, several steps are essential. First, obtain a foreigner identification number (NIE), mandatory for signing deeds, opening a bank account, paying taxes, and connecting utilities. Next, open an account with a Spanish bank, which will verify the source of funds in compliance with anti-money laundering law (Law 10/2010). It is crucial to hire an independent lawyer – not recommended by the agency or developer – to perform due diligence: obtain the Nota Simple from the registry, verify the owner, mortgages, easements, and encumbrances, check construction and occupancy licenses, the homeowners association bylaws, as well as any outstanding debts for community fees. The transaction then follows contractual steps: sign a reservation contract, then a private contract (contrato de arras) generally with a 10% deposit. Finally, the sale is finalized before a notary with the escritura pública, the deed of transfer of ownership, which must then be registered in the Registro de la Propiedad.
A timeframe of 8 to 12 weeks is common between the offer and final registration. In the case of financing, banks often lend 60–70% of the price to non-residents and up to 80% to residents.
The main risk when buying real estate in Dos Hermanas or elsewhere in Spain is not about the security of property titles, but rather illegal extensions, construction on non-buildable land, or urban planning non-compliance. This risk is particularly high for older houses, land, and peri-urban areas. Therefore, it is essential to consult a specialized lawyer to verify these points.
Investment Strategies by Profile
Based on all these elements, we can identify several typical strategies suited to Dos Hermanas.
1. Long-Term Rental Yield, Moderate Risk
Target: 2 to 3-bedroom apartments in neighborhoods like Zona Centro, Arco Norte, Vista Azul – Consolación, or certain recent complexes in Entrenúcleos.
Logic: buy around €1,600–€2,000/m², rent between €8 and €10/m², target a gross yield of 4.5% to 6.5%, with moderate vacancy risk given rising demand and proximity to Seville.
Interest: strategy suited to investors who prioritize stability over speculation, with potential upside from the continued general rise in prices.
2. Medium-Term Capital Appreciation on New Developments
Target: new developments in Entrenúcleos (excluding strict VPO) and Montequinto-El Colmenar, with completion 2026‑2027.
To maximize capital appreciation, it is advisable to acquire a property as early as possible, before or at the beginning of the construction phase, when prices are still low (budget €130,000–€200,000 for small units and around €250,000–€300,000 for 3-4 bedroom units). The property’s value should benefit, over the next 5 to 10 years, from the cumulative effect of the delivery of new infrastructure (such as the Casilla de los Pinos station and tram/metro extensions), the gradual filling of the neighborhood, and the general upward trend in the Andalusian real estate market.
Interest: more focused on “capital gain” than immediate yield. Can be combined with long-term rental to offset holding costs.
3. High Yield in Cheap Sectors
Target: neighborhoods with very low prices per m² like Fuente del Rey – Los Merinales, certain segments of La Hacienda – Nueva Andalucía, or small units needing renovation in the old center.
Theoretical gross yield that can be exceeded by buying a property below €1,000–€1,200/m² and renting it at €7–€9/m², subject to controlled vacancy and contained renovation costs.
Interest: riskier strategy (tenant profile, build quality, resale liquidity) but potentially very profitable for experienced investors on the ground in Spain.
4. Villa or Large House for Short-Term Rentals
Target: large villas or cortijos with pools in La Motilla, Montequinto, or on the edge of town, able to accommodate groups.
Logic: position yourself in the high end of the Airbnb segment (the top 10–25% performers), with monthly revenues that can exceed $3,000–$4,000 in high season. Leverage both proximity to Seville and the quieter residential setting of Dos Hermanas.
Interest: requires professional management (cleaning, check-in, communication), a good understanding of local regulations, and the ability to absorb seasonality. But the potential income, compared to still moderate purchase prices relative to coastal areas, can be very attractive.
Risks Not to Underestimate
Despite a generally favorable environment, investing in Dos Hermanas involves, as elsewhere, risks that must be factored into your analysis.
They can be grouped into three main categories.
From a legal standpoint, the main risk comes from insufficient due diligence: unauthorized extensions, urban planning compliance issues, community debts, lack of a first occupancy license, or off-plan purchases without a solid bank guarantee. The general recommendations for Spain fully apply: never pay significant sums before verifying titles, ensure the building permit is issued for new developments, and carefully read the homeowners association bylaws.
Dos Hermanas was hit hard by the 2008 crisis with a sharp rise in unemployment. Although the local economy is now more diversified, it remains dependent on the economic health of Seville and key sectors such as logistics, agri-food, and tourism. Another economic crisis could slow the absorption of new housing, particularly in the Entrenúcleos sector.
On the rental front, the rapid rise in prices and rents could, over time, heighten social tensions and prompt authorities to regulate more, especially regarding tourist rentals. The example of Seville city center, Barcelona, or certain beach resorts shows that short-term rental licenses can be drastically limited. Building a business model that remains viable in long-term rentals is therefore a prudent form of “safety net.”
Conclusion: A Pivotal City, Between Metropolitan Safe Haven and Urban Laboratory
Investing in real estate in Dos Hermanas means betting on an intermediate city undergoing transformation: neither a simple commuter town nor a luxury enclave, but an economic, logistics, and residential hub establishing itself as a natural complement to Seville.
The combination of structural factors – population growth, economic dynamism, housing deficit, major urban and infrastructure projects – supports the continuation of rising prices and rents. The data confirms that the market has already begun this movement, but without reaching levels that discourage investors seeking reasonable returns.
The key to success for a French-speaking investor will lie in the ability to:
– select the right neighborhood based on their profile (yield, capital appreciation, seasonal),
– work with reliable local professionals (lawyer, agency, administrator),
– properly budget acquisition and holding costs, – and anticipate regulatory changes, particularly in the short-term rental segment.In this light, Dos Hermanas appears as a market that is both mature enough to offer security and still young enough to reserve great opportunities for those who approach it with method and realism.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
