Run the numbers first
Most return numbers you see are gross. This shows the realistic picture. Entry costs, running costs and the weeks your capital is not earning, across property, hospitality, business setup and trade, in any of our markets. Then the IRR, the equity multiple and the year by year cash flow over the period you actually intend to hold.
What are you committing capital to
Which market
Buy, let and hold. The gross yield in the brochure against what is left after entry costs, running costs and empty weeks.
Typically around 4 to 7% all in, and about 5% on a straightforward apartment. Covers the 2 to 4% transfer tax, notary at 0.3 to 1%, cadastre registration and legal fees. Source, Consul.al and Investropa, 2026.
Growth compounds and applies to the asset value, not to what you paid to get in. Purchase taxes and fees are spent, not recovered on sale. Defaults sit at or below each market's long run average rather than at its recent peak.
Gross yield is quoted on the purchase price, not on what you actually paid. Entry costs and empty weeks are where the brochure number and the real number separate.
Title history is the risk here. Verify ownership at the State Cadastre Agency with your own lawyer before any deposit. Coastal rents are seasonal, so allow for more empty weeks.
IRR is only as honest as its exit assumption. In a low yielding market most of the return comes from the sale price, the one number nobody controls. Read it next to the income share and the sensitivity grid, never on its own.
Held for 5 years, then sold.
The annual rate at which these cash flows discount back to zero. It prices time as well as profit, which is why investment committees quote it.
To reach a 10% IRR on these figures, the asset would need to grow 8.5% a year. Compare that with what the market has actually averaged before treating the return as income.
These figures are illustrative projections, not a forecast and not advice. They are pre tax. Projected returns are not a reliable indicator of actual returns, and the value of property can fall as well as rise. Currency movement can reduce returns for a buyer holding a different currency. Every figure depends on assumptions you can change above, and small changes to growth or vacancy move the result a long way. Horizon Holding Ltd does not sell property and takes no commission from any developer, agent or seller. Take independent tax advice before committing to any purchase.
Illustrative planning figures only. Rates and costs change and vary by asset, market and buyer situation. This is not financial, investment or tax advice. We verify the exact numbers during due diligence.
Returns are shown before tax and before currency movement. Capital gains tax, income tax and withholding depend on your residence and structure rather than on the asset, so they are left out here and worked through properly during due diligence.
Entry costs, yields and operating ratios reviewed against published market sources in August 2026. Tax rates and market conditions change. We verify the exact figures for your situation during due diligence.
IRR at different growth assumptions and holding periods. Your own case is highlighted. If the return collapses two points either side of it, you are looking at a view on prices rather than an income.
| Growth | 3 yr | 5 yr | 10 yr |
|---|---|---|---|
| 2.0% | 3.0% | 4.1% | 4.9% |
| 3.0% | 3.9% | 5.0% | 5.7% |
| 4.0% | 4.9% | 5.9% | 6.6% |
| 5.0% | 5.8% | 6.8% | 7.4% |
| 6.0% | 6.7% | 7.7% | 8.3% |
Every other figure is held at what you entered. Growth is the assumption with the least evidence behind it and the most influence on the result, which is why it is the one varied here.
Bars show the cash moving in each year. The line shows your running position. Where the line crosses zero, your capital is back.
All figures in EUR. Costs are shown as negatives, so every row adds across to the net.
| Year | Gross rent per year | Empty weeks | Running costs | Net income | Capital | Net cash flow | Cumulative |
|---|---|---|---|---|---|---|---|
| Entry | — | — | — | — | -157,500 | -157,500 | -157,500 |
| 1 | 8,250 | -1,269 | -1,396 | 5,585 | — | 5,585 | -151,915 |
| 2 | 8,415 | -1,295 | -1,424 | 5,696 | — | 5,696 | -146,219 |
| 3 | 8,583 | -1,321 | -1,453 | 5,810 | — | 5,810 | -140,409 |
| 4 | 8,755 | -1,347 | -1,482 | 5,926 | — | 5,926 | -134,482 |
| 5 | 8,930 | -1,374 | -1,511 | 6,045 | 177,023 | 183,068 | 48,586 |
| Over the hold | 42,933 | -6,605 | -7,266 | 29,063 | 19,523 | 48,586 | 48,586 |
Income is treated as arriving at the end of each year and the sale lands at the end of the final year. Both are simplifications, and both are conservative: rent received monthly would compound slightly faster than this shows.