News
Madrid turns 219 empty flats into affordable rental homes
Madrid is seeking to gain affordable housing without relying only on new developments. Through EMVS Madrid, the City Council has financed the refurbishment of 219 empty homes to bring them onto the rental market at prices below the usual ones.
The measure forms part of the ReViVa programme, designed for owners who have closed flats and do not put them on the market because of a lack of resources, fear of non-payment or the need for refurbishment. The municipal company acts as an intermediary so that these homes can return to residential use.
The arrangement is simple for the owner: EMVS Madrid can advance up to €45,000 interest-free to refurbish the home and leave it ready to rent. In exchange, the property joins the programme and is earmarked for affordable rent for the agreed period.
The municipal company also takes care of managing the contract, the procedures and the relationship with tenants. It also guarantees the owner monthly receipt of the rent, even if the flat is temporarily vacant, one of the measures intended to reduce the mistrust of many small owners.
For tenants, the interest lies in the price. Homes in the programme are offered at rents between 15% and 20% below market rates, and rent may not exceed 30% of the household’s income, a key condition in a city where access to housing has become one of the main everyday problems.
The 219 recovered homes are distributed across all Madrid districts. The City Council has shown one of the cases in Puente de Vallecas, where a two-bedroom flat has been completely refurbished to return to the market at an affordable rent.
The impact of the measure will not by itself resolve rental pressure, but it does point to a pool of housing that many cities are looking at with increasing attention: homes that have already been built, are empty or deteriorated, and can be put back into use without consuming more land or waiting years for new construction.
The key will be for the programme to continue adding owners and for homes actually to reach families that cannot afford free-market prices. Madrid needs to build more, but also to recover what already exists. Every closed flat that comes back to life can make a difference in a neighbourhood, a stairwell and a family seeking to remain in the city.