Madrid City Council
The Mayor of Madrid hands over the keys to Cañaveral 5, a development of 116 homes and 156 parking spaces built in the Vicálvaro district.
EMVS Madrid is building 13 developments in this urban area, totaling more than 1,200 affordable rental homes.
Most of these homes will be allocated to young people and families with children.
The rent for these homes will not exceed 30% of the household’s income, meaning that residents will pay an average monthly rent of €590.
In the past two years, EMVS Madrid has built 17%—nearly one in five—of all publicly protected rental homes without a purchase option in Spain.
The Mayor of Madrid, José Luis Martínez-Almeida, announced today that the Municipal Housing and Land Company of Madrid (EMVS Madrid) has already allocated and awarded nearly 900 rental homes out of the 1,212 planned in El Cañaveral, in the Vicálvaro district. He made this statement after handing over the keys to the beneficiaries of Cañaveral 5, a new development of 116 publicly owned affordable rental homes built by the municipal company in this southeastern neighborhood of the capital.
Almeida during the handover of keys for the Cañaveral 5 development, accompanied by the Councillor for Housing Policies and President of EMVS Madrid, Álvaro González, and the Councillor for Vicálvaro, Ángel Ramos, Almeida reaffirmed the City Council’s commitment to building new rental homes in order to increase supply and “continue being the city that builds the most public housing in Spain.” He also expressed his intention to make key handover ceremonies like today’s “an almost everyday occurrence in the city of Madrid.” In this regard, he recalled that the municipal company’s housing stock “has increased by more than 60%” since 2019, thanks to an investment of “more than €1.5 billion.”
The Mayor stressed that the delivery of these homes helps to “address the main problem we currently face in Madrid,” namely “the lack of housing and, therefore, the lack of a future life project.” He also stated that seeing “so many young people and families” receiving the keys to their new homes today is “a reason for hope for the future of the city” and also “a source of satisfaction” for the City Council.
The new tenants of Cañaveral 5 will pay an average rent of €590 per month for their homes, enabling younger residents to move out and begin a new stage in their lives without it representing a financial burden, as rent will never exceed 30% of household income. Young people and families with children earning up to 3.5 times the IPREM took part in the allocation process. This means that, for example, a couple with two children could have a maximum annual gross income of approximately €44,000 to qualify for these homes.
Cañaveral 5 includes 116 homes (40 with two bedrooms, 64 with three bedrooms, and 12 with four bedrooms) and 156 parking spaces. The development involved an investment of over €24 million (€24,094,856), including the value of the land. Of this amount, €19.5 million was provided by Madrid City Council and €4.5 million came from the European Union’s Next Generation funds, as part of an agreement between the Ministry of Housing and Urban Agenda, the Community of Madrid, and the City Council.
As with all new EMVS Madrid developments, sustainability, efficiency, and accessibility are the key features of these homes. They hold an A energy efficiency certificate, enabling future tenants to combine comfort with significant savings on energy bills. In addition, the homes are equipped with aerothermal systems, a climate control technology that extracts energy from the air through heat exchange to provide heating, cooling, and domestic hot water.
El Cañaveral, a new residential neighborhood for young people
EMVS Madrid is building a total of 1,212 affordable rental homes in El Cañaveral, spread across 13 developments. Eighty percent of these homes—more than 1,000—are intended for young people and families with children, increasing their opportunities to become independent and start their own life projects in housing suited to their needs.
Of the 13 public housing developments planned in this new area, EMVS Madrid has already delivered seven (Cañaveral 1, 2, 3, 4, 5, 6, and 12). Meanwhile, developments Cañaveral 8 and 9 have already been allocated and will be delivered in the coming months; Cañaveral 13 and 10 will be allocated in May and in the second half of the year, respectively. The remaining two developments, Cañaveral 7 and 11, are in the final stages of construction. In total, EMVS Madrid has completed 1,078 of the 1,212 planned affordable rental homes in El Cañaveral, and 868 have already been allocated.
Madrid, a leader in affordable public rental housing
Madrid City Council is consolidating its position as a national benchmark in public housing thanks to the work of EMVS Madrid, which manages a portfolio of around 10,000 public homes and has more than 5,700 new homes at different stages of development, including 2,200 from the two phases of the already underway Suma Vivienda Plan.
In the past two years, EMVS Madrid has built 17%—nearly one in five—of all protected rental housing without a purchase option in Spain, according to data from the Ministry of Housing. These figures place the capital at the top of the ranking for public housing under affordable rental schemes in Spain, according to the Housing and Land Observatory of the Ministry of Housing and Urban Agenda.