The City Council of Madrid has recovered 219 vacant homes through the ReViVa programme of the Municipal Housing and Land Company. Owners receive grants of up to €45,000 for renovations and transfer the usufruct to the municipal company.
The City Council of Madrid has managed to mobilise 219 vacant homes across the city through the ReViVa programme, managed by the Municipal Housing and Land Company (EMVS Madrid). These homes are now designated for affordable rental, with rents between 15% and 20% below the free market.
The delegate for Housing Policies and president of EMVS Madrid, Álvaro González, visited one of the rehabilitated homes in the Puente de Vallecas district. During the event, he highlighted that the programme offers security to owners and guarantees the monthly collection of rent, even if the home is unoccupied.
Grants of up to €45,000 for renovations
The ReViVa programme allows owners of vacant homes to receive an advance of up to €45,000 at 0% interest to carry out renovation works. This amount is deducted after the monthly rent received by the owner, without them having to advance a single euro.
EMVS Madrid takes care of all the paperwork: from the comprehensive renovation to the management of the rental. It also covers expenses such as community fees, home insurance, property tax, and ordinary repairs. The owner only has to sign the transfer of usufruct and forget about the management.
In the visited home, which is about 60 square metres with two bedrooms, the renovation cost €30,900. The carpentry, plumbing, and electricity have been modernised, and energy efficiency has been improved. The rental price will be €836 per month, well below market prices in the area.
Requirements for tenants and owners
To access these homes as a tenant, it is necessary to have weighted income of up to 7.5 times the IPREM, which equates to about €92,000 gross annual income for a family of four. The rent will not exceed 30% of the household income.
Owners, for their part, transfer the usufruct for a determined period. According to González, half of the owners who have participated renew the contract upon expiration, which demonstrates satisfaction with the programme.
The ReViVa programme is particularly useful for those who inherit a home and do not know what to do with it, or for elderly people who move to a residence and want to retain their property while obtaining a return.
“The programme eliminates many of the uncertainties that prevent some owners from renting, as it guarantees the collection of rent and the comprehensive management of the home,” González stated.
Of the 219 recovered homes, 61% required a comprehensive renovation, 30% a partial renovation, and only 9% minor adjustments. All of them are distributed across the 21 districts of the city.
Interested parties, both owners and tenants, can check all the requirements and conditions on the EMVS Madrid website (emvsmadrid.es). There they will find the steps to join the programme or request a home.
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