Culmia is launching the sale of 437 affordable rental homes in Madrid, spread across two developments in Usera and Valdebebas, which form part of Lot 1 of the programme promoted by the City Council.
Sogeviso will manage the process and will publish details of both developments, the regulatory terms and conditions, and the documentation required to submit applications in advance. Successful applicants must use the properties as their main and permanent residence, as well as meeting income thresholds ranging, depending on the development, between 5.75 and 7.35 times the IPREM.
Other requirements include not owning a property in the municipality and proving a connection to Madrid through registration on the municipal register or employment. Maximum rents will be set based on the average income in each area and a housing cost-to-income ratio considered affordable for households.
The Usera development comprises 222 one-, two- and three-bedroom flats, while the Valdebebas development comprises a further 215 flats of the same types. Both include a garage, storage room, communal swimming pool, gym, green spaces, communal lounge and bicycle parking.
The developments have been built on plots of land belonging to the Municipal Land Fund, granted under a 45-year leasehold. Culmia was awarded lots 1 and 5 of the municipal programme, based on a public-private partnership model that maintains public ownership of the land while entrusting the private operator with the development and management of the homes.
The addition of these 437 units expands the supply of affordable housing in two residential markets with different profiles: Usera, an established district well-connected to the city centre, and Valdebebas, one of Madrid’s main areas of urban growth.
Ángel Doral, Culmia’s Director of Build to Rent, believes that the completion of these projects demonstrates the capacity of public-private partnerships to mobilise municipal land and increase the rental housing stock in areas with high residential demand.
