Culmia will invest €515M in Madrid in affordable housing

Culmia will invest €515M in Madrid in affordable housing
The President of the Community of Madrid, Isabel Díaz Ayuso, during her visit to the 'pilot flat' in San Sebastián de los Reyes.

The developer Culmia will invest €515 million in the affordable housing projects it has been awarded, covering several lots for the Madrid City Council and the Community of Madrid.

Specifically, the company will develop 867 homes after winning lots 1 and 5 of the Madrid City Council's Affordable Rental Plan, which will be located in Valdebebas (Hortaleza), San Fermín (Usera), Atocha (Arganzuela), Peñagrande (Fuencarral - El Pardo), San Isidro (Carabanchel), Rejas (San Blas) and Los Ángeles (Villaverde).

In addition, it has won the single lot of the VIVE II Plan of the Community of Madrid, which includes the construction of 1,137 homes located in the municipalities of Boadilla del Monte (524 homes), Pinto (422 homes) and Colmenar Viejo (191 homes), the company said in a statement.

The construction of this project is characterised by being industrialised and, for this, Culmia will once again use Ávita, Avintia's integral industrialised construction system.

It is expected that work on these projects will begin in the first quarter of 2024 and that they can be handed over to the families from the second quarter of 2025.

Culmia has already been awarded a batch of the first phase of the Madrid Regional Government's VIVE Plan, which envisaged the construction and subsequent development of more than 6,600 affordable rental homes throughout the region.

Specifically, 1,763 homes spread over twelve plots located in the municipalities of Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares and Getafe were awarded to Culmia and are already in the construction phase.

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