Genivs Insulae has been awarded the contract to build and manage 599 social housing units for rent in Málaga. The project will involve an investment of €87.4 million and will be carried out in the Campanillas and Cruz de Humilladero areas, on public land owned by Málaga City Council and made available under an administrative concession.
The homes will remain under a rent-controlled scheme for 75 years, with rents indexed to the CPI. According to information provided by the company, prices will start at €7.95 per sqm, around 45% below the market value in the area.
The planned timetable sets construction for between April 2027 and December 2028, while the complex is due to be handed over for occupancy in January 2029. The complex will comprise 351 one-bedroom flats and 248 two-bedroom flats, as well as 425 parking spaces and 464 storage rooms.
The project forms part of Genivs Insulae’s model, which is based on collaboration between public land, regulated private capital and specialised social management to develop affordable housing. Rafael Angulo Ruiz, chairman of Genivs Insulae, has described the Málaga project as the first step in the company’s strategy to create an affordable housing infrastructure in various Spanish cities.
The firm is currently working with social developers such as Metropolitan House, which specialises in affordable and social housing, and with non-profit organisations such as Provivienda, which focuses on the social management of supported housing.
Genivs Insulae’s objective is to mobilise €250 million of private and institutional capital to develop 3,000 homes in cities such as Madrid, Barcelona, Málaga and Zaragoza. The company operates as a closed-end collective investment scheme and is registered with the CNMV, under the management of Alaluz Capital.
