The cooperative Niceurban El Cañaveral S. Coop. Mad. has finalised the purchase of plot 7D, located within the Los Cerros development area in the Vicálvaro district of Madrid, for the construction of a residential development comprising approximately 170 homes under the Limited-Price Housing scheme.
The project includes two-, three- and four-bedroom homes, all with two parking spaces and a storage room. The development will also feature communal areas comprising a swimming pool, a children’s playground and green spaces for the use of future residents.
The total investment planned for this project amounts to €55 million. The cooperative’s overall management will be handled by Consultores Urbanísticos, whilst the recruitment of members will be carried out by the specialist platform Cooperopen.
The development will be carried out under a cooperative model, enabling future members to participate directly in the development process and purchase homes at cost price. The project aims to meet the demand for housing in one of Madrid’s fastest-growing residential areas.
Los Cerros forms part of a group of major urban developments in south-east Madrid which, together with El Cañaveral, Los Berrocales, Los Ahijones and Valdecarros, constitute the capital’s largest residential expansion area in recent decades. This area is home to tens of thousands of planned homes over a development period spanning the next twenty years, with land already zoned for development, which has enabled projects of various types and schemes to be launched at a time when the shortage of affordable new housing in the municipality of Madrid is one of the market’s main challenges.
In the Los Cerros area itself, development activity has intensified in recent months: Barings is developing 305 affordable rental homes with an investment of €70 million, and Aurora Homes manages a portfolio of 675 homes with some form of social housing provision, of which 305 form part of a turnkey social housing rental project.
