Madrid completes 45 affordable rental homes in El Cañaveral

The Madrid City Council and the Municipal Housing and Land Company (EMVS Madrid) have completed the Cañaveral 11 development, a project consisting of 45 affordable rental homes in the El Cañaveral neighborhood of the Vicálvaro district.

The project involved a total investment of approximately 12 million euros. This includes nearly 9.8 million euros from the Madrid City Council and roughly 2.1 million euros from Next Generation EU funds. The development is part of a larger initiative involving 13 residential projects in the area, which aim to provide a total of 1,212 affordable rental units.

The new building features various apartment sizes, including 17 two-bedroom, 24 three-bedroom, and four four-bedroom units, all including storage rooms. Additional amenities include 64 parking spaces, bicycle parking, a children's playground, and landscaped areas.

To ensure affordability, monthly rent is capped at 30% of a family's income. The housing is primarily targeted at young people and families with minor children whose income does not exceed 3.5 times the IPREM. A lottery for the units is expected to take place in early 2027.