Barcelona is doubling down on social housing. Habitatge Metròpolis Barcelona (HMB) will allocate 600 million euros to build 4,500 rental homes over the next eight years.
The average cost of the homes will be 150,000 euros, and construction will begin in 2022 and 2023. The subsequent rent will be between 400 and 750 euros per month, with a commitment limiting rents to no more than 8.95 euros per square metre. In addition, assistance will be given to those who cannot afford to pay.
HMB is 50% owned by NICRent Residencial, a joint venture between Cevasa and Neinor, 25% by Barcelona City Council and the remaining 25% by the Metropolitan Area.
Cevasa and Neinor Homes will receive 3% of the construction cost and 6% of the rent, in addition to the profits from leasing. They will earn a gross annual return of 4.87% to manage the homes.