Madrid City Council is going to transfer 151,651 square metres of buildable land in 11 districts around the capital to private companies for the construction of 2,000 homes for rent at below-market prices.
The Town Hall’s Urban Development Department will be the first administration in Spain to implement the build to rent scheme. It will soon tender the award of 26 municipal plots under the surface rights model for private construction companies to build the homes. The rental prices will be limited at up to 30% below the market rate, according to El Mundo.
