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Madrid City Council Will Buy Homes from Private Individuals to Use as Social Rental Properties

The EMVS is interested in buying flats from individuals to increase its stock of protected housing in the capital. To this end, it has improved the prices it is offering, increasing them by an average of 70% to reflect the current market situation.

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On Tuesday, the councillor responsible for the Department of Housing, Álvaro González, and the CEO of the Municipal Housing and Land Company (EMVS), Diego Lozano, unveiled an advertising campaign entitled ‘Creating public housing: if you are selling your home, give us a call‘, to enable the capital’s City Council to increase its stock of protected housing. To this end, the EMVS is going to allocate 15 million euros to buying real estate properties from individuals.

The City Council wants to not only bring protected rental homes onto the market with the construction of new developments (it currently has 38 in progress, totalling 3,200 flats), but also encourage residents of Madrid who are interested in selling their homes, to do so to the EMVS in order to increase the stock of public assets and expand the supply for those entitled to protected housing in the capital.

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