An unusual initiative has been launched in the Spanish capital: the Madrid municipal government (Ayuntamiento de Madrid) has decided to breathe new life into vacant apartments by offering owners a complete renovation at the city’s expense. The amount available for renovations can reach up to €45,000, with no upfront investment required from the owner. In return, the refurbished property is temporarily managed by the city’s affordable rental program ReViVa, overseen by the municipal company EMVS Madrid (Empresa Municipal de la Vivienda y Suelo).
The scheme is straightforward: the city covers all renovation costs and then recoups its investment over time by withholding a portion of the monthly rent paid to the owner. The property owner avoids any hassle—the municipality takes care of all expenses related to paperwork, taxes, and even insurance.
Eligibility requirements
To take advantage of the offer, you simply need to own a vacant apartment in Madrid. After signing an agreement with EMVS Madrid, the property undergoes a full makeover—from replacing utilities to installing modern appliances and improving energy efficiency. The maximum investment per property is €45,000, including VAT. Importantly, there is no financial risk for the owner—all costs are covered by the municipality, and the loan is interest-free.
After renovations are complete, the apartment is rented out at a rate 15–20% below the market average. The future tenant cannot spend more than 30% of their income on housing, and the maximum income to qualify for the program is capped at 5.5 times the IPREM (Spain’s income index). For singles and couples, this amounts to €63,800 per year; for families of four, the limit is €68,400.
Guarantees and benefits
The property owner receives a guaranteed income: EMVS Madrid pays the rent even if the apartment is temporarily vacant. In addition, the municipality covers the property tax (IBI), utility bills, insurance, and ongoing maintenance. This way, the owner is spared most of the risks usually associated with renting.
The program is especially attractive for those who have inherited a property, do not plan to live in it, or are concerned about tenant issues. According to Álvaro González, head of housing policy and president of EMVS Madrid, the ReViVa project helps bring apartments back to the market that have stood empty for years without renovation or generating income.
Real examples
In the Moncloa–Aravaca district, a renovation was recently completed on an apartment built back in 1950. With €37,000 fully funded by the city, the 43-square-meter, two-bedroom unit was transformed into a modern living space. The maximum rent for this property will be €745 per month, but if this amount exceeds 30% of the tenant’s income, they will pay less.
During the renovation, all engineering systems were upgraded, windows and doors were replaced, new appliances were installed, and work was carried out to improve energy efficiency. The owner did not have to spend a cent — all expenses were covered by the municipality.
Scope of the program
Since the initiative was launched, nearly 200 property owners have joined. Most of the apartments included in the program required major renovations. City authorities expect that thanks to ReViVa, the amount of available housing in Madrid will increase significantly and the pressure on the rental market will ease.
Every apartment returned to the market provides an additional opportunity for residents of the capital to rent quality housing at an affordable price. According to municipal officials, the advance payment of up to €45,000 has become a key incentive for owners who previously hesitated to rent out their properties.
In case you didn’t know, EMVS Madrid is a municipal company established to manage the city’s housing stock and implement affordable housing programs. The company is responsible not only for construction and renovation, but also for supporting tenants and property owners, as well as introducing innovative solutions in the urban real estate sector. The ReViVa program is one of the latest initiatives aimed at tackling Madrid’s shortage of affordable housing.
