Madrid City Hall launches new support program for homeowners
A new initiative has been launched in the Spanish capital aimed at revitalizing the rental market and reducing the shortage of affordable apartments. City authorities are offering owners of vacant properties significant financial support—up to 45,000 euros. These funds are intended for renovation and subsequent rental of the property through the municipal company.
The concept is simple: if a homeowner has an apartment that has remained unused for a long time, they can receive funding for a complete renovation, including value-added tax. After the work is completed, the property is handed over to the city structure for a set period, while the owner receives a steady income.
Renovation funding and guarantees for property owners
Payments are offered interest-free, and the funds are repaid gradually through rental payments made to the owner. Even if the property is temporarily vacant, the disbursements continue, minimizing financial risks for the homeowner. In addition, the municipal company covers all major expenses: property taxes, utility bills, insurance, minor repairs, and all required documentation.
This approach allows property owners to avoid worrying about finding tenants, managing contracts, or handling day-to-day issues. All administrative and technical tasks are handled by the municipality, and at the end of the contract term, the property is returned to the owner in an agreed-upon condition.
Who is eligible for the program and what are the participation requirements?
Anyone with a vacant apartment in Madrid that meets technical requirements can participate. There are income limits for tenants: priority is given to city residents whose earnings do not exceed a set threshold. The goal is to ensure that monthly rent does not exceed one third of a household’s budget.
Authorities emphasize that the program aims to expand the pool of affordable rental homes and revitalize areas with a high number of vacant apartments. More than a hundred properties are already participating, and the city continues to increase the pace of construction and renovation of municipal housing for rent.
Impact on the rental market and development prospects
This new measure is part of a comprehensive strategy to ensure Madrid residents have access to affordable rental housing. The city already has over nine thousand municipal apartments, with thousands more at various stages of construction or preparation for occupancy. The program is designed for the long term and aims to make renting more accessible to a wide range of residents.
