Madrid City Council is offering owners of vacant properties the chance to renovate them with no upfront cost, through an advance of up to €45,000 dedicated entirely to refurbishment. In return, the home is included for a set period in the municipal affordable rental scheme ReViVa, managed by the Municipal Housing and Land Company (EMVS Madrid). The renovation advance is gradually deducted from the rent paid to the owner.
The councillor for Housing Policies and president of EMVS Madrid, Álvaro González, has visited one of the refurbished homes in the Moncloa–Aravaca district, highlighting how the programme helps recover run-down properties and return them to the market as affordable rental homes.
100% financed and risk-free renovation
The key feature of the ReViVa programme is that owners pay nothing up front. EMVS Madrid covers the full cost of the renovation – up to €45,000, at 0% interest and including VAT – and also assumes all transfer-related costs, from capital gains tax to registration at the Property Registry.
The renovation investment is gradually deducted from the monthly rent paid by EMVS Madrid, ensuring payment regardless of whether the property is occupied. In addition, the municipal company covers property tax (IBI), community fees, home insurance and routine maintenance, effectively removing risk and management for owners.
According to González, ReViVa is “an ideal solution for inherited homes, properties belonging to elderly people moving into care, or owners who wish to rent but fear non-payment or complications.”
Rents are 20% cheaper and capped at 30% of salary
Homes renovated under the scheme are allocated for affordable rental. Tenants may not spend more than 30% of their income on rent and must have incomes of up to 5.5 times the IPREM (Public Indicator of Multiple Effects Income), equivalent to €63,800 gross per year for single people or couples and €68,400 for a family of four.
Final rents are set between 15% and 20% below market levels, improving access to decent housing across multiple districts of the capital.
A 1950s house brought back to life for €37,000
The flat visited by González today, built in 1950 and untouched for over 20 years, has been refurbished for €37,000, fully funded by EMVS Madrid. The 43 m², two-bedroom flat will have a maximum rent of €745 per month, though tenants will pay less if this exceeds 30% of their income.
Renovations include enhanced energy efficiency, updated facilities and carpentry, and a full set of new appliances – all at no cost to the owner.
Nearly 200 homes have already joined
Through this measure, the City Council aims to bring vacant homes back into use and replenish Madrid’s stock of affordable rental housing. To date, nearly 200 landlords have joined the ReViVa programme, with most properties requiring extensive renovations.
“Each recovered home is another step towards a city with more affordable rent,” González said. “The advance of up to €45,000 is a crucial tool to encourage owners to return these properties to the market.”