On October 2, 2026, José Luis Martínez-Almeida, the Mayor of Madrid, delivered the keys to Cañaveral 8, a new development comprising 96 affordable rental homes. This event marks the 5,000th affordable rental home delivered by the Municipal Housing and Land Company of Madrid (EMVS Madrid) since Almeida took office.
The new housing project, located in the southeastern district of El Cañaveral, represents a municipal investment of over €19.2 million. The rental prices for these homes are designed to be affordable, not exceeding 30% of the household income, with an average rent of approximately €550 per month.
During the ceremony, Almeida was joined by Vice Mayor Inma Sanz, Álvaro González, the Delegate for Housing Policies and President of EMVS Madrid, and Ángel Ramos, the Councilor for Vicálvaro. Almeida noted that nearly 900 families are already residing in El Cañaveral, where EMVS Madrid has completed 1,123 of the 1,212 planned affordable rental homes.
Almeida emphasized the unprecedented construction of affordable housing over the past seven years, stating that no administration has built as many homes during this period. He assured that the city government will continue to allocate increasing resources to enhance housing availability, asserting the commitment to ensure that all Madrileños have access to housing.
The Cañaveral 8 development includes a variety of units: 34 two-bedroom apartments, 54 three-bedroom apartments (four of which are accessible for individuals with reduced mobility), and eight four-bedroom apartments. Additionally, the project features 144 parking spaces, four of which are designated for individuals with mobility challenges, and 96 storage units.
Eligible applicants for these homes included young individuals and families with children under 18, with income limits set at 3.5 times the Public Multiple Effects Income Indicator (IPREM). For instance, a couple with two children can earn a maximum gross annual income of approximately €44,000 to qualify for these rentals.
Almeida highlighted the municipal government's financial commitment to expanding the stock of public housing for affordable rent, noting that nearly €20 million has been allocated for the construction of Cañaveral 8, including land costs.
El Cañaveral is part of a broader initiative to develop residential areas for young people, with EMVS Madrid constructing a total of 1,212 affordable rental homes across 13 developments. Approximately 80% of these homes are aimed at young individuals and families, facilitating their independence and enabling them to start new life projects in suitable residences.
As part of the city’s Southern Strategy, which seeks to transform various districts into urban, economic, and environmental hubs, EMVS Madrid has already delivered nine of the planned developments and is preparing for upcoming lotteries for additional units.
Madrid continues to lead in public housing for affordable rent, with EMVS Madrid managing over 10,000 public homes and nearly 5,700 new units in various stages of development, positioning the capital at the forefront of affordable housing in Spain, according to the Housing and Land Observatory of the Ministry of Housing and Urban Agenda.
