• The housing units, which are part of Lot 3 of this Plan, are distributed across 12 developments located in San Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe.The project, which represents an investment of 230 million euros, aims to facilitate access to housing through affordable rental programs.
• Culmia has also been awarded the single lot under the VIVE II Plan, comprising a total of 1,137 housing units located in Boadilla del Monte, Pinto, and Colmenar Viejo.
• In October, the developer released its first White Paper on Affordable Housing, a comprehensive analysis that focuses on the opportunities and challenges of affordable housing.

December 23, 2024—Culmia, the real estate platform that brings together all housing solutions on the market, has completed construction of the 1,763 affordable rental units under Lot 3 of the Community of Madrid’s Plan VIVE I, thus completing the development of the 12 projects located in the Madrid municipalities of San Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe. With this milestone, Culmia is moving forward with its roadmap, driving strategic projects to transform the residential sector.

The project aims to facilitate access to affordable rental housing and involves an investment of approximately 230 million euros. Furthermore, it has been carried out in collaboration with Grupo Avintia, through ávita, which is responsible for constructing the housing units, and Sogeviso, which manages them. The Community of Madrid awarded the 1,763 housing units to the developer Culmia in 2021.

In March of this year, Culmia handed over the first homes from the third phase of the Community of Madrid’s Plan VIVE to families—in this case, 274 homes located in Alcorcón. A few months later, in July, the developer continued to make progress on the handover of homes in this phase, with an additional 209 homes handed over in the municipality of Tres Cantos, and this fall it completed its handover schedule.

Through the development of the first 1,763 homes, Culmia is consolidating its position as a key player in affordable housing development. The developer has also been awarded the sole lot in the second phase of the VIVE Plan, consisting of 1,137 homes located in Boadilla del Monte, Pinto, and Colmenar Viejo; and two lots under the Madrid City Council’s Affordable Rental Housing Plan, comprising a total of 87 homes.

In addition, it has expanded its involvement in several of the country’s major affordable housing projects, having been awarded two lots comprising 221 homes under the Valencian Regional Government’s affordable housing plan, as well as 402 affordable homes in Esplugues de Llobregat. In total, this amounts to the construction of more than 4,000 affordable housing units nationwide.

Affordable housing, through public-private partnerships, has become one of the key solutions to meeting the growing demand for housing in Spain. Lot 3 of the VIVE Plan, led by Culmia, has seen significantly high demand from the outset, receiving more than 38,000 applications for the 1,763 homes it comprises, which highlights the importance of these types of programs in helping young people become independent and gain access to their first home.

In fact, in October of this year, Culmia presented the first White Paper on Affordable Housing, a comprehensive analysis that focuses on the opportunities and challenges of affordable housing for all citizens. This same report outlines the profile of tenants who are awarded affordable rental housing under the Community of Madrid’s Plan VIVE: young people with moderate incomes, mostly in households of one or two people, with few dependent children, and primarily from the municipalities where they applied for the rental.

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