The ReViVa program, managed by the Municipal Company of Housing and Land of Madrid (EMVS Madrid), aims to mobilize vacant properties and offer them at below-market prices. Owners who join cede the usufruct of their homes to EMVS Madrid for a specified period, receiving a guaranteed monthly rent, regardless of whether the property is rented out or not.
The delegate for Housing Policies and president of EMVS Madrid, Álvaro González, along with the councilor for Puente de Vallecas, Ángel Niño, visited one of the 219 homes recovered by the program in various districts. González highlighted that the initiative offers security to both owners and tenants, and that half of the owners renew their initial agreement.
EMVS Madrid's comprehensive management includes administrative and legal procedures, community fees, home insurance, ordinary repairs, and property tax (IBI). The municipal company also covers capital gains tax and registration costs at the Property Registry.
González pointed out that ReViVa is a useful solution for heirs or the elderly moving to residences, guaranteeing rent collection and property management, thus eliminating uncertainties for owners.
Tenants must have weighted incomes of up to 7.5 times the IPREM (approximately €92,000 gross annual income for a family of four). Rental prices will be between 15% and 20% lower than the market rate, not exceeding 30% of the tenant's salary.
A property visited in Puente de Vallecas, built in 1964, has undergone a complete renovation. With two bedrooms and approximately 60 usable square meters, its maximum rent will be €836 per month. EMVS Madrid has provided appliances and covered the renovation cost (€30,900), which will be deducted from the owner's rent.
When renovations are needed, EMVS Madrid advances up to €45,000 at 0% interest and covers VAT. This advance is gradually deducted from the property owner's monthly rent. To date, 61% of incorporated homes required integral renovation, 30% partial, and 9% minor adjustments.
