In March and April, Sogeviso handed over the keys to the first tenants of two affordable rental developments in Alcorcón under Plan Vive Madrid
One of the largest affordable housing management platforms, Sogeviso, with over 3,600 homes allocated under its management, began operating Plan Vive developments in the Community of Madrid in March and April. They handed over the keys to the first two hundred residents of two developments on Calle Ocho de Marzo, 2-bis and Calle África, 4 in Alcorcón, in the south of Madrid municipality.
The Community of Madrid’s Plan Vive is a public-private partnership model for affordable housing development (middle-income housing), where the regional government has granted a 50-year concession through a public tender to an institutional investor, who invests in the construction and maintenance of the buildings, to rent them out at below market price.
With this aim in mind, Sogeviso has added a new IT platform and property management equipment to its existing mediation and social housing management capabilities, enabling it to provide a quality service that is both streamlined and competitive. The portfolio is in full expansion and Sogeviso will develop projects in Madrid, Andalusia and Catalonia, and aims to extend this coverage to other autonomous communities.
Susana Navia, Director of Affordable Rental Management at Sogeviso, said that “more than 240,000 new homes are built in Spain and less than 100,000 homes are sold per year. This situation leads to rental price rises and the only really effective response is to generate much more affordable housing stock”. It is estimated that more than 300,000 affordable rented homes would be needed in Spain over the next five years to normalise prices. For this volume of housing, the attraction of institutional investment and the presence of managers to support it are two key elements.
Javier García del Río, the company’s CEO, commented that “Sogeviso, as a long-term manager in these projects, must take on two challenges, the first is the financial one to ensure the achievement of the objectives for the institutional investor and the other concerns sustainability, which is in line with the nature of Sogeviso to satisfy the tenants, the citizens who need affordable housing”.
The ceremony for the first of the developments delivered on 15 March was attended by Jorge Rodrigo Domínguez (Regional Minister for Housing, Transport and Infrastructure), José María García Gómez (Deputy Regional Minister for Housing, Transport and Infrastructure) and María José Piccio Marchetti Prado (General Manager for Housing and Rehabilitation), as representatives of the Community of Madrid. Also present were delegates from Culmia (developer) and Avintia (construction company).
For the remainder of 2024, Sogeviso will continue to hand over keys to tenants of the Plan Vive Madrid, which by the end of the year will have a total of twelve developments with 1,763 affordable rental homes under management.