Madrid to Raffle 52 Affordable Rental Flats on 23 June — Rents Capped at 30% of Income

On 23 June, Madrid city council will hold a raffle of 52 affordable rental flats from the Iberia Loreto 1 residential complex among the city's residents. The scheme is aimed at people under 50 and families with young children on middle incomes — those who have jobs and a stable income but cannot afford housing on the open market.

Applications are accepted exclusively through the website emvsmadrid.es until 11 June. The draw will take place in the presence of a notary and will be streamed live on the municipality's digital platforms.

The rent for the flats in the raffle ranges from €700 to €1,000 a month, depending on the size of the flat. The price includes a parking space. Future tenants will never pay more than 30% of their household income in rent. The complex has 16 two-room and 36 three-room flats, four of which are adapted for people with disabilities. There are also 52 storage rooms, 78 parking spaces, and 52 bicycle spaces. Twelve flats are reserved for large families.

Applications can be submitted by Madrid residents under the age of 50 and families with children with an annual income of between 3.5 and 5.5 times the IPREM — no more than €68,000 gross a year for a couple with two children. A mandatory condition is continuous registered residence in Madrid for five consecutive years, or eight years within the last ten. Applicants must not own any other property in Spain.