500 No-Longer-Empty Homes

21/01/2014 – El Mundo

 If a private developer owns a dwelling in the lease-to-buy scheme and cannot find a buyer for it, now one may transform it into a social rent unit, a possibility facing huge demand due to lower prices. The Community of Madrid modified a ruling on market flexibilization half a year ago.

What is more, the Regional Government led by Ignacio González permitted offering houses intended for “Plan Joven” (for young people) to those more than 35 years old. Just with introduction of these changes, 500 vacant dwellings found tenants.

“The decision has been a great success, especially compared with other ineffective initiatives, like the Expropriation Law in Andalusia and the increase in property tax (…)”, as department of the regional Ministry of Transport, Infrastructures and Housing adds.

Moreover, the Institute of Housing in Madrid (Ivima) reduced its stock of vacant dwellings from 700 to 47 units, after having invested €3 million (…) last year.

“We will support the families in need. This week, 21 of them will be given keys to their new homes charged with rent between €115 and €370”, assures González.

In 2013, the Community of Madrid handed 1.000 dwellings over to people in extremely difficult economic situation and the young. It has also intermediated in 63.000 rental contract signings since the “Plan Alquila” (Rent Plan) was launched.

Original article: El Mundo (M.B.)

Translation: AURA REE