Co-operative housing in El Cañaveral, Madrid

“Galivivienda Eon” is a development comprising 371 homes spread across five blocks, governed by Law 3/2024 and the Madrid City Council resolution of 29 October 2024, published in the Official Gazette of the Community of Madrid (BOCM) issue 260, dated 31 October 2024. The benefits of this Act allow residents to live in these homes for 15 years whilst paying the capped rent applicable to social housing (VPPL). After these 15 years, the homes are available for rent or sale on the open market.

Rent-to-buy properties in El Cañaveral

EON MODEL – WHY IS IT DIFFERENT?

VERY IMPORTANT: The price stated in this advert corresponds to the estimated cost of the property upon completion of construction. In 15 years’ time, the price (the allocation value to the member) will correspond to the increase in costs attributable to each property, minus 100 per cent of the rent paid during that period. In EON buildings, even if you move in as a tenant, you will live like a true owner from day one. The major advantage for GALIVIVIENDA members who join this scheme is that 100 per cent of the rent paid over the fifteen years goes towards the purchase price of the property.

Example: 2-bedroom property, with garage and storage room

●Estimated allocation value on completion of construction: €315,000

●Estimated value in year 16: €386,549

●Rent paid over 15 years: €259,906

●Amount payable in year 16: €212,737

During the tenancy period, the member enjoys the property as if they were the owner, as all payments made go towards the final purchase price.

OTHER OPTIONS FOR MEMBERS:

Another major advantage of the EON model is that the member can:

●Appoint a family member as the tenant.

●Or allow the Co-operative to let the property for 15 years.

In both cases, in the 16th year, the member can purchase the property, with the rent paid also being deducted from the purchase price.

CONSTRUCTION PHASES:

Five buildings under phased development

●EON I Building – Plot M7-D – 64 flats

●EON II Block – Plot M9-C – 64 homes

●EON III Block – Plot M8-C

●EON IV Block – Plot M10-C

●EON V Block – Plot M3-D – 81 homes

INDUSTRIALISED CONSTRUCTION

Ávita System. GALIVIVIENDA has reached an agreement with the construction company AVINTIA to build the five buildings using the ‘Ávita System’ industrialised construction method, which enables: Shorter construction times. Greater control and quality assurance. Energy savings for end users.

Galivivienda housing co-operative

HOW TO BECOME A MEMBER:To become a member and join the development:Complete the membership application form. Pay the minimum membership fee: €100. Send the documentation to: info@galivivienda.com. You will then be able to reserve a property and sign the contract.

FINANCIAL TERMS: Share capital: €95,000, distributed as follows:

●€5,000 upon signing the contract

●€15,000 upon obtaining the planning permission

●€35,000 prior to the purchase of the land

●€35,000 in 20 instalments from the start of construction

●€5,000 upon signing the tenancy agreement

The €95,000: Is not an expense. It is a refundable investment after 15 years. It is transferable to third parties. It is inheritable.

Eligibility criteria for a VPPL:

Flats to rent with an option to buy in Madrid

You must be of legal age or an emancipated minor. You must be legally resident in Spain. You must not own a property. Your income must not exceed 7.5 times the IPREM.