AXA IM Alts has completed an affordable housing development in Madrid's Tetuán neighbourhood. The development, which covers an area of 44,000 sqm, includes approximately 540 homes spread across two 24-storey towers.
The land was acquired in December 2019 on behalf of clients, and the building permit was obtained in 2022. The first rental contracts are expected to be formalised during the first quarter of 2025, once the necessary administrative processes have been completed.
The project aims to offer quality homes at rents significantly below current market levels in the centre of Madrid. Among the features included in the development are green areas, communal swimming pool and other communal areas.
From an environmental point of view, the project aims to obtain BREEAM Very Good and A energy rating certifications. According to the company, this would position it as one of the largest affordable housing developments in the region to achieve these standards.
The development is located in the centre of Madrid's business district (CBD), a ten-minute walk from the Tetuán metro station, and benefits from the area's public transport infrastructure. In addition, the Tetuán district has undergone a significant transformation over the last 15 years thanks to investments that have introduced new hotel, gastronomic, commercial and leisure offerings.
