ALAS Vivienda Asequible is a Madrid-based company notable as Spain’s first private “Benefit and Common Interest Company” (SBIC) in the rental housing sector. It began operations in 2025 with the acquisition of 16 residential developments totaling 1,442 affordable rental units across Madrid and Barcelona, aiming to house over 3,600 people. Of these, 12 buildings and more than 1,000 dwellings are located in the Madrid area. The company plans to expand to 2,500 active units in Spain by 2030, with further ambitions to reach between 4,000 and 4,500 homes, extending its activities to high-demand regions such as Andalusia, the Basque Country, and the Balearic Islands.
ALAS stands out for its limited-profit model, obliging itself to reinvest at least half of its profits back into its affordable housing mission and maintain strong reporting on its social and environmental impact. Rents are regulated, ensuring that tenants pay between 20% and 25% below market rates and do not exceed 30–35% of their household income. Most developments utilize public land and are structured through collaborations with non-profit, cooperative, and social-impact investors.
Besides developing and managing residential properties, ALAS fosters so-called “Comunidades ALAS,” a social support network that promotes neighborhood cohesion and assists with administrative and vulnerability issues. The company is backed by partners such as Fundación Nou Lloc and Fundación Salas, and is exploring both public and private capital to fund its ongoing expansion.