Bext Vallecas by Habyt was inaugurated today (Oct 4th 2024) in Madrid, marking the first Flex Living project by Bext Space, located in the Ensanche de Vallecas. Bext Space is a joint venture combining the expertise of M&G and Stoneweg in the real estate development sector. The company was born out of sociological changes and shifting consumer preferences, with the mission of offering flexible housing solutions with high-quality equipment and services at more competitive prices than traditional housing.
In this context, Bext Space is pioneering by being the only company in Spain to have participated in all stages of a Flex Living project, from acquiring the land and constructing the building to its launch and management. This represents a paradigm shift for this type of asset, as it allows the client to be involved and considered at every phase of the project.
Bext Vallecas by Habyt is the company’s first building in Madrid in the Flex Living segment, comprising 285 units, including studios and one- and two-bedroom apartments. Prices start at 975 euros per month for studios, 1,188 euros for one-bedroom apartments, and 1,395 euros for two-bedroom apartments, with all expenses included. The project is situated on a 21,000-square-meter plot, surrounded by gardens and only a 10-minute walk from the nearest metro station, “Las Suertes.” Bext Vallecas complements its offering with a range of services and amenities, including a rooftop terrace, swimming pool, solarium, gym with sauna, cinema room, laundry facilities, co-working spaces, meeting room, and gastroteca. It also has optional parking and 24-hour reception. Habyt will operate the building. “Bext Vallecas by Habyt has become one of the most innovative buildings we have added to our European portfolio. This project stands out for offering our clients a premium experience at a highly competitive price, located in one of Madrid’s most promising areas. Additionally, it marks a significant shift in the industry, as it allows clients to enjoy the flexibility of staying for as long as they wish, whether for days or months. With this proposal, we aim not only to meet the needs of our users but also to redefine the concept of urban accommodation,” says Javier Fernández-Couto, General Manager Iberia.
Bext Vallecas stands out for its iconic architecture, designed by Touza Arquitectos, led by Julio Touza, and currently holds provisional BREEAM Excellent certification, contributing to sustainability in the sector and offering its tenants a unique space to live, work, and enjoy, surrounded by a natural and quality environment. According to Julio Touza, “The building is designed to become a benchmark in Flex Living and an architectural landmark in its surroundings, thanks to the quality of its generous common spaces and the spaciousness and brightness of its units (all exterior). It also excels for its commitment to sustainability (BREEAM Excellent) and the carefully crafted presence of its facades.”
The launch of Bext Vallecas takes into account the current economic and social context, where access to housing is more difficult than ever, especially for young people. Jaime Monjo, General Director of Bext Space, states, “Our commitment is to offer more than just housing; to provide a temporary place for those seeking flexibility without compromising on quality and comfort; to create a space where people can live, work, and enjoy in harmony with their surroundings, knowing they have all the services they need to lead a fulfilling life without complications and through a single payment. As part of the industry, we have the responsibility to contribute to a more dynamic society that adapts to new ways of living, offering solutions that respond to today’s societal needs.”
The Flex Living market in Spain:
Considering Flex Living market trends and their transformative impact, it is expected that by 2027, the sector in Spain will have over 26,776 operational beds, compared to the 11,885 currently available. Madrid leads the market in terms of pipeline projects, followed by Valencia and Málaga, in second and third place, respectively. There is also a noticeable trend of shifting these assets toward peripheral areas, where larger and more efficient properties are prevalent, according to the Atlas market report.
“In the traditional real estate sector, there was a niche that hadn’t been considered, which is how Flex Living emerged, offering the possibility to move and live in different places without long-term commitment, catering to a more dynamic audience: expatriate employees, digital nomads, people seeking independence and needing extra time to find a permanent residence, as well as those going through transitional life stages such as divorces or relocations,” explains Monjo. According to the Atlas report, people often feel more comfortable being surrounded by individuals in similar life situations, making Flex Living a common thread that “accompanies” the evolution of these situations. If we look at the average length of stay by location, Madrid ranks first with an average stay of 66 days, followed by Málaga at 62 days, and Barcelona at 55 days. However, the service’s flexibility allows for rental periods ranging from one day to a maximum of 11 months and 29 days.
Currently, the company is expanding within the Flex Living environment with two projects: Bext Vallecas (recently inaugurated) and Bext Valdebebas, which is set to open in 2025 and will include 583 apartments. Their track record includes two Build to Rent-PRS projects: Bext Skyline, located in the Tetuán district (Madrid), a residential development offering 300 units with 94% occupancy, and Bext L’Hospitalet, located in the newly renovated area of the former Cosmetoda factory, offering new-build rental homes with 1, 2, 3, and 4 bedrooms, terraces, and pedestrian green spaces, with a current occupancy of 79%. In 2024, Bext Space will have 860 operational units, reaching 1,450 units by 2025, with a pipeline that will add more than 800 additional units from 2026 onwards.