Perez says his new deal was one of the greatest days in the recent history of the club.
"It's a great day for the club," he said. "We have made the dream of all Madridistas.
Ronaldo, whose image was emblazoned across the Bernabeu's VIP Box which staged Sunday's press conference, was similarly effusive in his thanks to Perez.
"For me it is a very important day," he said.
"I want to thank my team-mates, the coach and, above all, the president. With this agreement I am very happy and privileged to continue in this house.
"It has given me many things. For me today is as if it were the first day.
"I will always give the best for this shirt. Hopefully be here until the end of my career. This club is very big."
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