The Ministry of Public Works, Housing and Mobility of the Government of the Canary Islands has approved the order to modify the regulatory bases of the subsidies aimed at promoting the acquisition of housing by young Canary Islanders. This update seeks to adapt the regulatory framework "to the current economic reality of the real estate market" to facilitate access to housing for the young population.
With this order, published this Thursday in the Official Gazette of the Canary Islands, the maximum acquisition price limit for subsidized housing is raised to 170,000 euros in the capital islands and up to 200,000 euros for the non-capital islands and large families.
This change responds to the need to adjust the thresholds established in 2022, which set a maximum of 120,000 euros, already outdated compared to the current average price of housing in the Archipelago.
In this regard, the councilor has stated that "housing cannot continue to be an obstacle course for our youth. This update is a key step to ensure that aid reaches those who really need it and are not left out due to limits that no longer reflect the current reality of the market."
For his part, the director of the Canary Islands Housing Institute, Antonio Ortega, added that "this aid comes to respond more fairly and realistically to the current market conditions, and guarantee effective access to decent housing for a greater number of families in vulnerable situations or with specific needs."
Up to 11,000 euros in aid
The amount of the subsidy, whose call is expected to be published soon, may reach a maximum of 11,000 euros per beneficiary. In addition, it will be subject to compliance with certain economic and financial requirements, such as the need to have a mortgage loan and not exceed certain income thresholds, defined based on the IPREM (Public Indicator of Income for Multiple Effects): up to 3 times the IPREM for young people without special burdens; up to 4 times the IPREM in the case of large family units of a general category or that include people with general disabilities, and up to 5 times the IPREM for large families of a special category or those that include people with special disabilities.
With this update, the Canary Islands Executive reinforces its commitment to the youth of the Archipelago and their right to build a life project in the Archipelago.
