Half opted for a rental in Arrecife for around 380 euros

The Housing Program of the Government of the Canary Islands facilitated accommodation through rent or purchase to 388 young people from Lanzarote in 2011

The Government of the Canary Islands captured a total of 281 free homes in Lanzarote during 2011 to rent through the "Young and Empty Housing Exchange" program. The department ...

February 17 2012 (15:59 WET)
The Canary Islands Government's Housing program facilitated accommodation through rent or purchase to 388 young people from Lanzarote in 2011
The Canary Islands Government's Housing program facilitated accommodation through rent or purchase to 388 young people from Lanzarote in 2011

The Government of the Canary Islands captured a total of 281 free homes in Lanzarote during 2011 to rent through the "Young and Empty Housing Exchange" program. The Canary Islands Housing Department currently has 412 houses on the island, of which 352 have a contract in force, according to a statement from the Executive.

The head of Housing, Inés Rojas, highlights "the great activity and efficiency of this program, which is allowing the real estate market to be revitalized on all the islands by capturing homes from the free market to rent or sell to one of the groups with the most difficulties in accessing housing, such as young people."

The Canary Islands Government's Youth Housing program facilitated accommodation last year to a total of 388 young people from the island of Lanzarote, 249 through rent and 139 bought their first home by signing the Canarian Youth Mortgage. These efforts involved mobilizing a total of 312 homes, nearly half of them for rent in the capital municipality of Arrecife, where 151 homes were rented.

The average rent of homes rented through the Lanzarote offices in 2011 was 386.40 euros, which meant a decrease of 5 percent compared to the previous year. As for the sale price of homes with the Canarian Youth Mortgage, which in 2011 was 116,000 euros on average, the decrease compared to 2010 was close to 10 percent.

Regional Data

The Young and Empty Housing Exchange, integrated into the Canary Islands Housing Plan, has facilitated accommodation to nearly 56,566 young people since its implementation in the Canary Islands until December 2011. The rental program, created in July 1998, allowed a total of 26,607 to rent a home, of which 3,088 did so in 2011. As for the Canary Islands Government's mortgage product, the Canarian Youth Mortgage, it has accumulated a total of 29,959 owners since its creation in 2001, 2,106 between January and December 2011.

Inés Rojas highlights "the trust that both young people, the main beneficiaries, and the owners and financial institutions" that collaborate with the Government of the Canary Islands place in this program year after year and assures that "with the Canarian Youth Mortgage, young people are saving between 10,000 and 30,000 euros on the purchase, depending on the bank".

The head of Housing defends the Government's will to promote youth emancipation and highlights that during the first two years of execution of the Canary Islands Housing Plan 2009-2012, a total of 12,925 actions have been carried out in the area of youth housing. The Canary Islands Government's Exchange program has more than 20 offices distributed throughout the islands, which offer advice in addition to managing and processing access to housing for Canarian youth aged 18 to 35.

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