Housing in Tenerife made easier as Government eases measures for residents.
The Government of the Canary Islands has introduced Decree Law 1/2024, establishing measures to address the housing crisis on the islands. This decree focuses on facilitating access to dignified housing through the promotion of social housing and regulation of the real estate market.
Significant Step Against the Housing Crisis
One of the standout initiatives is the Youth Mortgage Program, which allows young people to finance up to 95% of the value of their first home, well above the usual limit of 80%. Applicants must be between 18 and 40 years old, reside on the Canary Islands, and purchase a home with a maximum value of €200,000. With these actions, the government reaffirms its commitment to stability in the housing market and the fight against real estate speculation.
By approving Decree Law 1/2024, the Government of the Canary Islands takes a significant step toward tackling the housing crisis. The decree provides a framework to stimulate the construction and renovation of homes and to regulate the real estate market, ensuring all Canary Island residents have access to affordable and dignified housing.
New Strategies Against Speculation
During a parliamentary session, Pablo Rodríguez, Minister of Public Works, Housing, and Mobility, highlighted a comprehensive approach to resolving the housing crisis. “The scarcity of available housing is at the root of accessibility problems,” he stated, emphasizing the necessity for social housing and the regulation of speculative practices.
The decree not only aims to improve housing access but also protects public housing. A permanent legal regime for government-supported housing is being implemented, ensuring these homes remain accessible to those most in need.
Concrete Action Plan for Increasing Housing
Measures are already underway to combat real estate speculation. These include projects on public land managed by ICAVI and VISOCAN, as well as fiscal incentives for property owners to rent out vacant homes. The government is also considering regulating holiday rentals to keep more properties available for local families.
The fight against speculation and ensuring access to affordable rental homes are key priorities. The minister explained that these initiatives are designed to provide island residents with a stable foundation for their future by creating a balanced housing market.
Support for Young People
The Youth Mortgage Program has an initial budget of €3 million for 2025. Its primary goal is to help young Canary Islanders purchase their first homes, addressing the issue of insufficient savings. This program enables young buyers to finance up to 95% of their home’s value, significantly enhancing their purchasing power. Collaboration between the government and financial institutions will streamline the application and mortgage processes.
To qualify for the Youth Mortgage Program, applicants must meet the following criteria:
- Be between 18 and 40 years old
- Have resided in the Canary Islands for at least two years
- Not own any other property
- Purchase a first home intended as a primary residence with a maximum price of €200,000, excluding additional costs and taxes.
The goal is to operationalize the program as quickly as possible, providing immediate support to those seeking affordable housing solutions. Hence the title of this article ‘Housing in Tenerife made easier’
Guy Devos © Photography
Housing in Tenerife Made Easier ©
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