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Canary Islands Approves Youth Mortgage to Finance Up to 95% of First Homes

The new measure aims to facilitate youth emancipation and access to decent housing for those under 40.

Generic image of a young couple looking at a home in the Canary Islands.
IA

Generic image of a young couple looking at a home in the Canary Islands.

The Governing Council of the Canary Islands has greenlit the decree project for the Youth Mortgage, which will allow financing up to 95% of the first home for young people aged 18 to 40.

The Government of the Canary Islands has approved the decree project regulating the Canary Islands Youth Mortgage program, an initiative designed to facilitate housing access for the archipelago's young population. Promoted by the Minister of Public Works, Housing, and Mobility, Pablo Rodríguez, this measure will allow financing up to 95% of the acquisition value of the first home, overcoming the savings barrier typically required by financial institutions, which usually cover up to 80%.
Following this initial approval, the regional Executive will now request the opinion of the Canary Islands Consultative Council, a necessary preliminary step before the final approval of the decree and the effective launch of the program. The main objective is to assist thousands of Canary Islanders with economic solvency in accessing decent housing.
The initiative is aimed at young people between 18 and 40 years old. However, there will be no age limit for large families or single-parent families. The program will be developed in collaboration with affiliated financial entities, which will be responsible for the direct management of applications and mortgage processing.
Among the requirements to access the program are legal and continuous residency in the Canary Islands for the two years prior to the application, not owning another home (except for exceptions), dedicating the acquired home to habitual and permanent residence for at least two years, having a maximum net worth of 150,000 euros per applicant, and not exceeding five times the IPREM in annual income. The income limit will be increased for each dependent child or in the case of single-parent families.
The property to be acquired must be located in the Canary Islands, have a maximum price of 250,000 euros (excluding taxes and expenses), and can be new or used, free market or protected private development.
This measure is part of the comprehensive strategy of the Government of the Canary Islands to improve housing access, considered one of the legislature's strategic priorities. The Executive has promoted various reforms and programs to increase residential supply, reduce administrative times, and facilitate citizen access, including the decree-law on urgent housing measures, the streamlining of urban planning licenses, and regulatory modifications to prioritize social criteria in the allocation of public housing.

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