Canary Islands Government Updates Housing Subsidy Rules

Overview

The Canary Islands government has approved a significant update to the rules guiding subsidies for young people buying homes.

Due to soaring property prices across the archipelago, especially in non-capital islands, the previously set maximum purchase price of 120,000 euros no longer reflects market realities.

New Regulations

• The maximum purchase price will be raised to 170,000 euros for most beneficiaries in island capital areas.
• For residents of non-capital islands and large families, the cap increases to up to 200,000 euros.

The adjustments aim to make aid more accessible amid a housing market that has seen prices increase over 15% in just a year, with the average price per square meter now exceeding 1,741 euros.

Application Process Improvements

• The new rules simplify the application process by removing provisional decisions.
• They also speed up approvals and provide clearer pathways for families to access benefits.

Context and Goals

This move is critical as housing costs continue to outpace aid levels, threatening to exclude many young and vulnerable families from essential support.

By updating these caps, the government aims to better match current market conditions and support more residents in achieving a dignified home, especially those with greater needs such as large families or residents of interior islands.