Canary Islands Young Resident Homeownership Grant

Overview

The Canary Islands government has announced a new grant aimed at young Portuguese residents aged 35 or younger who purchase a primary residence.

Eligibility Criteria

• Applicants must buy a fully built home in the Canary Islands between January 2024 and the application deadline.
• At least half of the purchase price must be financed through a mortgage loan.
• The home must serve as the applicant's permanent residence for at least five years.
• Income limits are set at up to three times the IPREM.
  • Higher thresholds apply for families with multiple or disabled members.
• The property cannot cost more than €170,000, or €200,000 in cases such as large families or island residents.

Program Details

• Budget: €3 million
• Goal: Encourage affordable homeownership among young residents and stimulate the local real estate market.

Application Process

• Applications open the day after the bulletin's publication.
• Must be submitted electronically through the official government portal.
• Submission window: Two weeks.

Objectives

This initiative aims to:

• Make it easier for young Canarians to buy their first home.
• Support permanent settlement.
• Address housing affordability.
• Promote stability among young residents in the region.