Canary Islands Government Approves Subsidy Call for Protected Rental Homes

Overview

The Canary Islands government has approved a new call for subsidies aimed at encouraging private developers to build protected rental homes. With a funding of 2 million euros, the initiative seeks to increase affordable rental options for residents who cannot afford market prices.

The program is part of the broader Canary Housing Plan 2020-2025 and focuses exclusively on rental properties, offering financial incentives based on the size and scope of each project.

Objectives and Focus

• Address the persistent housing affordability crisis in the region
• Make it easier for low- and middle-income families to access secure and quality rental homes

Subsidy Details

• Support both new constructions and rehabilitations
• Strict rules on property usage, accessibility, and rental duration (10 or 25 years)
• Subsidies will be conditioned on:
  • Providing accessible housing units
  • Adhering to price caps set by regional legislation

Application and Evaluation Process

• Competitive evaluation
• Maximum of six months to resolve applications
• Successful applicants must finalize projects within 36 months
• Applicants must announce the funding source in all related communications

Additional Conditions

• Emphasis on transparency and compliance with data protection laws
• Beneficiaries can subcontract work up to 100% of construction

Goals and Impact

• Boost the supply of affordable rental homes
• Help stabilize the local housing market
• Improve living conditions for vulnerable groups

This initiative reflects the government’s commitment to social housing and strategic planning to meet regional needs.