The Ministry of Public Works, Housing, and Mobility will now begin processing the framework agreement with financial entities that join the program. This measure aims to facilitate emancipation and housing access, complementing other Executive initiatives.
Following the approval of the decree, which has the favorable opinion of the Consultative Council of the Canary Islands, the agreement with interested entities will be signed. This administrative procedure will include the necessary mandatory reports.
Requirements to access the program include legal and continuous residency in the Canary Islands for the two years prior to the application, not owning another dwelling (except in certain cases), and dedicating the acquired property to habitual and permanent residence for a minimum of two years. Net worth must not exceed 150,000 euros.
Applicants' income must not exceed five times the IPREM (Public Indicator of Multiple Income Effects), with increases for each dependent child or for single-parent families. Dwellings must be located in the Canary Islands and have a maximum purchase price of 250,000 euros, including both new and used homes.
Access to housing is a priority for the Government of the Canary Islands. The Executive has implemented regulatory reforms and specific programs to increase housing supply, simplify procedures, and improve citizens' opportunities for housing access, such as the decree-law on urgent housing measures and the reform of protected housing allocation.
Other relevant actions include purchase subsidies for young people, the Canary Young Mortgage Program, and rental assistance. These initiatives are part of a comprehensive housing policy aimed at offering solutions to one of the archipelago's main social challenges.
