Canary Islands Government to Launch Youth Mortgage Scheme Before Year-End
SANTA CRUZ DE TENERIFE, 10 Nov. – The Canary Islands’ Minister for Public Works, Housing and Mobility, Pablo Rodríguez, announced in a parliamentary session that a collaboration agreement for the new “Youth Mortgage – My First Home” scheme has been approved. The programme will be implemented in coordination with CaixaBank, which will be the first bank to participate. Launch is expected before the end of the year.
The approval follows the legal requirements set out in decree 11/2019, which involved consultations with various departments, including the General Directorate of the Treasury and Legal Services.
The scheme will offer young people aged up to 40, as well as families with children, the chance to secure a mortgage covering up to 95% of the lower value between the home’s purchase price and its valuation. Eligible properties must be located in the Canary Islands with a maximum price of €250,000.
Minister Rodríguez highlighted that this initiative is part of a broader strategy aimed at aiding youth emancipation, having mobilised €47.6 million this legislative term.
From 2023 to 2026, €13.5 million has been allocated to assist 1,636 young people in purchasing their first homes. Additionally, general rental assistance of over €6.4 million will support 1,543 young households during the 2024-2025 period, alongside the Young Rental Voucher that provides up to €250 a month for two years.
The 2025 call for applications benefited 1,970 individuals with allocations totalling €11.6 million, while the 2026 budget has about €13.07 million available, with around 8,300 requests currently under review.
Rodríguez also mentioned an increase in the reserve of protected housing for those up to 35 years of age, now set at 20%, under decree 23/2026, as well as plans for over 4,000 public housing units at various stages of development.
The upcoming Canary Islands Housing Plan 2026-2030 aims to enhance these initiatives with new aid for rentals and purchases, along with improved access to affordable housing, particularly for smaller municipalities to prevent youth outmigration due to housing shortages.
