Canary Islands approves Young Mortgage decree for first‑home buyers

The Canary Islands Government Council approved a decree establishing the “Hipoteca Joven‑Canaria” program, aimed at facilitating first‑home purchases for young residents. The proposal, put forward by Councilor Pablo Rodríguez (Public Works, Housing and Mobility), will allow people aged 18 to 40 to obtain mortgage financing covering up to 95% of the property’s purchase price, exceeding the typical 80% limit offered by banks.

Eligibility requires continuous legal residence in the Canary Islands for the two years preceding the application, no ownership of another home, and the property must be located in the archipelago with a maximum price of €250,000 (excluding taxes and fees). Applicants must meet asset and income thresholds – net assets not exceeding €150,000 and annual income not more than five times the IPREM, with adjustments for larger families and single‑parent households. The decree still needs a consultative opinion from the Canary Islands Advisory Council before final ratification.

The programme, which includes both new and existing homes, is part of the regional government’s broader housing strategy to improve affordability and promote youth emancipation.