Canary Islands Increases Housing Budget to €9.4 Million for New Subsidized Developments
The Canary Islands government has increased the budget for a subsidized housing project in Adeje to 9.4 million euros to account for rising construction costs as part of a broader initiative to address the regional housing shortage.
The Canary Islands government is updating its housing budget to better reflect current construction costs. The Canary Islands Housing Institute (ICAVI) has officially approved plans for 51 subsidized homes in Adeje, part of a wider initiative to build 159 units across Tenerife, Gran Canaria, and Lanzarote.
A key part of this update is a budget increase. The regional government has raised the tender amount to 9.4 million euros, up from the original 8.3 million. This adjustment accounts for recent market price fluctuations, ensuring the project remains viable and attractive to construction firms.
The Adeje development, located between Pedro García Cabrera, Rubén Darío, and Antonio Machado streets, will include parking spaces and all necessary infrastructure. The project specifications cover everything from plumbing and thermal systems to electrical work, as well as strict health and safety protocols.
Supported by European Next Generation EU funds, this project is part of a larger effort to address the housing shortage across the islands, including developments in Arona, Guía de Isora, Arrecife, and Santa Lucía de Tirajana. By utilizing these European funds, the regional government aims to speed up construction and provide more affordable housing options where they are needed most.