Canary Islands Opens Bids for 59 New Subsidized Homes in Tenerife
The Canary Islands government has launched a 16-million-euro project to build 59 subsidized homes in Arona, Tenerife, as part of a broader initiative to address the region's housing shortage using EU recovery funds.
The Canary Islands is taking a new step to address its housing shortage by opening bids for 59 subsidized homes in Arona, Tenerife. The regional Ministry of Public Works, Housing and Mobility says this project is part of a larger plan to ease pressure on the real estate market in the south of the island.
The new development, located on Astrón Street in the Marazul area, has a budget of over 16 million euros and includes 59 parking spaces. This project is one of three planned by the Canary Islands Housing Institute (ICAVI) for Arona, Guía de Isora, and Adeje. Together, these projects will add 134 homes to the public housing stock with a total investment of nearly 30 million euros.
The project is being financed through the EU’s Next Generation recovery funds. These resources are specifically earmarked for social rental housing that meets modern energy efficiency standards, aligning with European Union sustainability requirements.
This initiative is part of a wider effort, with 1,137 subsidized homes currently in various stages of development across the island. The regional government is prioritizing the acquisition of public land to help bridge the gap between housing demand and supply. By focusing on affordable rentals, officials aim to support residents who have been priced out of the private market.