Granadilla de Abona Adds 277 Affordable Rental Units Through Urban Renewal Project
Granadilla de Abona has addressed its housing shortage by converting 277 previously abandoned properties into affordable rental units through a successful public-private partnership.
Granadilla de Abona has added 277 affordable rental properties to its housing market, marking a significant step forward for a town now home to nearly 80,000 people. This project breathes new life into buildings that had sat unfinished since the 2008 financial crisis, showcasing how public-private partnerships can successfully rescue abandoned urban infrastructure.
Located in the Los Hinojeros area, the seven buildings were acquired by Orion Rental Socimi in 2024. Over the following two years, the properties were renovated and converted from their original market-rate plans into a social housing complex. This transformation was made possible by Decree Law 1/2024, a regional regulation designed to cut red tape and encourage private investment in housing.
The project is also notable for its unique financial structure, backed by 67 shareholders and 56 contributors through RIC Private Equity. Pablo Rodríguez, the Minister of Public Works, Housing and Mobility, has praised the model as a prime example of the regional strategy to tackle the current housing emergency.
Situated in the heart of the town near sports and municipal facilities, the development is expected to help revitalize the local area. Mayor José Domingo Regalado and Pino de León, director of the Canary Islands Housing Institute, both highlighted the importance of these units in meeting the urgent demand for affordable rentals. After years of being stalled, the project was finalized during the first year of the current legislative term, and the two-bedroom homes are now ready for residents.