The Spanish Official Credit Institute (ICO) has formalized a loan of €11,5 million to the developer Aurora Homes to finance the development of a new 88-unit social housing development for the rental market. This operation aligns with the strategic guidelines of the state-owned financial institution, which aim to expand the stock of social and affordable housing nationwide through co-investment models with private operators. The residential project is located in the municipality of Santa Lucía de Tirajana, one of the areas with the highest population density and housing demand in southeastern Gran Canaria.
The total budget allocated for the civil works amounts to €16,6 million. The financial plan designed for the development of the residential complex, originally named the Sidoria project, is supplemented by an additional public contribution of €2,5 million granted by the Canary Islands Housing Institute (Icavi). This subsidy falls under the regional programs promoting the construction of privately managed and developed subsidized housing for long-term rental.
The residential complex is being built on a strategic plot of land located between Garafía Street and Camino de la Madera, near the town center of Vecindario. The site has direct access to the GC-1 motorway and is just twelve minutes from Gran Canaria Airport and half an hour from the island's capital. The architectural project includes one-, two-, and three-bedroom apartments, each with underground parking spaces and storage units, in an area well-connected to public transportation, schools, and essential healthcare services.
The construction work is being carried out by Constructora Sanjose, a firm that began work on the site in 2025. The project is currently in the phase of constructing the main load-bearing structure, meeting the technical deadlines that anticipate the delivery and availability of the properties to future tenants during the first quarter of 2028. The building's technical design incorporates energy efficiency and sustainability standards required by the latest generation of affordable residential building regulations.
The management of Aurora Homes, led by CEO Ignacio Moreno, has emphasized the urgent need to systematically expand the supply of affordable housing in Canary Island municipalities experiencing rapid population growth and price pressures. Spokespeople for the real estate firm argue that the strategic alliance between public administrations and the private development sector is an essential tool for correcting imbalances in the rental market of the archipelago. This operation allows the Madrid-based company to consolidate its business structure in the islands, where it operates various residential development models, both for direct sale (Build to Sell) and for rent (Build to Rent).
Aurora Homes' portfolio of projects in the Canary Islands includes several other active developments of various types in strategic locations. The company is simultaneously developing a 106-unit market-rate housing project in the municipality of Santa Lucía de Tirajana to meet the demand of the traditional residential market. Additionally, since the end of 2023, the developer has been operating a 26-unit rental building in Granadilla de Abona, in southern Tenerife, where it also completed its first market-rate development in 2024.
