The real estate and financial sector in the southern region of Gran Canaria is experiencing a new boost thanks to an injection of public and private funds aimed at addressing the shortage of affordable housing . The Official Credit Institute (ICO) has formalized a loan of €11,5 million to the developer Aurora Homes to finance the construction of 88 subsidized rental homes in the municipality of Santa Lucía de Tirajana . This financial operation is complemented by a direct subsidy of €2,5 million granted by the Canary Islands Housing Institute (Instituto Canario de la Vivienda ), bringing the total public funding to €14 million within a global investment of €16,6 million.
The residential development, named Sidoria , is currently in its structural phase, being carried out by Constructora Sanjose , with a construction schedule that anticipates handing over the keys in the first quarter of 2028. The project comprises subsidized housing units with one, two, and three bedrooms, each with parking spaces and storage rooms, strategically located between Calle Garafía and Camino de la Madera, near Vecindario. Its location guarantees excellent logistical connectivity with direct access to the GC-1 highway , and is just minutes from the island's airport and main urban centers.
The developer is thus consolidating its strategic presence in the Canary Islands, where it is combining this subsidized rental initiative with a second urban development in the same municipality focused on the open market sale of 106 homes . Company officials emphasize that the region is experiencing very high housing demand due to its demographic dynamism, making collaboration between public administrations and the private sector essential to making these types of residential initiatives viable in a tight market.
The chronic shortage of developable land, coupled with the pressure exerted by tourism on the housing stock and sustained population growth, places the Canary Islands among the Spanish regions with the greatest imbalance in access to affordable housing. The financial burden borne by middle- and low-income households is among the highest in the country, a situation that hinders the viability of private developments without the intervention of institutional financial instruments such as European funds and state loans.
