New Housing Assistance Programs for Residents in Spain

Spain — In a move to support residents in the housing market, two significant assistance programs have been introduced for both foreign nationals and Spanish citizens currently residing in the country.

The first initiative, known as the AVAL ICO, targets young people seeking to purchase their first home. Available to individuals aged up to 35 years, this program allows banks to provide loans covering 80% of a property's value. The Instituto de Crédito Oficial (ICO) further supports these young buyers by guaranteeing an additional 20%. This initiative aims to alleviate the financial challenges many young people face when entering the housing market.

In addition to the AVAL ICO, the Valencian Community has launched its own assistance program, the Aval de la Comunidad Valenciana. This program offers a guarantee of 15% for individuals up to 45 years old, providing essential support for those looking to buy their first home in the region.

These programs reflect the Spanish government’s commitment to making homeownership more accessible, particularly for younger and mid-age buyers navigating a competitive housing landscape. As the demand for housing continues to rise, these initiatives aim to empower residents by easing financial burdens and fostering a pathway to homeownership.

Posted by: Adam Hatton on 11/10/2024 Tags: