A total of 170 affordable rental homes will soon become available in La Orotava and Icod de los Vinos after the Canary Islands Government, through its public housing company Visocan, completed the purchase of four residential developments for more than €22.5 million.
The acquisition is one of the largest public housing purchases in recent years and forms part of the Rehabita Canarias programme, which aims to increase the supply of affordable housing by completing unfinished residential developments.
Bringing Unfinished Developments Back to Life
The homes have been acquired through a turnkey public procurement process, allowing Visocan to complete buildings that were left unfinished following the 2008 property market crisis.
By purchasing partially completed developments, the Government expects to make the homes available much sooner than building new properties from scratch. Many of the buildings already have planning permissions and a significant amount of construction work completed.
The initiative also helps regenerate urban areas by restoring long-abandoned buildings that had become vulnerable to vandalism and antisocial behaviour.
Homes in La Orotava and Icod de los Vinos
The new housing will be distributed across two municipalities in north Tenerife.
La Orotava
Two residential buildings have been acquired, providing:
- 56 apartments
- 22 apartments
All homes include:
- Private parking space
- Storage room
The developments consist of two residential floors with an underground level for parking and storage.
Icod de los Vinos
Visocan has also acquired two developments in Icod de los Vinos.
One building contains 40 apartments that are already occupied under affordable rental agreements, with Visocan previously managing the properties.
A second development adds a further 52 homes, each including:
- Parking space
- Storage room
- Laundry area
The building comprises three residential floors with an underground garage.
Affordable Homes Available Sooner
With the purchase now completed, Visocan’s Housing Management department will begin the administrative process required before the properties can be allocated.
The aim is to enable eligible families to move into their new homes as quickly as possible, helping to increase the availability of affordable rental housing in north Tenerife.