Buying a home in Spain can be a challenge, especially if you are under 35 years old or starting a family. But not all is lost. There are state, regional, and local aids designed to help you access your first home. Here we explain the main options available for 2024 and 2025.
State aid for buying a home
The government of Spain has launched initiatives to make access to housing easier. Among them are the ICO guarantees and the State housing plan 2022-2025, which aim to overcome barriers such as the lack of initial savings or difficulties in obtaining financing.
ICO guarantees
The guarantees from the Official Credit Institute (ICO) cover up to 20% of your mortgage, and this percentage can reach 25% if the home you purchase has high energy efficiency (rating A or B).
Who can apply?
- Young people under 35 years old or families with children.
- It must be your first home and used as your primary residence.
- The price must comply with the limits set by ICO and banking institutions.
How does it work?
Available until December 31, 2025, or until funds are exhausted. Apply directly at associated banks. All information is available on the official ICO portal.
State housing plan 2022-2025
This aid is intended for those seeking housing in small municipalities. You can receive up to 20% of the price of the house, with a maximum of 10,800 euros.
Main requirements
- Be under 35 years old.
- Buy in a municipality with fewer than 10,000 inhabitants.
- Gross annual income below three times the IPREM.
Check all the details on the portal of the Ministry of Transport, Mobility, and Urban Agenda.
Updated IPREM
| Year | Monthly IPREM | IPREM 12 payments | IPREM 14 payments |
|---|---|---|---|
| 2024 | 600.00 € | 7,200.00 € | 8,400.00 € |
| 2023 | 600.00 € | 7,200.00 € | 8,400.00 € |
| 2022 | 579.02 € | 6,948.24 € | 8,106.28 € |
| 2021 | 564.90 € | 6,778.80 € | 7,908.60 € |
| 2020 | 537.84 € | 6,454.03 € | 7,519.59 € |
| 2019 | 537.84 € | 6,454.03 € | 7,519.59 € |
Bank assistance
Banks also offer solutions to facilitate access to housing, especially for young people under 35 years old. One of the most prominent options is mortgages with financing of up to 95% of the home’s value.
Additionally, many institutions are relaxing their conditions, removing requirements such as linked insurance or pension plans, to attract this type of buyer.
We recommend that you do not settle for the first offer. Take time to compare mortgages and, if possible, seek professional advice. Every economic situation is different, and finding the most suitable option can make a big difference.
Alternative housing assistance
Young housing guarantee program (Andalusia)
If you live in Andalusia, the young housing guarantee program is one of the best options for those under 35 years old. This program, promoted by the Junta de Andalucía, offers a guarantee of 15% of the mortgage amount, making it easier to obtain the financing needed to buy your first home in the region.
Key details about this program
- Start date: Applications began on September 14, 2023.
- Validity: Active until December 18, 2024, or until assigned funds are exhausted.
- Limited fund: Each collaborating bank has an assigned budget, so acting quickly is essential.
How to apply?
Contact collaborating financial institutions or the Department of Development, Territorial Structuring, and Housing. They will provide updated information on available funds and application status.
Other housing assistance options
Officially protected housing (VPO)
These homes have more affordable prices and are aimed at people with limited incomes. To register in Málaga, the municipal housing institute provides information on how to proceed. For Fuengirola, you should check the information published by the local city council on its website.
Youth rental bonus
If you prefer renting, this bonus offers up to 250 euros per month for two years. It is aimed at young people between 18 and 35 years old who rent a home or a room. All information is available on the youth rental bonus of Andalusia portal.
Rental aid for vulnerable people
Designed for groups such as victims of gender violence, homeless people, or those at risk of social exclusion. You can check requirements and apply for these aids on the official page of the Junta de Andalucía.
At 1Mast, your real estate agency in Fuengirola, Málaga, we are here to help you explore these and other options in Málaga and Andalusia, ensuring you find the solution that best fits your needs and offering you the home you are looking for on the Costa del Sol.
