A residential development abandoned since the 2008 property crash is set to return to the housing market in Granadilla de Abona as 277 protected homes for affordable rent.

The project, which has recently been completed after almost two years of construction work, was visited this week by Pablo Rodríguez, the Canary Islands’ regional minister for Public Works and Housing.

The complex had remained unfinished since the financial and property crisis that severely impacted Spain’s construction sector more than 15 years ago.

Affordable Rental Homes

The completed development consists of seven residential blocks containing 277 protected homes, most of them featuring two bedrooms, a lounge, kitchen and one or two bathrooms. The residential complex also includes parking spaces and storage rooms.

The homes will now enter the market under an affordable rental scheme as the Canary Islands continues to face mounting pressure from rising housing costs and limited availability across the islands.

Private Investment Model Highlighted

During the visit, Pablo Rodríguez described the development as “an example of protected housing promoted by the private sector”.

He explained that the project was made possible through a formula allowing multiple investors to channel Reserve for Investments (RIC) funds into housing initiatives aimed at helping address the current housing emergency in the Canary Islands.

Rodríguez said this type of collaboration between private investment and public housing needs represents “the way forward” for future developments.

The announcement comes as more than 34,000 people across the Canary Islands remain on waiting lists for protected housing, while affordability continues to be one of the region’s biggest social and political challenges.