Property in Spain For Members

Why Madrid is now the easiest place in Spain for under-35s to buy their first home

The Local Spain
The Local Spain - [email protected]
Why Madrid is now the easiest place in Spain for under-35s to buy their first home
Madrid is a lively city with the highest bar per capita rate in Europe and more work opportunities than most cities in Spain. It's now also the easiest place for young people to buy a first home. Photo: Alex Vasey/Unsplash

Buying a home is a near-impossible task for many young people in Spain in a climate of low wages, high unemployment, inflation and rising house prices. However, a new programme introduced in Madrid will make a huge difference for first-time buyers under the age of 35.


Many young people in Spain want to be able to buy a property and may be in the position to make regular mortgage payments, but can't in fact secure one because they can't afford a big enough deposit. 


According to the Emancipation Observatory of the Spanish Youth Council (CJE), 59.2 percent in Spain rent, while only 17.4 percent own their own property and pay a mortgage. Data shows that most Spaniards aren't able to buy a property until they are 41 years old. 

The region of Madrid announced on Wednesday, July 20th the introduction of the ‘My First Home’ programme to help those under the age of 35 buy a property by granting a mortgage of up to 95 percent on their first home.

The project will be managed by the Department of the Environment, Housing and Agriculture and has been approved by the regional Madrid government which has promised a total investment of €18 million. This is 50 percent more than was initially planned. 

The objective of the project is to help young people from Madrid, who despite having a good income “do not have enough savings to be able to obtain a mortgage” the local government stated.

The Madrid government, in collaboration with other financial institutions “will guarantee” to help those who do not have the financial means to pay the necessary deposit for a property themselves, they continued. 

Why Madrid is now the easiest place in Spain for under-35s to buy a home

The programme will be open to all those under the age of 35 who have been legally residents in Madrid for two years. Photo: Felipe Pelaquim/Unsplash

How will it work?

The banks, along with the government of Madrid, will grant mortgage loans for amounts greater than 80 percent and up to 95 percent of the value of the property, provided that the purchase price doesn't exceed €390,000.

Who is eligible?

The programme will be open to all those under the age of 35 who are legally resident in Madrid.

They must have also lived in the region continuously for the two years leading up to their application. Applicants also can’t already own a property anywhere else in Spain.

How and when can young people apply?

The government of Madrid has said that applications for the programme will be open “after this summer” when all the details have been finalised and agreed upon.

No details have been released yet on exactly how or where to apply.


This aid programme is included in Madrid’s Birth Strategy 2022/26, in which €4.8 billion has been earmarked for the promotion and protection of maternity and paternity benefits, as well as family reconciliation.

This new project is another way that any future mothers under the age of 35 will be able to get a property. Those who are not in the position to buy can also get help renting a home through Madrid’s Vive Plan in which they can benefit from rental prices 40 percent below the average.

READ ALSO: Why you should move to this region in Spain if you want to pay less tax


Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also