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How young people in Spain’s Valencia region can get €10k to buy a home

The government of Valencia has renewed its aid program this year to help young people buy a home in the region. Here’s everything you need to know, from who is eligible to where you can buy and how you can apply.

How young people in Spain’s Valencia region can get €10k to buy a home
How young people can buy in Valencia. Photo: Locadio / Pixabay

The benefit introduced by the Ministry of Housing and Bioclimatic Architecture aims to help make it possible for young people to buy a home who might not otherwise be able to, as well as help towns and villages that are at risk from de-population.

Many young people in Spain want to be able to buy a property, 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. 

There are currently around 171 Valencian towns at risk from depopulation, so as well as enabling young people to buy their own home, the government hopes this plan will help solve the problem of dwindling populations in its rural communities. 

“The last financial crisis produced a lost generation and we cannot let this happen again,” said Héctor Illueca, Vice President and Minister of Housing and Bioclimatic Architecture of the Valencian government. 

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

How much can applicants get?

The amount each applicant can get will be 20 percent of the value of the price of the house, up to a maximum of €10,800 per person. The cost of the property cannot exceed €120,000 and it must be your main and permanent home.

Who is eligible?

Anyone living in Valencia between the ages of 18 and 35 who has an income equal to or less than three times the IPREM (€6984.24 per year for 2022) can apply for the grant.

They must have either purchased a home that meets the requirements between January 1st 2022 and September 30th 2022 or have a sales contract pending formalisation at the time of applying. You can also not apply for the aid if you already own your own home.

It is open to Spanish citizens, those with a nationality from an EU country, as well as foreigners who have legal residence in Spain.

Priority will be given to those with low income, as well as those in specific situations such as single-parent families, large families, those who have been affected by eviction or foreclosure, victims of sexist violence or terrorism or young people who grew up in care or foster homes.

Where can you buy a home?

The aid is available to those wanting to buy in an area of Valencia that is at risk of de-population or in a rural area with less than 100,00 inhabitants.

In 2021, several young people who applied for the aid were able to buy in the Valencian municipalities of La Font de la Figuera, Beniarjó, Biar, Vilar de Canes, Alquerías del Niño Perdido, San Joan de Moró and Artana.

However, Illueca specified that it has not been ruled out that the aid will be extended to houses in larger municipalities in the future. 

How to apply

You can apply for the aid online via the website of the Valencian government. If you have a digital certificate or [email protected] you can apply via the following link here.

READ ALSO – Access all areas: how to get a digital certificate in Spain to aid online processes

READ ALSO: How to save lots of time on official matters through Spain’s online [email protected] system

If you don’t have any type of electronic identification, you can apply here

You will need all your personal details handy, such as your NIE or TIE number, current address, salary, personal circumstances and details of the property you wish to purchase.

If you are applying without a digital certificate, after filling out your details, you will need to make an appointment to present your documents in person.

When is the deadline to apply?

You must make sure to apply for the benefit before September 30th 2022, otherwise, you will miss out.

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PROPERTY

How does Spain’s new website to find cheap homes up for auction work?

Spain’s Tax Agency has created a new web page where you can find great bargains on properties sold at auction. Here’s what you need to know.

How does Spain's new website to find cheap homes up for auction work?

If you’re looking for a property to buy in Spain, one option you may want to consider is buying a home at auction, where you will often pay below the market value.

In Spain, the Agencia Tributaria or Tax Agency owns many properties, most of which have been repossessed or seized due to outstanding debt.

Many of these properties are put up for auction, enabling you to get some great bargains. Up until now, it has been difficult to find out when these auctions are held and the details of the homes being sold, but recently the Agencia Tributaria launched a new web page providing all this information.

The page provides details on all the properties in all the different provinces across the country and is dedicated to the sale of homes, garages, plots of land and commercial spaces with prices from just €20,000. You can access the site here

When you get to the page, simply click on the province that you’re interested in and you’ll find a list of all the properties to be sold at auction there, including photos, information on the size and number of rooms, a description, and a guide price.

The site will also give you financial information such as the minimum bid amount, the auction value and an appraisal of the property.

When you find some properties that you’re interested in, you can go and log-in with your [email protected] PIN to save them to your favourites list and receive notifications to your phone about the date of the auction.

READ ALSO: How to save lots of time on official matters through Spain’s online [email protected] system

According to property giant Idealista in order to place a bid, you must pay 5 percent of the starting price and when the auction is over, if you are the highest bidder, you will have to pay the remaining amount within a particular time frame. You can pay this in cash or through a mortgage. 

Be aware that you may also have to pay several fees, as well as the price of the property such as the Patrimonial Transfer Tax and Tax on Documented Legal Acts. 

If you register on the Auction Portal with your digital certificate or a username and password, you will also be able to see the bids that have already been made on the home, as well as the cadastral reference. You may also be able to place provisional bids ahead of time.

For those who are unsure of how the auction process works in Spain or are nervous about going to their first auction, the Tax Agency website also details all the auction and bidding procedures. For any other information that you can’t find online, you can call 91 598 63 34.

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