Owning a home may seem like a distant goal, especially with the high initial savings requirements and tightening access to financing. According to the study "X-ray of the housing market in 2023" by Fotocasa, high prices and rising interest rates are driving young people away from the real estate market, generating a notable decrease compared to the previous year.

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However, in an effort to make home buying accessible, several autonomous communities have implemented aid programs during 2023. These programs offer guarantees or direct financial assistance to facilitate financing and reduce the amount of savings needed or subsidize part of the purchase price, mainly aimed at young people.

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Here are some of the autonomous communities where you can access these grants:

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1. Murcia

The Region of Murcia offers a guarantee of up to 20% of the appraised value of a home for people under 35 years of age who acquire their first property. In addition, there is an "Aid for the purchase of housing in a small municipality" until March 1, 2025, aimed at young people up to 35 years of age who wish to buy in towns of less than 10,000 inhabitants.

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2. Andalusia

Young people under the age of 35 in Andalusia can obtain a guarantee of up to 15% for the purchase of a home of up to 295,240 euros. This allows them to buy their first property with as little as 5% savings for the down payment, plus the expenses and taxes of the sale.

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3. Castile and Leon

The TUYA aid in Castilla y León offers a 20% discount on public housing in rural areas and a guarantee to obtain up to 97.5% financing of the value of the home. This aid is aimed at young people over the age of 18 who reside in the community and do not own a property.

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4. Extremadura

In Extremadura, state aid of up to 10,800 euros is provided for the purchase of a primary residence in towns of up to 10,000 inhabitants.

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5. Balearic Islands

In the Balearic Islands, a guarantee covering up to 20% of the mortgage is offered for those who finance their first home, allowing them to obtain 100% financing.

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6. La Rioja

La Rioja provides a grant of 20% of the value of the home with a limit of up to 10,800 euros for those looking to acquire a home in rural areas of up to 10,000 inhabitants.

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7. Madrid

The "My First Home" program in the Community of Madrid offers a 15% guarantee to allow buyers to obtain 95% financing. This option is available to young people up to 35 years of age, registered in the Community of Madrid and without property, with a housing limit of up to 390,000 euros.

These initiatives seek to ease the financial burden for those who aspire to buy their first home, mainly aimed at young people. Being aware of these opportunities can make all the difference in accessing home ownership in today's challenging real estate market. Don't lose sight of these possibilities!

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