Spain’s Official Credit Institute (ICO) has granted an €11.5 million loan to Aurora Homes, a developer specialized in affordable housing, to finance the development of 88 protected rental homes in Santa Lucía de Tirajana, Gran Canaria. The transaction forms part of ICO’s broader strategy to expand the stock of social and affordable housing across Spain through collaboration with private sector developers.
The development, unveiled by Aurora Homes last November under the name Sidoria, is located between Garafía Street and Camino de la Madera. The project will include protected housing units with one-, two-, and three-bedroom layouts, as well as parking spaces and storage rooms.
The residential complex is strategically located near Vecindario, with direct access to the GC-1 motorway, just 12 minutes from Gran Canaria Airport and 30 minutes from Las Palmas de Gran Canaria. The area benefits from proximity to essential services, educational and healthcare facilities, and public transportation.
Sidoria will incorporate sustainability and energy-efficiency criteria, aligning with the sustainable financing policies promoted by ICO for affordable and energy-efficient housing developments.
Construction works, carried out by Constructora SANJOSE, began in 2025 and are currently in the structural phase. The homes are expected to become available for rent during the first quarter of 2028.
Aurora Homes’ project, representing a total investment of €16.6 million, has also received a €2.5 million subsidy from the Canary Islands Housing Institute (ICAVI), aimed at supporting the development of privately promoted protected rental housing.
Ignacio Moreno, CEO of Aurora Homes, stated: “Gran Canaria is experiencing growing demand for affordable housing, particularly in municipalities with strong demographic growth such as Santa Lucía de Tirajana. ICO financing and ICAVI’s support allow us to move forward with a project designed to expand the supply of protected rental housing while maintaining high standards of quality, efficiency, and sustainability. At a time when increasing affordable housing supply is especially necessary, public-private collaboration becomes absolutely essential.”
Through this project, Aurora Homes further strengthens its presence in the Canary Islands, a region where the company already has experience in both affordable rental and residential sales developments. In Santa Lucía de Tirajana, the developer is also advancing a 106-unit free-market residential project. Since the end of 2023, Aurora Homes has operated a 26-unit multifamily rental development in Granadilla de Abona, Tenerife, where it also delivered its first free-market residential development in 2024.
About Aurora Homes
Headquartered in Madrid, Aurora Homes is a real estate developer focused on new-build residential projects for sale (Build-to-Sell, BtS) and rental (Build-to-Rent, BtR) within the affordable housing segment, as well as cooperative housing management.
Founded in early 2022 by Ignacio Moreno, a recognized real estate executive with more than 25 years of experience leading residential projects in Spain, the company has developed a differentiated and scalable business model centered on designing and building functional, high-quality, and affordable homes. Aurora Homes is driven by a strong commitment to improving access to housing and helping reduce the housing gap in the Spanish market while promoting sustainable economic growth in the regions where it operates.
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