The government will present a project to revive the property sector

The government will present a project to revive the property sector. The Ministry of Development plans to have ready, before summer, a draft Law on Urban Regeneration and Development of the rental market, a text that addresses a set of reforms to revive the housing sector, as announced by the Secretary General of Infrastructure, Gonzalo Ferre.

The measures intend to eliminate the "undue burdens on land and urban development", to remove any obstacles for the construction of new property and the promotion of the rental market to ensure access to housing.

"The instruments that the ministry currently has on the subject of housing and land have been shown clearly insufficient for the recovery of the sector, therefore it is necessary to create a reform package" explained Ferre.

Speaking at the Infrastructure Committee of the CEOE, the senior member of the ministry indicated that this regulatory change will be accompanied with a new National Housing Plan, for which the Development Ministry will also request the collaboration of private capital.

"We need to address measures to revive the sector," said Ferre who also added that "since 2007, when the bubble burst 90% fewer homes have been built, nearly one third of the properties available today were built over thirty years ago and there is a stock of unsold properties of about 700,000 homes".

Source: Invertia.com

• By Surestates
• Marbella and Costa del Sol Property News.
• 30 Nov -0001