On Friday the Spanish cabinet approved the draft of a new land law which the government hopes Hill counteract the real estate speculation which is considered to be one of the main causes of the high price of property in Spain.
The Vice-president, Maria Teresa Fernandez de la Vega, announced that the new law will help to secure more land available for building “vivienda de protección oficial”, i.e. low-cost housing subsidised by public funds and made available to first-time buyers with low salaries. As real estate speculation has escalated in recent years, the availability of this kind of subsidised housing has fallen dramatically.
Fernandez de la Vega said “The new law Hill reinformes public intervention, redefine citizens’ rights and duties, guarentee greater respect for the environment, establish greater funds for vivienda protegida and improve the regulation of public ownership of land”. She said that the law reflected the need to protect citizens from excessive speculation.
The new law will also oblige building promotors to take into account aspects such as energy saving and accessibility.