Madrid’s solution to the problem of the most expensive homes in Europe compared to wages

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At the beginning of October, the Madrid Assembly approved an amendment to the 2001 Land Law. With the help of this measure, the aim is to reactivate urban construction in the Spanish capital. But is that what the main autonomous community of Spain needs?

Currently, the prices of real estate in the city of Madrid They are one of the most expensive in the old continent, above all, if they are compared with salaries, warned Javier Martín-Merino, partner of Verdegay Abogados, in conversation with the Libre Mercado media.

“We are not the city with the most expensive housing in Europe, but we are compared to wages (…) We are gradually moving towards the prices of Paris or London, but without the wages of Paris or London” He ironically added that it is necessary to “generate an offer” for these to go down.

However, the expert highlights that the new legislative amendment really points in the right direction, because it allows the market to be boosted and eliminates administrative obstacles.
The main novelty that this introduces is that it replaces urban planning licenses with responsible declarations for works of a lesser constructive nature and for extensions or reforms that do not end up significantly changing the property. In addition, from its entry into force, builders will not have to have a license, or present a responsible declaration to change the electrical, gas or air conditioning installation, as well as to replace bathroom and kitchen tiles among other related tasks. with the repair.
Taking into account all these novelties introduced by the new legislation, Martín-Merino concludes that the law “is favorable”, since it allows to reduce procedures and time necessary in its fulfillment.

The impact of the new legislation cannot be underestimated, according to the media, especially after the president of Madrid, Isabel Díaz Ayuso, pointed out on her Twitter account that today “construction accounts for 15% of GDP and 20% of employment” of this autonomous community.

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