In a statement released today, the municipality informed that, after being approved at an executive meeting on 21 January, the regulation “aims to encourage the requalification and recovery of degraded urban areas and buildings in insufficient conservation status or with potential for appreciation”.

The measure, it is added, will allow the identification and listing of properties for increased Municipal Property Tax (IMI) rates, up to 30 percent for dilapidated urban properties and triple that for vacant or ruined urban buildings/autonomous units.

The municipal executive reiterates the importance of applying the rules defined in this draft municipal regulation, “not only for the requalification of degraded urban areas, but also to stimulate the housing market, increase supply and promote access to housing, holding accountable, through fiscal penalties, owners who do not ensure any social function to their property”.