According to a report in today's El País, Spain's new Housing minister, Beatriz Corredor (photo, right), has come up with a plan to tackle the crisis facing the construction industry that she will present to Economy minister, Pedro Solbes, later this week.

Measures include a plan to revitalise the labour-intensive property renovation sector by increasing tax relief on this type of project from 15% to 20%, as well as council subsidies to restore and embellish historic town centres.

It seems that the three main pillars of the rescue plan, which will be presented to the government's Economic Affairs committee next Thursday, are:

1. To continue to invest in the construction of government-protected housing for young, first-time buyers.
2. To incentivise the property let sector.
3. To boost the renovation sector with direct subsidies and fiscal benefits.