The Plaza Nueva (New Square) of Bilbao is a monumental square of Neoclassical style built in 1821. Its name comes from the previously existing Plaza Vieja or Old Square in the place where the Ribera Market was built. The square is enclosed by archaded buildings and accessed by arches known as cuevas. The main building was the site of the Biscay government, until a new palace was built in 1890. The place is now the site of Euskaltzaindia, the Basque language academy.
The arches host many traditional taberns and restaurants, some of the most ancient and typical of the city. Each sunday the square provides space for a traditional flea market where ancient books, birds and flowers are sold. The square is used often for folk demonstrations, festivals and concerts.
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