{"id":6504,"date":"2024-04-02T12:00:44","date_gmt":"2024-04-02T09:00:44","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=6504"},"modified":"2024-04-02T12:00:44","modified_gmt":"2024-04-02T09:00:44","slug":"cyprus-estate-agents-say-rent-control-hinders-investments-law-traps-property-owners","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=6504","title":{"rendered":"Cyprus estate agents say rent control hinders investments , \u2014 law \u201ctraps property owners\u201d"},"content":{"rendered":"<p><strong>Rent control in Cyprus<\/strong> has turned into a cumbersome <strong>obstacle<\/strong>, casting a shadow over the local property market and<strong> stifling both development and investment opportunities<\/strong>, according to the <strong>Cyprus Real Estate Agents Registration Council<\/strong>.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-1482870988\">\n<div id=\"cypru-859501631\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-1266955397465-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Specifically, the council referred to the <strong>Rent Control Law of 1983.<\/strong> This law intervenes in the relationship between <strong>landlord and tenant<\/strong>, imposing certain <strong>obligations<\/strong> on them.<br \/>\nThe main purpose of the law was to protect the tenant from abuses by the landlord, especially during the period following the Turkish invasion, when<strong> refugees needed to be shielded<\/strong> from any exploitative practices.<br \/>\n\u201c<strong>Rent control<\/strong> has evolved over the years into a<strong> painful saga<\/strong>, now plaguing those involved in Cyprus\u2019 property market as it poses numerous issues,\u201d Cyprus Real Estate Agents Registration Council president Marinos Kineyirou said.<\/p>\n<figure id=\"attachment_619445\" aria-describedby=\"caption-attachment-619445\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-619445  lazy\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/cyprus-estate-agents-say-rent-control-hinders-investments-law-traps-property-owners.jpg\" alt=\"marinos kineyirou Cyprus Real Estate Agents Registration Council\" width=\"210\" height=\"210\" data-sizes=\"(max-width: 210px) 100vw, 210px\"><figcaption id=\"caption-attachment-619445\" class=\"wp-caption-text\">Cyprus Real Estate Agents Registration Council president Marinos Kineyirou<\/figcaption><\/figure>\n<p>\u201cUnfortunately, it continues to apply in our country despite its initial purpose \u2013 established in 1974 to protect refugees from exploitation \u2013 <strong>becoming obsolete years ago<\/strong>,\u201d he added.<br \/>\nMoreover, he stressed that \u201cit\u2019s <strong>time to abolish this outdated measure<\/strong>, which burdens the real estate sector\u201d.<br \/>\nUnderstanding the ramifications of rent control, Kineyirou explained, necessitates delving into the foundational principles and parameters of the legislation.<br \/>\nFirstly, he noted that n<strong>ot all properties are affected<\/strong>, as areas covered by rent control are determined by a Cabinet decree.<br \/>\nMoreover, he stated that when a property falls under the purview of rent control, it triggers specific outcomes.<br \/>\nA tenant meeting certain criteria becomes a <strong>statutory tenant<\/strong>, entailing limited circumstances under which they can be compelled to vacate the premises as per the law.<br \/>\nIn addition, determining statutory tenancy hinges on several conditions. These include the property\u2019s location within a rent-controlled area, and its construction date predating <strong>December 31, 1999<\/strong>.<br \/>\nThe property must also have been leased or offered for lease on or before December 31, 1999.<br \/>\n\u201cThe existence of rent control automatically creates both tenants and landlords of two different classes,\u201d Kineyriou said.<br \/>\n\u201cThis occurs because the legislative regime differs in rent-controlled areas compared to non-rent-controlled areas,\u201d he added.<br \/>\nHe noted that in rent-controlled areas, tenants are considered statutory <strong>if rental payments are up to date<\/strong>, meaning that it is <strong>nearly impossible for the property owner to reclaim their property<\/strong>.<br \/>\nIn simple terms, he continued, they cannot unilaterally decide that their rental agreement is complete and should no longer apply, after the original contract period is over.<br \/>\n\u201cOne might reasonably ask, why would a property owner want to lose a tenant who pays rent regularly? The answer comes from the things we observed in the property market. A property owner may want their property to pass on to their children, need to sell it to repay a loan, or simply want to stop renting it out to utilise it as they see fit,\u201d Kineyirou stated.<br \/>\n\u201cIt is worth noting that the owner of such a property <strong>cannot renegotiate the rental fee<\/strong> unless there is a decree of the Cabinet authorising it and specifying the adjustment of the rental fee upwards,\u201d he added.<br \/>\nHe also noted that \u201cit is indicative that from 2013, this adjustment percentage stood at 0 per cent until May 2023\u201d, essentially <strong>freezing<\/strong> the rental price up until that point, before a decree by the Cabinet set the increase rate at <strong>6 per cent<\/strong> for the 2023-2025 period.<br \/>\n\u201cAll of the above is<strong> enough to deter anyone from investing in the real estate market in areas subject to rent control<\/strong>,\u201d Kineyirou said.<br \/>\n\u201cThese properties are colloquially referred to as \u2018<strong>difficult to sell<\/strong>\u2018 as investors do not want to be subject to the provisions of an <strong>outdated legislation<\/strong> that affects the utilisation and ultimately the return on their investment,\u201d he added.<br \/>\nFurthermore, he said this is why \u201cproperty owners subject to rent control are often self-identified as <strong>trapped<\/strong> property owners\u201d.<br \/>\n\u201cUnfortunately, the<strong> problems concerning owners of rent-controlled properties are not limited to them<\/strong> alone,\u201d Kineyirou stated.<br \/>\nHe noted that \u201cunder the fear of rent control, investors generally avoid properties that were built before December 31, 1999, resulting in a broader impact on the market\u201d.<br \/>\n\u201cTherefore, it is necessary for the state to provide a solution, recognising that the institution of <strong>rent control and the country\u2019s development model are not aligned<\/strong>,\u201d the council president concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fact: Rent control in Cyprus, established in 1983, is seen as an obstacle that stifles development and investment opportunities in the local property market.<\/p>\n","protected":false},"author":3,"featured_media":6505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[3038,3345,1625,3,2240,4632,3818,2167,250,3330,1823,2753,1882,3752,3404,2796,2685,900,148,3541,185,1346,3331,3327,284,4009,287,2016,1549,531,4631,1334,1333,2123],"class_list":["post-6504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-agreement","tag-cabinet","tag-construction","tag-cyprus","tag-cyprus-real-estate","tag-cyprus-real-estate-agents-registration-council","tag-development","tag-exploitation","tag-google","tag-google-news","tag-increase","tag-investment","tag-investment-opportunities","tag-investments","tag-investors","tag-issues","tag-legislation","tag-loan","tag-local","tag-local-property-market","tag-main","tag-meeting","tag-news","tag-properties","tag-property","tag-property-market","tag-real-estate","tag-real-estate-market","tag-real-estate-sector","tag-refugees","tag-rent-control","tag-rent-control-law","tag-statutory-tenancy","tag-turkish-invasion"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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