Cabinet freezes rents for two years

Cabinet freezes rents for two years

 

The cabinet yesterday decided to freeze controlled rents for the next two years in light of the deteriorating economic situation in Cyprus.

Justice Minister Ionas Nicolaou said the decision to block rent increases from April 22, 2013 until April 21, 2015 for “controlled areas”, was taken as a result of the impact of the economic crisis, particularly on small and medium-sized businesses who rent property, shops or offices.

Under Cypriot rent laws, landlords can increase rents by a maximum of 14 per cent every two years.