Parliament finally approves law liberalizing non-residential rent

  ​Egypt’s House of Deputies (parliament) gave on Tuesday final approval for a new government-drafted law aimed at liberalizing rents for non-residential properties.

The draft law aims to create a more balanced relationship between landlords and tenants of non-residential units.

The draft law gives tenants of non-residential units a five-year grace period from the date of its promulgation to adjust themselves during which they will be forced to pay five times the value of the current rent or be evicted from the units.

The value of rents will also be annually increased by 15 per cent and over the following four years.

The new law was drafted in line with a 2018 ruling by the Supreme Constitutional Court stating that old rents of non-residential units should be liberalized to reflect economic and social changes.

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