Amwal Al Ghad Publishes Modifications of “Old Rentals Law”

Members of ‘Old Rentals Law Prejudiced’ Association have presented the most prominent suggested modifications of the old rentals law during the last week.

Suggested modifications were presented to Engineer Ebrahim Abu Ouf – President of Housing Committee in the parliament-, as they included the increase of units’ annual rental values by 10%, in particularly, units dedicated for non-residential purposes, as this increase will last for 2 years, followed by liberalizing the Owner-renter relation.

For the regard of residential units, the modifications indicated doubling the rental price, in a range from 6 times to 10 times doubling, in addition to an annual increase by 10%, during a maximum period of 5 years, followed by renewing the contract by the two parties.

A closely related source to the Association; revealed that modifications have included also the plan of issuing a law – by the enacting authority- for establishing a fund to support incapable renters, as the fund will be financed by units’ owners with percentage deduction from income tax of 5% , according to the civil law.

The source also said that the modifications officials study the settlement of “Lease premium” system.