How did the pandemic affect the rental market in Cyprus and other countries?

Как пандемия повлияла на рынок аренды недвижимости Кипра и других стран?
21 April 2020 Maxim Arte
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The Covid-19 has forced many counties to take action that affected the economy and society. Especially, the real estate section and tourism have been hit very hard.

What has changed for tenant and owners in Cyprus and other countries?

Cyprus

Since the initiation of measures restricting the movement of citizens, the temporary decrees have been accepted that prohibit the eviction of tenants for non-payment until May, 31. Government protection does not apply to those, who did pay before February, 29. However, it is not clear how in the current situation to evict the debtor, even if he owed the payment to the landlord in February.

Greece

In Greece, companies that temporally suspended their activities should pay only 60% of the rent in March and April. Employees of such companies, if they live in rental housing, can also pay owners 40% less. The payment of taxes on leased real estate is postponed for four months.

Italy

Italy has accepted a plan to reduce the tax burden, which ultimately leads to reducing the rental costs of citizens about 60%. Those, who should pay the mortgage, can be accepted to defer payments for 18 months with the bank, if they provide evidence that their income has decreased by a third.

Spain

In Spain, the Government decided to protect tenants who cannot pay from eviction. Also, there was accepted law on deferring mortgage payments and rents, a law on providing interest-free loans for period 6-10 years to pay off rental debts and on the automatic extension of agreements.

Canada

In Canada, there were accepted a decision not to evict tenants for debts and to suspend all forced evictions decrees, as well as to consider court cases on this subject. It is necessary to pay the rent but based on the situation in which the tenant finds himself. So, in general, the government stimulated private agreements between owners and tenants on a mutually beneficial basis.

New Zealand

The government froze the increase in rental costs for half a year and the owners cannot terminate contacts unilaterally.

United Kingdom

The owners must inform tenants within three months about the termination of agreement and before the end of this period they cannot apply to the court for a decision on the eviction. All court cases about eviction from the end of March were suspended for 90 days. For those tenants who have difficulty paying rent, the government provides some benefits. The mortgage payment canceled for three months.


Source: vkcyprus
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