Suspension of rental fees in Cyprus: myth or reality?

Приостановление арендной платы на Кипре: миф или реальность?
10 April 2020 Liza Medvetskaya
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The commercial real estate market in Cyprus has almost stopped.

Since the middle of March, the hard quarantine dramatically reduced and, in some cases, nullify the revenue thousands of companies, which were forced to close their shops and offices.

In current situation, the owners of many companies are unable to pay their rent now with previous terms, because of their non-liquidity. And as a result, that the recent prolongation of quarantine until May 01, will lead to completely unpredictable.

Tensions between tenants and owners of commercial real estate in Cyprus are only increases every day.

And the Government degree, that prohibiting evection due to non-payment of monthly fee rent payments did not solve this problem.

On Tuesday, April 07, the Cyprus Small Business Association sent official letters to the president Nikos Anastasiadis, ministers of finance and justice, and leaders of all parliamentary parties, in which they offered to reduce rents and provide subsidies to business owners.

Many members of the Government supported this idea and seriously thought about new measures that, in the context, of the coronavirus pandemic, could help small businesses to survive in Cyprus.

Currently, the Ministry of Finance of the Republic of Cyprus and the pollical parties that represented in the Parliament, are considering the expediency of suspending rental payments. Most of all, Disy financial experts focused on this issue.

However, the authorities are facing with a difficult task, because in this situation it is necessary to find a fair compromise that will not have a devastating effect on landlords.

As expected, in case of positive decision, the suspension of rents will apply only to those companies and enterprises in Cyprus, that are completely closed, and will not affect those who even partially continue their activities.

Maybe, the decree will also affect the owners of the residential real estate sector, as it was done in Greece – one of the first measures to support the population of Greece was a cut of rent by 40%.

Source: In-Cyprus

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