Reform seeks to cap rise in property rents
Rent increases capped to a maximum of five per cent year on year • One-year minimum contracts for home rentals • Multi-year rental contracts to have increases capped at 5% • Tax credits for landlords who enter long-term contracts • All rental contracts to be registered online • Housing Authority to police the rental market Minimum one-year rental periods, caps on price hikes and tax incentives to encourage longer-term contracts, are among the main reforms to the rental market announced on Wednesday. The reform was announced by Prime Minister Joseph Muscat at a press conference and does not include pre-1995 rents. Giving a presentation of the reform, lawyer Kurt Xerri said the new law, entitled the Private Residential Leases Act, aimed to ensure stability by introducing a one-year minimum duration on all residential contracts. Dr Xerri helped draft the legislation...... Read the full article here. Source: Time of Malta online June 26, 2019