The Cyprus property market is one of the most sought after by investors. The same applies to the rental market. In Cyprus, a fairly large number of housing continues to be built, despite the modest size of the island, but at the same time, demand significantly exceeds supply, both in the direct purchase market and in the rental market. Housing prices and rental rates are also steadily growing, which leads to a wide variety of conflicts and forces the authorities to revise those laws that used to solve emerging problems, but have now become irrelevant.
The Cypriot authorities have taken seriously the solution of those issues that relate to the real estate market and rental legislation. For example, the country is already preparing a law that will allow controlling the short-term rental market. It will concern, in particular, well-known Internet resources and real estate owners who place their objects on them with the aim of their delivery.
Another change that is overdue not only in the opinion of the authorities, but also in the opinion of homeowners, is the tightening of legislation against unscrupulous tenants. A number of MPs proposed to make significant amendments to the rental legislation in order to force tenants to fulfill their obligations prescribed in the contract.
The new amendments should strengthen the rights of owners to evict tenants who do not pay rent. Existing laws have been in effect since the 60s and 70s. Then its points were relevant, as they were designed to protect citizens from eviction and unreasonable rent increases. In those years, this mainly concerned commercial premises.
If the amendments proposed by the deputies are adopted, then an out-of-court procedure will be implemented, allowing the owner of the rented real estate to submit a claim to the defaulting tenant. Serving the claim will give the debtor 21 days to pay the debts, as well as the right to extend this period to 90 days. If he does not meet these deadlines, the case will be sent to court. Presumably, according to a court decision, such a tenant will be evicted within 6 months. Interestingly, the new amendments leave the landlord the right to request an eviction within three months, but he will have to waive all financial claims for unpaid rent.
The practice of recent years suggests that the law is rather on the side of tenants. The judicial system is slow and clumsy and allows tenants to delay evictions for up to several years. Moreover, as a rule, the costs of lengthy legal proceedings fell a heavy burden on the owners of the rented property.
