Yesterday, 3rd April 2018, Act VIII of 2018 to amend the Civil Code came into force. Through this amendment, people who run their business from leased premises, which belong to a person/s who were themselves tenant/s and whose title ends on 31 May 2018, are given the right to request the Rent Regulation Board to remain running their business at the same location for a maximum of ten years.
This measure was unanimously approved in the House.
The conditions under which the occupation of the property can continue, including the rental fee, are to be fixed by the Governing Board. These conditions will reflect an appropriate balance between owner interests and the person who has the original lease, as well as those people who actually run their businesses from these premises.
This legislative initiative has been taken to protect businesses, which are the source of livelihood for owners and their employees, while also taking into account proprietary rights and people who have other evidence of ownership of the properties in question.
The government reminds interested parties that Act VIII of 2018 is not an automatic extension and therefore, to enable the extension, those interested must forward a specific request to the Rent Regulation Board by no later than 31 May of this year.