The Government of Cyprus has adopted the law on the reduction of rent

The Cypriot authorities have adopted legislation to reduce rents for residential and commercial properties, reports the online source Cyprus Property News . Under the new law, if the monthly rental of property worth less than 300 euros, the amount will be reduced by 15% (up to EUR 45), if the price will be more than 300 euros, the amount is reduced by 20% discount at the same time must not exceed 120 euros . Rather, it involves the long-term lease contracts. For commercial real estate at the cost of rent up to 600 euros the amount of reduction is 15%, from 600 to 2000 Euro - 20%. The law comes into force on 1 November 2013 and will run until October 2014 Under the law get contracts signed before October 2012. As reported online source Property Show Rooms Association of Cyprus property owners insisted that the government did not interfere in matters of regulation of real estate market, and its representatives have warned that they will take all available legal action if government intervention continues. Despite this, the law was passed. Regulation of rents may deter foreign investors, what Cyprus can not afford. These land department of the country show that in the first nine months of 2013 real estate sales to foreign customers fell by 28% year on year. Only in Paphos and Limassol, sales grew by 25% and 12%, respectively. Analysts attribute this to the activity of Chinese citizens seeking visas for the purchase of real estate worth more than 300 000 euros. HomesOverseas.ru