President of Cyprus rejected the law on the reduction of rent

Cyprus President Nicos Anastasiades acknowledged the law to lower rents unconstitutional and asked the Parliament to reconsider it, reported the online source Cyprus Property News . As previously reported , according to the innovation, 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 should not exceed 120 euros. 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%. It was assumed that the law will come into force on 1 November 2013 and will run until October 2014 According to the source, within 15 days of the Cyprus Parliament must reconsider this law and then submit it for approval, as amended. HomesOverseas.ru