Parliament prepares extensive study on old rent laws post supreme constitutional court ruling
Updated 11/10/2024 7:54:00 AM
Arab Finance: The House of Representatives has mandated its housing committee to prepare a detailed study on the old rent laws and evaluate their legislative impact, Ahram Gate reported on November 10th.
This study will be based on the historical background to these enactments and the related provisions of constitutional court.
The housing committee has already prepared an initial report on the old rent laws, which is set to be presented to the parliament within the upcoming sessions.
The parliament’s decision follows the Supreme Constitutional Court of Egypt’s declaration of the old rent law as unconstitutional.
On November 9th, the court ruled that the fixed rental cap for residential properties under this law infringes on landlords’ constitutional rights.
The ruling directs lawmakers to amend the first two articles of the law before the current legislative session concludes.
According to the court, the annual rent cap set at 7% of a property’s original land and building value at the time of licensing fails to account for inflation, resulting in unfair restrictions on property owners.
in 2023, President Abdel Fattah El-Sisi urged lawmakers to address the issue, highlighting that outdated rental policies prevent property owners from benefiting economically from an estimated 2 million housing units across the country.
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