Estate agents call on authorities to review the new rent law

Photo by Lee Dobson

Tista' taqra bil- Malti.

Estate agents are seriously concerned over the fallout of the new rent law which came into effect earlier this year and are calling on the relevant authorities to immediately review the law.

In a statement issued on Thursday, a number of estate agents said the new rent law is affecting the property market because of onerous conditions regarding length of leases and the lack of freedom of contract is causing serious problems in the market, both for landlords and tenants.

They also said that landlords are increasingly wary of entering into new contracts and being over selective of tenants and the number of buy-to-lets has dropped significantly and there is a real risk of properties, previously available for rent, entering the market for sale. This will push rental prices up during a time when there are clear market indications of lower demand.

Estate Agents are saying that the new law has not resolved the ‘issues’ but has created more.

The estate agents will be raising the serious issue during a meeting with the Malta Developers Associations (MDA).