A business for rent in Beirut. (Credit: Magaly Abboud/L'Orient-Le Jour)
Why did President Joseph Aoun submit an April 17 challenge to the law on non-residential rent to the Constitutional Council? The law, published in the Official Gazette on April 3, mainly provides for the liberalization of old rental rates agreed upon before 1992 after a maximum transition period of four years from its entry into force.Thus, landlords can either request a gradual increase in rental rates or refrain from that, waiting for the tenant to vacate the premises within two years. The new legislation ends the rate freeze, which has been unfavorable to landlords due to inflation and lira devaluation following the 2019 financial crisis. Read more Thousands of commercial tenants have had the same contracts for decades. That could soon change Speaking to L’Orient-Le Jour, a well-informed source said President Aoun is challenging...
Why did President Joseph Aoun submit an April 17 challenge to the law on non-residential rent to the Constitutional Council? The law, published in the Official Gazette on April 3, mainly provides for the liberalization of old rental rates agreed upon before 1992 after a maximum transition period of four years from its entry into force.Thus, landlords can either request a gradual increase in rental rates or refrain from that, waiting for the tenant to vacate the premises within two years. The new legislation ends the rate freeze, which has been unfavorable to landlords due to inflation and lira devaluation following the 2019 financial crisis. Read more Thousands of commercial tenants have had the same contracts for decades. That could soon change Speaking to L’Orient-Le Jour, a well-informed source said President Aoun is...
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