Filenews 15 September 2022 - by Evagoras Prokopiou
The president of the Real Estate Agents' Registration Council, Marinos Kynaigirou, made practical suggestions for a reduction in rent prices, in the light of the discussions on the large increase in rents in some areas.
"We live in a gloomy environment, several of whose parameters lead to an increase in rents. The increase in lending rates, as well as the new data that seem to be created in the burning issue of the acquisition of a main residence, are expected to push even more people to choose rent", notes Mr. Kynaigirou.
"Increasing the supply is not always the answer", he emphasizes and notes that "for this reason the Real Estate Agents Registration Council recommends the introduction of tools that will dispel the concerns of those who have rented their properties to bad tenants. The existing legal framework needs, in our view, to be reassessed and revised, as it does not effectively protect landlords and does not ensure that the rents owed to them are collected."
It proposes the creation of a register of problem tenants, which, as an idea, approaches that of the Artemis System of banks. The Real Estate Agents Registration Council will have the management of the registry and all members of the Real Estate Agents Registration Council, i.e. professional registered real estate agents, will be able to gain access. This will include those tenants who have a court conviction against them for non-compliance with what was agreed under a rent agreement.
Finally, he says that the strengthening of legislation and the creation of the registry, in connection with the increase in the supply of real estate, the situation in the market will improve and gradually prices will normalize.
