Frank Salt Real Estate has recently organised a number of information seminars for landlords interested in finding out more about the changes in the regulations governing rentals that will come into force in January 2020. Held over a week in various venues across Malta and Gozo the seminars attracted over a thousand participants from across Malta and Gozo.
The seminars were organised in collaboration with Joinwell and offered attendees the opportunity to understand better how the rent reform will effect both existing and new lease agreements, the procedure to register such contracts, as well as clarify any individual circumstances they had. Dr Ian J Stafrace, from Saliba Stafrace Legal and Douglas Salt, from Frank Salt Real Estate delivered the presentations.
Aimed at bringing stability to the sector, the new rent regulations include amongst other measures mandatory registration for all private rental properties, as well as minimum and maximum rental periods for long lets and short lets.
The new rules also set a minimum 3-month notice for landlords to inform their tenants if the contract will be renewed or not. An annual rental increase capping is also being introduced. No limits have been set on rent payable, however once a lease contract has been entered into between the landlord and the tenant, the annual rental increases will be restricted to up to 5%.
The new rent rules apply to all rental contracts signed as from January 2020. They also apply to any existing rental contracts entered into after June 1995 that are still in effect in January 2021.