Old Rent property owners in Egypt see first gains from annual hikes

The article highlights the implementation of the "Old Rent Law" in Egypt, which began last year. Its goal is to regulate the relationship between landlords and tenants of residential units that have been rented for many years at low rates. The law stipulates an annual increase of 15% on the rent value, starting next September, with new rental values ranging between 400 and 1,000 Egyptian pounds. This increase will be applied annually during a transitional period that will end after seven years. Despite debates and legal objections from tenants and their representatives, the law is currently considered active and binding. The government has pledged to provide alternative housing units for the most needy groups, though there are challenges in implementing this. Some provisions have not yet been enforced, such as requiring proof of sealed units or of other existing rental units for tenants. The law aims to liberalize the relationship between landlords and tenants while protecting those who are unable to afford higher rents through the provision of alternative housing options.

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