Egypt’s House of Representatives passed on Wednesday, 2 July, long-anticipated amendments to the Old Rent Law, officially approving new legislation that will gradually terminate long-standing fixed-rent contracts. Under the newly approved law, residential tenants will be granted a seven-year transitional period, while non-residential tenants, such as those renting for commercial use, will have five years before contracts are terminated. After this period, all new rental agreements will be subject to Egypt’s Civil Code, which allows landlords and tenants to freely agree on terms. The law introduces a gradual 15 percent annual increase in rent during the transitional period. In addition, current rental values will be adjusted upwards based on location. In prime areas, rents may increase up to 20 times the current amount, with a minimum set at EGP 1,000 (USD 20) per month. Middle-income zones will see at least a tenfold increase, with a minimum of EGP 400 (USD 8), while units in economic areas will rise to at least EGP 250 (USD 5). For non-residential properties rented by individuals, the rent will be multiplied by five. The move follows a ruling by Egypt’s Supreme Constitutional Court in November…
