The issue of the shortage of available rental properties has once again taken center stage, with the Minister of Finance announcing new interventions in the market. Specific proposals are currently under review aimed at encouraging property owners to open up their closed homes for long-term rentals. In a recent interview, Mr. Pierakakis highlighted the need to utilize properties held by banks and servicers while also previewing additional incentives for homeowners. It is recalled that towards the end of 2024, within the framework of a tax bill, the economic administration introduced a three-year tax exemption on rental income if the property had remained vacant for at least three years. However, this measure faced criticism from property owners regarding its characteristics. The government remains open to discussing all aspects of the regulation to make it more effective. Key proposals discussed include reducing the vacancy period from three years to 18 months, eliminating the three-year minimum rental requirement, and removing clauses that penalize landlords if the property becomes vacant during the lease term.
New Incentives Proposed to Encourage Owners to Rent Out Closed Homes
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