The center-right Greek government on Tuesday tabled a draft amendment in Parliament to extend, for another year, its more-or-less “interventionist” 3%-ceiling on commercial property lease increases.
The amendment, which barring a dramatic political development, will be ratified, affects properties such as office space, stores and shops, as well as warehouses. The measure will be in effect for 2025 and will expire at the end of the year if not renewed.
As expected, the draft amendment tabled by relevant Development Minister Takis Theodorikakos drew praise from one major stakeholder representing business owners and shopkeepers, with a reaction by owners’ groups pending.
In tabling the draft amendment, the ministry’s introduction said the aim of the legislation was to prevent major and sudden hikes in lease contracts that include clauses linking annual increases to the inflation rate.
In a first reaction by one of the sectors expected to benefit, Hellenic Confederation of Commerce and Entrepreneurship (HECC) president Stavros Kafounis expressed the “absolute full satisfaction of HECC and the business world for the immediate response by the ministry of development and Mr. Takis Theodorikakos personally, over our reasonable and fair request for an extension, to 2025, of the 3% cap on hikes of commercial and professional leases.”
