Troika Presses for Full Liberalisation of Commercial Property Leases
Wednesday, 02 October 2013
Greece’s lenders turned down a proposal tabled by the ministry of development and reiterated its stand that all commercial property leases should be fully liberalized, the Athens News Agency-Macedonian Press Agency reported.
According to the Troika, both old and new commercial leases should be fully liberalized as the lenders believe the existing protection is damaging to the real estate market flexibility.
For its part, the ministry of development had suggested that old commercial property leases should be protected from eviction processes and introduced a three-year protection of new commercial leases.
The development ministry insists that recession is the main reason behind the large number of vacant stores.