Andorran Government plans amendments into the real estate market legislation. Particularly, the alterations will touch upon the lease period, reports the Government.
Currently, the standard form of lease agreement of an apartment, chalet, commercial real estate makes up 5 years, which is not favorable for tenants that are losing control over their property (in particular the opportunity to sell at the moment of market growth) for the corresponding period of time. The law contemplates a reduction of the period to 2 years.
At the same time, the Association of real estate agencies in Andorra (AGIA) and the Government of the country, after joint consultations, came to the conclusion that it is necessary to delete the clause that obliges the renter to warn the tenant about the denouncement of the contract with one-month notice. This period will be extended to 3 months. Besides, a number of AGIA experts deem necessary the liberalization of the Article of law on real estate and commercial property sub lease.