Peru: New Leasing Law to enter into force in October

The Home Leasing Law will be fully implemented and effective by the first week of October this year, Peru’s Housing, Construction and Sanitation Minister Milton von Hesse announced.


Last Friday, Peru’s President Ollanta Humala enacted the decree that establishes the home leasing promotion scheme, aimed at dynamizing the Real Estate market through new property acquisition or rent, so middle-class and low-income families are allowed to make their dream of owning property come true.


The enacted rule is comprised in the set of legislative measures granted by Congress to the Executive, which were aimed at boosting the economic growth in the country.


Von Hesse indicated the corresponding regulation is to be ready and published by October.


Independent and informal


The Minister went on to add the new law will enable independent workers to gain access to owning a home despite not counting on a fixed income.


“We identified the mechanism through international advisory. After assessing it with the ministerial cabinet, we started the round of consultations with the public and private sectors' diverse players […],” he indicated.


The bill creation process took seven months, he reminded.