Housing rentals will be one of the items with the greatest impact after knowing the inflation data for 2022. The Dane revealed that the annual variation was 13.12% and as established in article 20 of law 820 of 2003, This will be the rent increase limit.
(Read: Knowing the inflation data, this will raise rents in 2023).
However, commercial leases operate in a different way and They do not present the increase according to inflation, for this case there is no regulation that establishes what the adjustment should be year by year.
In this sense, the increase governed by the CPI does not apply even to housing contracts signed before July 10, 2003. nor in the case of rental of real estate for commercial use.
According to the Federation of Real Estate Markets (Fedelonjas), “In uses such as premises, warehouses, medical offices, offices and those other than housing, both the value and the increase amount must be agreed between the parties or according to what was consigned in the lease“.
(Keep reading: Rents in Colombia: what is true and false about the increase by 2023).
“Since there is no regulation that establishes any limitation or guideline in this regard, nor is there any regulation that defines what should be the maximum percentage that the parties can apply to the readjustment, it is necessary that this be established in the contract,” he explained to 2022 Daniel Vásquez Franco, former president of Fedelonjas.
Thus, what must be done is that in commercial real estate contracts it is agreed from the beginning how these readjustments will be, since if it is not agreed there will not be the possibility of making the adjustments in the canon.
(See: Products and services that will rise in price in this 2023).
It should be noted that commercial premises lease contracts are subject to the general rules of the civil code. Fedelonjas advises that if there are doubts about contracts for commercial uses, seek advice from a trusted real estate agent.
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