On December 21, 2023, it was published in the Official Gazette the Decree 70/2023 called “BASES FOR THE RECONSTRUCTION OF THE ARGENTINE ECONOMY” (the “Decree”). By means of this Decree, after declaring a public emergency in economic, financial, fiscal, administrative, pension, tariff, health and social matters until December 31, 2025, the Executive Power repealed and amended several regulations in order to deregulate the economy.
According to the Decree, “…the inconveniences and hardships that the excess of regulation has caused in private agreements, especially in housing rental agreements, is a public and notorious fact, with serious consequences both for landlords and tenants, and the virtual destruction of the real estate market”.
In such sense, Section 249 of the Decree repeals the Rent Law, No. 27,551, which had been originally enacted on June 30, 2020.
This entails that as from the effective date of the Decree, residential rental agreements will revert to the terms established under the Civil and Commercial Code as they were entered into prior to the enactment of Law No. 27,551, with some additional modifications made in the Decree.
Access the complete text of the Decree here.
This report does not constitute a legal opinion on specific issues. If necessary, specialized legal advice should be sought.
For further information, please contact:
Sebastian Luegmayer – LuegmayerS@eof.com.ar
Ernesto José Genco – GencoE@eof.com.ar
Marcela Lorenzo Villalba – LorenzoM@eof.com.ar