A groundrent redemption scheme launched last October has attracted 543 applications, Infrastructure and Transport Minister Ian Borg said Wednesday.

Administered by the Lands Authority, the scheme is aimed at tenants living in residential properties falling under the Joint Office – an entity set up to administer around 70,000 properties which had been handed to the government under the 1992 State-Church agreement.

Owners of eligible properties will be able to redeem their groundrent - and get full ownership - by paying fees ranging from €1,500 (in cases when groundrent does not exceed €5) upwards. 

Applications will be processed from March to give some “breathing space” to the Lands Authority to do background research, mostly to verify that the properties had been registered following the 1992 agreement, the minister said.

Up to 2017 only about a quarter of these properties had been registered with the government.

Dr Borg acknowledged that there were thousands more eligible to redeem the groundrent and have full ownership of the property, but pointed out that there was no rush as contrary to what happened in the past this scheme would remain open indefinitely.

“This scheme will address an injustice whereby for many years tenants in Joint Office properties were unable to redeem the groundrent, unlike those living in dwellings belonging to the Lands Authority and the Housing Authority,” he remarked.

Dr Borg said that this uncertainty had been giving rise to speculation which was negatively affecting the market value of Joint Office properties.