Many people buying apartments in Cyprus and units in building complexes are unaware of how they are managed and their obligations. Louise Zambartas explains.
Those buying apartments in Cyprus and some other types of property often fail to appreciate that they are required to contribute towards the costs of insuring, maintaining and repairing those parts of the building/complex that they share with others.
Did you know that if you buy an apartment in Cyprus you must contribute to the costs of insuring, maintaining, repairing and managing the jointly-owned parts of the building?
The Cyprus government is looking into changing the laws concerning swimming pools will bring relief to many people who have bought property in Cyprus. Under current legislation, communal swimming pools in private developments are treated as public swimming pools.
According to law, housing complexes comprising five or more units are required to have an Management Committee that regulates and manages relevant affairs. This includes the insurance of the common parts of the complex (entrance halls, swimming pools, stairwells etc) as well as their maintenance and repair.
