Communal Property Management & Communal Service Charges

1 Replies

Whenpersons purchase a property in Cyprus, if their property is in an apartmentblock or on a complex or estate which has communal areas, services orfacilities they did not just purchase a property, they also purchased apercentage of all the communal areas, services and facilities on the development,and these services have to be managed by someone and paid for by each owner.  It is a legal requirement that each and every owners pays their communal service charges, even if their property is not in use.Inpast years it was relatively easy to manage a Private Estate, Complex orApartment Block, nearly all owners were permanent residents and everyone livedtogether like small communities, because nearly all developments were basic, afew people accepted responsibility for looking after the Private Estate,Complex or Apartment Block and everyone contributed to the communalexpenditure.Thingshave drastically changed over the years. To attract clients’ developers started building developments with facilities like, swimming pools, Jacuzzi, gymnasiums, play areas/parks for children, electronic entrance gates and much more, to include planting of lavish gardens and leaving bigger open spaces within developments for recreational use. More and more people from all over the world have invested in Cyprus, purchasing properties as holiday homes, as buy to rent properties or as investments.  In some cases, more then 80% of owners are non residents. Withthe exception being small apartment blocks without any services or facilities,correctly managing a Private Estate, Complex or Apartment Block (especially ifthe development has large grounds, swimming pool and a host of other facilities)is now a full-time job, and due to this many developments are managed viaproperty management companies.  This is mainly so, because when owners tryto self-manage their development invariably, they are successful at thebeginning but things soon start spiraling out of control. SelfManaging your development can work as long as there is a professional structurein place and relevant laws are used for the calculation of expenditure andcommunal service charges, also appropriate accounts must be kept to include producingfinancial reports for owners’.  Unfortunately, most management committeesdo not have the legal knowledge or appropriate experience to establish thisstructure, therefore developments soon run into trouble, with the main issuebeing non compliance with relevant laws and non payers.To assist with self management we developed MyPropMan.com, please check it out and give me your opinion and any suggestions.

Replies

Alex-Clark-995568 1622747002

I've been considering starting my own IT development company recently. I debated for a long time about where to begin and where to look for workers. But then I came upon an intriguing website called offshore development center which came to my rescue. They immediately helped me comprehend IT changes and identify the proper workers for me personally in this project. This happened rather quickly due to the vast development base. Finally, I was happy with the site's entire range of services! Thank you very much.

Join the discussion
LOGIN OR REGISTER

Login