Property Communal Fees - Cyprus
Property Management Company / Communal Fees – Cyprus
When Communal fees are applicable?
The Property Law in Cyprus deems necessary when a building consists of at least five units (apartments, townhouses, offices in the same complex / development) then it constitutes as a jointly-owned property/development and each single unit owner is considered as a co-owner of the whole development / complex / block.
As well, by law, each jointly-owned building must have a Management Committee for the regulation and management of the matters were affect the communal areas. This committee can be chose / elected by the owners of the units if the majority of the units’ ownership belongs to individuals – not to the developer.
The information related to the communal ownership is given on the second page of the property title deed and clarifies the percentage of communal ownership supported by the unit.
The way that the percentage on the communal ownership is calculated / measured is according to the size of each unit based on architectural plans were provided by the developer to the Planning Department – Land Registry. In other words, the percentage of the communal ownership it depends of the sizes of the individual units when the developer applied for a building permit. What Affairs / Matters the management committee is usually responsible?
Shared facilities were can be included:
1) Communal Swimming Pool
2) Garden Cleaning / Maintenance
3) Apartment/Office Block - LIFT maintenance
4) Water for communal taps / showers
5) Apartment/Office Block – Roof Insulation
6) Apartment/Office Block - Painting of the exterior of the building and any necessary care
7) Communal Areas Lighting (Corridors / stairs / Parking area etc.)
8) Septic Tank / Sewage cleaning
9) Complex Insurance against fire, earthquake, flood damages
Therefore, if you are in search of a trustful property management company in Cyprus, you need to confirm with how many aspect of your communal maintenance they are able to deal with and ensure a professional and qualitative maintenance of the complex. At this point you can understand which property Management Company is ideal for your property and not by just taking in consideration their management fees.
In addition, it’s a fact that a well maintained complex/development can generates higher rental income from holiday rentals by attracting repeated bookings and positive reviews where affect the reputation and the demand of your property. Also, properties tend to sold easier and faster if the maintenance company provides qualitative maintenance of the complex.
It’s absolutely clear that every unit owner has to pay its share – communal fees regardless if he/she is living in the property permanently or is using the unit as a holiday home. Also, no one can use the excuse that is not using the shared facilities of the jointly-owned property/development in order to avoid the payment of the communal fees.
Finally, It is obviously in the interests of all the owners/landlords to ensure that the common areas and shared facilities are well maintained and kept in a good state of repair and decoration to prevent them from looking bad and affecting negatively the market value of their units. (Not to mention the quality of life of the present occupants.)
Our company – Dempro Real Estate Agents as qualified and licensed estate agents, as well, qualified and registered Property Valuers in Cyprus can assist you on any property matters and protect you of not buying a property where you will regret.
Our long experience and expertise on sales, rentals, valuations and on the property law make us feel sure that we can assist and advise you properly and keep you on the safe lane.