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Professional Communal Property Management

When you purchased your property in Cyprus you did not just purchase a property, you also purchased a dream lifestyle of Relaxation (that laid back approach to life), Sun, Sea, Outdoor Living, Lounging by the Swimming Pool, and the developer/sales agent feed that dream when they showed you around that perfect property in an apartment block, complex or estate.

When the developer/sales agent was taking your around I am more then sure that at no time did they explain to you:
 
1) That when a property is purchased on a Private Estate, Complex or Apartment Block, Communal maintenance and service charge Law 224 and the “The Immovable Property (Tenure, Registration & Valuation) (Amendment) Law Of 1993 (6 (1) 1993)” apply to the property.
2) The full cost of communal service charges and how much you will have to approximately contribute.  (This is dependent on the properties percentage ownership of the apartment block and/or complex.)
3) What the properties percentage ownership is for that property.
4) That someone has to manage the development if it is going to remain fully functional and looking good, via Management Company or Management Committee
5) That it is a legal requirement that each and every property owner/s contributes towards expenditure for shared facilities, communal maintenance, services, communal areas insurance and utility bills. 
6) That these charges are payable irrespective of whether the property is in use or vacant.
 
In past years it was relatively easy to manage a Private Estate, Complex or Apartment Block, nearly all owners were permanent residents and everyone lived together like small communities, a few people accepted responsibility for looking after the Private Estate, Complex or Apartment Block and everyone contributed to the communal expenditure.
 
Things have drastically changed, more and more people from all over the world have purchased properties in Cyprus as holiday homes or as investments.  These non-resident owners are in most cases completely unaware that they are required to contribute to the expenditure of communal areas, service and facilities of the Private Estate, Complex or Apartment Block.  In some cases more than 80% of owners are non residents.
 

Correctly managing a Private Estate, Complex or Apartment Block is now a full time job.

The above mentioned laws were passed to keep Private Estates, Complexes or Apartment Blocks in a good safe condition, safeguarding people’s investments and also safeguarding quality of life within Cyprus.  These laws also assist in keeping Cyprus aesthetically pleasing to holiday visitors, safeguarding tourism which is a major part of the Cypriot economy.
 
Over the past few years there has been a marked increase in property management companies.  Unfortunately most of these companies are Unregistered, Inexperienced, Illegal and/or totally unaware of the relevant laws. 
 
Even worse are the registered legal companies who should be supplying a professional service.  They are either inexperienced or do not have appropriate processes and procedures in place to safeguard peoples investments, basically they are in it for the money and when they realise it is a service industry so profits are very low they start using unskilled illegal labour to carry out provided services and when things do not run smoothly they just walk away leaving the owners and development in complete disarray.
 
Even most of these legal companies are completely oblivious to legislation covering jointly owned communal areas, service and/or facilities of development.
 
Many people think that most of these illegal or inexperienced companies are British people who have moved to Cyprus.  This is not the case, a number of them are developers who due to the economic client are looking for other forms of income, or Cypriots who have property management companies who have not upgraded their processes and procedures and remain in a ten year old time warp.
 
Whether legal or illegal, 98% of property management companies do not just specialise in one form of property management.  P. Peklivana Holdings Limited via a division within the company P. P. Property Management specialises and only does one form of property management and that is Communal Property Management of Apartment Blocks, Complexes and Estates.
 
P. Peklivana Holdings Limited is a fully registered company whose Memorandum & Articles of Association fully outline the company.
 
If you are looking for a company that
• Has over 30 years experiance in providing professional services.
• Will be fully committed to your development even when times are hard. 
• Does not care whether your development is large or small.
• Will not underestimate expenditure to secure a contract.
• Will correctly and legally calculate what each unit has to contribute .
• Is not influenced by status or perceived power.
• Will always work on behalf of the majority.
• Only uses certified professionals.
• Will not only manage the development fully and correctly but will also make sure that owners liabilities are safeguarded.
• Will also look after Heath & Safety for the development.
• Will advise management committees and owners about Local Legislation as well as EU regulations that have to be adhered to by the development.#
 
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