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Message from the Director

Hello and welcome to our website

My name is Panayiotis Peklivana, and this is how we started in property management.Cyprus Property Management

When I decided to return to my native country I had to establish a form of in country income prior to being able to return. After much research into my options I decided that my best option would be to purchase a number of apartments and rent them out as holiday units, (via a property management company in the first instance until I was able to move over) I thought this would be a very good business because the main income for Cyprus was tourism. Being an IT Consultant I am used to gathering information, being supplied with appropriate information and documentation and working with professional processes & procedures. My troubles started as soon as I took possession of my completed apartments. With the exception of one issue I will not get into what the issues were because it would take too much of your and my time and I have already spent more then enough time on them.

Being a novice to purchasing and owning property in Cyprus I was totally reliant on information received from the developer, the solicitor and the property management company. At no time was it explained to me that as soon as the apartments were handed over there was a thing called communal service charges which needed to be paid.

The major problem with me paying these charges was that I was not previously informed or given any information regarding the charges so I did not budget for them. When I started questioning the charges and asking for information regarding the charges I was told it was the law and I had to pay them and that was that. Being who I am and my stubbornness for information, which was not being satisfied by the developer, the solicitor or the management company who were managing the communal areas, immediately I started investigating communal service charges. My thoughts were there must be some kind of regulation/s covering this subject, and there was, the 'The Immovable Property (Tenure, Registration And Valuation) (Amendment) Law Of 1993'

It took me a few months to digest and understand all the relevant legislations. Once I had armed myself with all the appropriate information I tackled the property management company who were actually the developers asking them once again how they calculated the communal service charges, also pointing out to them the correct method was outlined in the 'The Immovable Property (Tenure, Registration And Valuation) (Amendment) Law Of 1993'. To my surprise they did not have any knowledge or understanding of what I was talking about telling me that that’s not how things are done in Cyprus, and this infuriated me.

From that point onwards I made it my mission to try and find a management company that adhered to the appropriate laws and it soon became apparent that all property management companies were not calculating communal service charges correctly because it was to difficult and complicated, the only reason why it was to difficult and/or complicated was because these companies did not have the experience, knowledge, drive or commitment to do things correctly within the guidelines of the law, they just chose and highlighted the laws which benefited then. They had been doing things there way for so long without being questioned that they were offended when someone especially a foreigner/outsider questioned there methods. To try and explain to these management companies that it was relatively easy to calculate communal service charges within the confines of the laws using my IT skills I produced a spreadsheet which automated the process, all that it required was to input the relavent information, (total estimated yearly expenditure for the development and square meters for each unit) into the spreadsheet and it would automatically calculate the correct level of charges for each unit. I showed the spreadsheet to a few management companies but not one showed any interest.

It was then suggested to me by a number of people that if there was a company that did things correctly it would thrive. I had found out so much about the joint ownership laws people where know coming to me for advice and these people suggested that I should form a property management company that represented owners rather then the developers or management companies. At the beginning I stated that I needed to find a form of in country income prior to me being able to repatriate to Cyprus, and what I should be doing found me, Professional Property Management of jointly owned communal areas to include services and facilities of developments.

We have been established for many years, yet when we speak to people who contact us to manage their apartment blocks, complexes or estates, or just for advice most of them are at the same level of frustration as I was many years ago when I purchased my properties, and in some cases they are in a worse scenario then I was.

Over the past few years’ developers have started adding additional attractions to their developments, like swimming pools, gymnasiums, Jacuzzis and so on. They have done this to entice persons looking to purchase properties to select a property on their development, what they are not telling purchasers is that when they purchase a unit on a development which has all these communal services and facilities they are also purchasing a percentage of the communal areas, services and facilities of that development and once the unit is handed over the owners are responsible for all the running costs/expenditure of the development.

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