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P. Peklivana Holdings Limited
Professional Communal Property Management In Cyprus
When you purchase a property in the Republic of Cyprus and that property is on a Private Estate, Complex or Apartment Block, communal maintenance and service charge Law 224 and The Immovable Property (Tenure, Registration & Valuation) (Amendment) Law Of 1993 (6 (1) 1993) apply to the property.
It is a legal requirement that each and every property owner/s contributes towards expenditure for jointly owned communal areas, shared facilities, communal maintenance, services and utility bills. Communal area buildings and public liability insurance is also a legal requirement.
Communal Service Charges are payable by everyone - Irrespective of whether the property is in use or vacant
The above laws were passed to keep Private Estates, Complexes or Apartment Blocks in a good safe condition, not only safeguarding people’s investments but also safeguarding quality of life within Cyprus.
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 of looking after the Private Estate, Complex or Apartment Block and everyone contributed to the communal funding.
Things have drastically changed over past few years, more and more people from all over the world have invested in Cyprus properties as holiday homes. These non-resident owners are in most cases completely unaware that they are required to contribute to the upkeep of communal areas of their Private Estate, Complex or Apartment Block. In some cases, more then 80% of owners are non residents.
Correctly managing a Private Estate, Complex or Apartment Block is now a full-time job and the people who take on this responsibility, by becoming members of the Management Committee can be held legally responsible if the Private Estate, Complex or Apartment Block is not managed correctly, or if it is not compliant with relevant laws and Health & Safety regulations.
We are here to help and assist any development anywhere in the Republic of Cyprus
We are able to take over the management and administration, or just advise and assist the management committee, as long as the development is getting correct advice and assistance that is all that really maters.
Contact us now for your FREE NO OBLIGATION CONSAULTATION