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Owning a property in a communal development
In accordance with the Immovable Property Law, any complex consisting of 5 units and above is considered as a jointly owned establishment. Communal occupied developments need to form a Management Committee via an Annual General Meeting (AGM) following an election procedure. As a legal body, the elected Management Committee will regulate all affairs and act on behalf of and for the benefit of the owners when needed with regards to the maintenance and the management of the communal areas ensuring that these areas are in a good operational condition and health & safety regulations are applied. The Management Committee among other responsibilities will also set budgets and establish / maintain a fund for the execution and or fulfilment of any function, duty or obligation.
Given this circumstance, each owner, should contribute his share for the communal expenses to the Management Committee who will reserve/use the funds for any repairs, extra works, restoration or further administration required. Failing to do so, the Management Committee holding its legal standing and capacity, has the right to initiate legal proceedings against the defaulted payers in order to claim and recover the amounts past due.
For further information or queries, please refer to Section 38 of the Immovable Property Law of 1993.
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PFA Cyprus Holiday Homes Ltd.
32, Dimokratias Avenue
8028 Paphos Directions