Management of Common Areas
This information is provided from my own research having been an owner of a property on a site with shared facilities.
It is often asked whether owners can manage the common areas of their developments themselves and save money on the high costs of administration charged. Yes. Co-owners can set up a management committee and do it yourselves.
A building consisting of at least five self-contained units is considered in law as being commonly owned. Such buildings may include:
Apartment blocks.
Terrace/town houses.
Maisonettes.
Building complexes.
Buildings consisting of two to four units may also be registered as commonly owned on application to the District Lands’ Office by a majority of the owners of the units.
If you own property in such a development, you are required by law to contribute to the insurance, maintenance and repair of the commonly owned parts of the building; in essence those parts that you share with the other owners. These may include entrance halls, stairways, exterior walls, swimming pool, tennis courts, etc. (whether you make use of them or not).
It is best to have a management or community agreement prepared by a lawyer in Cyprus but without warranty you might like to download a free example to see if you want to do this.
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