New Jointly Owned Buildings Law due soon

New Interior Minister Constantinos Ioannou wants an amended law on jointly-owned-buildings to come into force the soonest possible so that properties are properly maintained.

The draft law aims to solve a multitude of serious issues with the current law including the lack of management committees, non-payment of communal fees, insurance and partial or total destruction of the building.

Its purpose is to provide management committees with the flexibility needed to carry out its obligations, to ensure that unit owners meet their obligations and that properties are properly maintained.

Ioannou has instructed the new bill titled “Management of Jointly-Owned Buildings and Related Matters Law of 2022” which was drafted with the active involvement of the Land Registry Department as well to be immediately forwarded to the Legal Service.

The aim is for the necessary legislative and technical review to be carried out promptly and for it to subsequently be submitted to the Parliament for approval.

From time to time, this issue has also been discussed before the House Interior Committee with the conclusion being that thousands of people are affected and the thorn which creates friction is the financial aspect.

Because some owners do want maintenance or even landscaping work to be carried out on buildings in which they live, while others do not want to spend anything, either because they do not have the financial means or because they are indifferent or because they expect the others to cover their share.

Source https://www.news.cyprus-property-buyers … d=00167140