Mersina Isidorou, Director General of the Cyprus Property Developers Association (CPDA), has called for reforms to the laws governing jointly-owned buildings. The House is reviewing new legislation to address regulatory gaps. These reforms aim to fix long-standing issues with managing shared buildings, improving the lives of property owners and tenants. Developers push for reform in jointly-owned buildings law to ensure better management and sustainability.
Addressing Challenges in Shared Living
Isidorou emphasized that the current legal framework for managing common buildings no longer meets the needs of property owners, tenants, or the real estate sector. The term “communal living” has become associated with many challenges. Isidorou stressed the importance of a strong legal system to manage the growing number of shared ownership properties.
Key Proposed Reforms
The CPDA recently held a roundtable discussion with Interior Minister Louiza Zannetou and MP Panicos Leonidou, among other stakeholders. This discussion led to a set of proposals aimed at improving the management of shared buildings.
One major proposal is to create management committees when building permits are issued. These committees would initially be led by the property developer. Once unit owners hold their first general meeting, they will elect a permanent committee.
Simplifying Financial and Operational Systems
To improve financial operations, Isidorou suggested calculating common charges based on square meterage. Property usage (residential, commercial, office) would adjust charges. She recommended that payments be made within 28 days to avoid disputes and suggested charging compound interest on late payments. Isidorou also emphasized the need for mandatory sinking funds. These funds would be topped up annually based on the property’s Land Registry valuation.
Managing Shared Amenities and Digital Access
Isidorou proposed appointing managers for shared amenities like swimming pools. She recommended restricting usage to private family and guest access unless the management committee approves otherwise. She also called for creating a central register of common buildings linked to the Land Registry. This register would be accessible through digital platforms like the “Ippodamos” system.
Supporting Vulnerable Groups
To help vulnerable groups, Isidorou proposed creating a financial assistance fund with clear eligibility criteria.
Conclusion: A Call for Timely Reform
The CPDA strongly advocates for these reforms, urging the modernization of the legal framework for shared buildings. These changes are crucial for improving quality of life, ensuring safety, and supporting sustainable development. Developers push for reform in jointly-owned buildings law to improve the future of shared properties in Cyprus, and Isidorou is confident that, with collective effort, meaningful reform can happen by 2025.
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Source: Cyprus Property News
