25.11.2022
Owners of apartments in Cyprus should soon be able to make changes to their apartment in a “community house” without the consent of the Management Committee and other co-owners of the building.
The amendment to the law aims to eliminate inequality and discrimination against owners of a jointly owned building.
Under current law, two owners can apply for consent to make the same changes to their apartment. The board and other co-owners of the building could give the go-ahead to one of them and refuse the other.
Current law prohibits the conversion of any space described in the Certificate of Title that has the exclusive right of use unless 100% of the co-owners of the jointly owned building disagree.
The two bills will be revised to reflect the changes.
News that a new co-building law was being developed broke in June of this year when the Department of Lands and Surveys released the draft for public comment.
The bill was intended to address a variety of serious problems with current legislation, including the absence of management committees, non-payment of utility bills, insurance, and partial or complete destruction of the building. Its purpose was to give the steering committees the flexibility they needed to meet their obligations, to ensure that cell owners meet their obligations and that properties are maintained in good condition.
After a public consultation process, the bill was submitted to the committee earlier this month. This process allows the committee to amend the wording of the bill and add new clauses. It must be ready for consideration in court within a month.
We hope that the new law on fractional ownership will come into force in early 2023 and will solve many problems with the current legislation.
