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New jointly-owned Buildings law approved

New jointly-owned Buildings law approved

04.08.2023

The Council of Ministers, at its meeting today, approved the draft Law on the Management of Commonly Owned Buildings and Related Matters, which aims to establish a legal and regulatory framework for jointly owned buildings to manage, supervise and ensure their smooth operation.

The bill addresses the chronic problems of management committees, as well as various other practical problems that community-owned buildings face, by ensuring their sustainable operation.

The bill aims to address shortcomings and some of the gaps found in the implementation of the current legislation, including the need to define the rights and obligations of the main units for the regulation of various issues, as well as shortcomings in the existing practice of managing such buildings, as well as the need to ensure more efficient management , considering that the owners of the objects evade their obligations, and many objects are not maintained in proper condition , which creates risks for their safety and the safety of third parties.

Source and photo: www.news.cyprus-property-buyers.com, Editor estateofcyprus.com

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