Oev backs clearer rules on co-owned building management

The Cyprus Employers and Industrialists Federation (Oev) has urged lawmakers to speed up work on a long-delayed bill regulating the management of co-owned buildings, warning that the legislation affects thousands of apartment dwellers across Cyprus. 

The draft law, prepared by the commissioner for legislation and pending before the House Interior committee, sets out rules for the registration and management of apartment blocks, according to Philenews.  

With around 70,000 co-owned buildings and more than 200,000 units across Cyprus, Oev said the framework is urgently needed to ensure smoother administration at both legal and practical level. 

Meanwhile, the Cyprus association of co-owned building managers, an Oev affiliate, described the proposal as a good starting point.

In a memorandum to parliament, it called for clearer provisions on how each owner’s share is calculated and for fines on those who repeatedly fail to pay their common expenses. 

It also recommended the creation of two funds. A capital expenditure fund with each owner contributing at least 15 per cent of the annual budget, and a reserve fund covering six months of common expenses.  

In addition, the association argued that a building should be considered occupied once electricity is connected to the shared meter, with owners bearing responsibility even if their units remain vacant.  

It further suggested that professional managers should be allowed to sit on building committees. 

Digitisation, Oev added, must be a central part of the reform. The government body tasked with enforcing the law should process registrations electronically, a step that would speed up procedures and strengthen the powers of management committees. 

The federation said proper regulation would improve the quality of life for apartment residents and prevent safety hazards linked to neglect, such as balcony collapses in ageing buildings.  

Stricter rules on non-payment of utilities, faster recovery of arrears and direct access to state data on ownership are also expected under the new regime. 

Whether responsibility ultimately lies with the land registry, the EOA or another public authority, Oev stressed the need for a robust and smoothly implemented law that leaves no room for loopholes.