Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 11th August 2020

Jointly Owned Buildings

You have insurance but are you insured?

The heavy winter rains have resulted in many insurance claims but as many have found to their horror, although their insurance premium has been paid, they discover that they're not insured when they make a claim.

Swimming pool laws set to hit tourism revenues

Barring a miracle, swimming pools in privately owned complexes, such as the Royal Seacrest in Kato Paphos, will remain closed this year affecting tourist revenues and local businesses.

Communal fees – sinking fund

Some Management Committees in Cyprus have set up a 'sinking fund'; money set aside to replace/renew/repair items like swimming pool equipment, watering systems, external redecoration, etc.

Complex management seminar

The Almyra hotel in Paphos is the venue for a free seminar to be held in November covering communal ownership, management committees and general management of communal areas.

The Cyprus swimming pool nightmare

Taking criminal proceedings against owners and Management Committees who fail to comply with the swimming pool law and regulations will damage the Cypriot economy - especially tourism.

Swimming pool owners face court action

The owners of unlicensed communal swimming pools are facing court action following inspections carried out by the Paphos Municipality who insist that pools must be licenced, inspected daily and a lifeguard appointed.

Management committees fall foul of law

A number of management committees, which manage and administer jointly-owned buildings in Cyprus, have recently found their bank accounts frozen due to a law introduced in 2017.

Calculating communal fees

Communal fees are required to pay for the insurance, maintenance and repair of apartment buildings in Cyprus and other types of building complexes that contain common areas and shared facilities.

Swimming pools law to change?

Laws and regulations regarding the design, construction and authorisation of swimming pools may soon be revised as part of the package to reform Cyprus' complex and time-consuming planning system.

Unlicensed pool owners in hot water

Auditor General Odysseas Michaelides has called on the police to bring the owners of unlicensed swimming pools to justice due to the serious safety concerns arising from the problem.

TOP STORIES

Property sales to foreigners continue to fall

The number of Cyprus property sales to foreigners continued to fall in July with numbers down to 36 per cent on the numbers sold in July 2019 according to the Department of Lands and Surveys.

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

Tender awarded for Larnaca port and marina

The tender to develop the Larnaca port and marina has been awarded to Eldeman Holding BV and Alexandrou Corporate Services, comprised of Israeli and Cypriot interests.

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