When you purchased your property if your property is in an apartment block or on a complex or estate which has communal areas, services or facilities you did not just purchase a property, you also purchased a percentage of all the communal areas, services and facilities on that development and these services have to be managed by someone.
In past years it was relatively easy to manage a Private Estate, Complex or Apartment Block, nearly all owners were permanent residents and everyone lived together like small communities, a few people accepted responsibility of looking after the Private Estate, Complex or Apartment Block and everyone contributed to the communal expenditure.
Things have drastically changed over the past years, more and more people from all over the world have invested in Cyprus properties as holiday homes or as buy to rent properties. These non-resident owners are in most cases completely unaware that they are required to contribute to the upkeep of communal areas of their Private Estate, Complex or Apartment Block. In some cases more then 80% of owners are non residents.
With the exception being small apartment blocks without any services or facilities, correctly managing a Private Estate, Complex or Apartment Block (especially if the development has large grounds, swimming pool and a host of other facilities) is now a full time job; so many developments are managed via property management companies.
This is mainly so, because when owners try and self manage their development invariably they are successful at the beginning because in the first instance everyone is excited and willing to help but things soon start spiralling out of control.
Managing your own development can work as long as relevant laws are used for calculation of charges and there is a professional structure in place. Unfortunately most management committees do not have the knowledge to establish this structure.
We at P. Peklivana Holdings Limited have established another division within the company. This divisions sole purpose is to aid management committees of apartment blocks, complexes and estates, to establish the correct structure to include appropriate processes and procedures so they can successfully self manage their development.
Using our extensive knowledge and experience we can custom-build a management package that aids management committees in managing their development fully and professionally.
This package will allow management committee members to fully manage their development without them having to be experts in property laws or management. All they will have to do is input a few simple figures and everything else will be calculated for them legally and automatically.
The basic management package incorporates. (For single individual apartment blocks)
- Calculation of percentage ownership in accordance to the law
- Calculation of estimated communal expenditure for financial year periods
- Has facility to include short, medium and long term maintenance fund payments
- Calculation of what each unit has to legally contribute towards communal expenditure
- Beginning of financial years payment requests for each and every unit owner
- Communal debit and credit balances sheets
- Balance sheet showing individual units annual charge, payments received, balances due/overdue
- Facility for individual unit monthly statements - Overdue letters - Final notice letters
- Owners information and contact details
- At least 6 payment methods allowing owners to pay their fees irrespective of where in the world they live
- Setting up of a development bank account
- Development letterhead
- Printed copy of the principle laws governing jointly owned properties (Greek and English)
- Communal Building/Fire insurance
- Communal areas Public Liability Insurance
- Template for AGM minutes report
- As much assistance as require to implement the system
- Establishment of a group communication system via e-mail
In addition to the above we will advise on: Risk Assessment - Health & Safety Data Protection Act
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