Calculating communal fees
Everyone who has acquired an apartment in Cyprus is required to pay ‘communal fees’ as soon as they take delivery of the property. These fees are used to pay for the management, insurance, maintenance, operation and repair of the ‘jointly-owned building’ by its Management Committee. Communal fees are also payable in other types of building complexes that are jointly-owned with shared facilities such as swimming pools, tennis courts, etc. that are available for use by those who have acquired units on the development and their guests.
It is obviously in the interests of all purchasers to ensure that the common areas and shared facilities are well maintained and kept in a good state of repair and decoration to prevent them from looking shabby and their units from falling in value (not to mention the quality of life of the present occupants.) I have received several emails recently on how contributions to the communal fees are calculated.
The most common (but incorrect) methods of calculating the fees are:
- Everyone pays the same.
- Those with a two bedroom unit pay twice as much as those with a one bedroom unit, etc.
- Pay according to the percentage shown on their Title Deed on the line ΜΕΡΙΔΙΟ ΣΤΗΝ ΚΟΙΝΟΚΤΗΤΗ ΙΔΙΟΚΤΗΣΙΑ.
The correct method of charging is based on the relative size of each unit in square metres, comprising the enclosed area of the unit plus the covered and uncovered area of balconies, verandas, etc.
Read more at: http://www.news.cyprus-property-buyers.com/2018/01/26/calculating-communal-fees/id=00153151
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