Communal areas in Cyprus

[rollwithit]

Dear Nigel,

Can you advise me on the ownership of communal areas in Cyprus for Developemnts. When the Title Deeds are finally issued and each owner have their seperate title deeds who actually owns the land that the communal area / swimming pool is erected? Is it different for all developments or is it a standard situation that the land is still owned by the developer after title deeds are issued?
My contract of sale states that I will own the land on which my apartment is built and car parking space. It also states that I will be a part owner of the block where my apartment is shared with others but does not mention actual ownership or shared ownership of the communal area.

many thanks
Rollwithit

[Nigel Howarth]

Dear Rollwithit,

Although the law does not specifically state what the individual parts of a “jointly-owned building” are, they include all those parts that have not been registered as a unit - and this includes the land on which units have been constructed. (The land will not continue to be owned by the developer once individual Title Deeds have been issued and ownership of the properties has been transferred to the buyers).

The amount you own will be determined by the relative size of your property in relation to the others. E.g. let's say that the development consists of 20 apartments, each of which measure 100 square metres. You will own 5% (one twentieth) of the jointly-owned building and will contribute to the costs of its insurance, maintenance, etc. accordingly.

If you purchased a pair of penthouse apartments, then you will own 10% (one tenth) of the jointly-owned building.

I hope that helps.

Regards,