This SERIOUS problem is delaying the recovery of Cyprus real estate market.
And nobody is talking about it
When talking about Cyprus property problems you tend to think about Title deeds, but there is another serious problem that is commonly overlooked.
Every apartment building in Cyprus is controlled by a committee made of up its owners. However, these volunteers usually struggle to understand the complex regulations, have no experience and/or little time, and yet are put in charge of millions of euros worth of property.
This has resulted in a significant number of buildings not being properly insured, maintained, elevators and pools operating illegally. You only need to drive into any town or village and you will see relatively new buildings in various stages of disrepair. This effects the look, value & desirability of not only that building but the entire neighborhood surrounding it. With a real estate industry that’s only just starting to recover, this growing problem if not quickly resolved is set to add another reason for much needed investors and individuals not to purchase property in Cyprus which will affect this island for decades to come.
To help combat this, the award winning communal property expert Russell Flick and founder of the free property owner support portal the CyprusCommunalGuide.com, has published a complete A-Z guide for building management committees in Cyprus, entitled “The Ultimate Committee Handbook.” The first publication of its kind it helps property owners take back control of their buildings by setting up a legal committee, develop an understanding of the complex regulations, and addresses how to tackle the problems they face whether it is non-paying property owners or deteriorating buildings.
“Everyone focuses on the issue of title deeds, and this is understandable. But there is another significant problem that is commonly overlooked and its resulting in many buildings effectively falling down around its owners, this is bad for the owners and bad for their neighborhoods.” – Russell Flick
“Everyone assumes there is nothing they can do, but owners have strong legal powers and controls over their buildings. The big problem is many owners don’t understand how to apply the regulations to fix their own buildings specific problems. This is why I published this book, it shows how to use and apply the regulations in the real world.” Russell Flick
Notes to Editors
‘The Ultimate Committee Handbook’ was written by Russell Flick, and published in February 2018
The URL for the book is www.UltimateCommitteeHandbook.com
The URL for the Free owners information website www.CyprusCommunalGuide.com
A dropbox link to download photos of the author and images of the book and logos are available on request.