Property management in Cyprus

Property management is more than just a list of tasks. It's about responsibility for the property's repairs, security, and operation. It's about overseeing every aspect to ensure the property is in its best condition.

Trusted property management saves you time and removes responsibility for the day-to-day operation, maintenance, and other issues concerning your property.

The property management fee in Cyprus is usually 10% of the rental amount plus VAT and is charged annually.

If your case does not involve rent, for instance, if you own individual property, you will discuss the fee with the management company. It will depend on the property size, type, and required services.

A two-bedroom apartment without a swimming pool costs 60 euros per month, and a three-bedroom apartment costs around 75 euros per month.

If the complex has facilities such as swimming pools, etc., a two-bedroom apartment can cost 100 euros, and a three-bedroom apartment can cost around 150 euros.

Residential property management is the supervision of properties where people reside, such as apartments, houses, condos, and single—and multi-family homes. The property manager acts in the landlord’s place and controls everything a landlord normally does.

They will take care of the property’s maintenance and compliance, deal with tenants, and ensure the property is in good condition and profitable.

Commercial property management involves commercial-use properties, such as offices, retail, and other businesses. Their duties resemble those of residential management.

However, commercial property administration involves dealing with different clientele and ensuring compliance with laws and regulations applicable to commercial buildings and sites.

In Cyprus and other tourism-oriented countries, commercial property management also includes managing property to rent to tourists, like villas, country homes and hotel apartments.

In such a case, the manager will handle the meet & greet, cleaning, laundry, familiarising the guests with the property, giving tourist information, making repairs and other services, and arranging airport transfers and inspections of the property after the guests depart.

This type of management focuses on maintaining the property and collecting and processing rent. The property manager will perform the property's maintenance, repairs, insurance, and monitoring.

They will also manage tenant occupancy, maintain tenant relations, collect rent, and report to and confer with the owner on rents and accounts.

Common expenses management centres on collecting the common expenses from the occupants or tenants. Under Cyprus law, occupants or tenants must pay a monthly common expenses sum to the management committee or management company (which is acting on behalf of the management committee).

The Immovable Property (Tenure, Registration and Valuation) Law, Cap. 224 of the Laws is the applicable legislation. Table B(b) defines common expenses as the cleaners’ or cleaning services charge, cleaning materials and elevator maintenance and repair, communal electricity and water bills, common areas decoration and any expenses not included in Table B(a) for central heating and Table B(c) for insurance and overall repairs.

Cyprus legislation contains rules on managing common areas in apartments, offices and other multi-occupant buildings. This management is undertaken by a committee of occupants who may, in turn, hire property management professionals.

The common areas belong to all the owners or tenants equally and cannot be divided between them. This division ensures a fair and equal distribution of property rights. Parts of the common areas, such as parking spaces or storage rooms, can be assigned to specific owners or tenants.

However, assigning particular common areas to specific individuals is impossible for entrances, exits, stairwells, corridors, elevators, roofs, fire escapes, foundations, the main walls and service units meant for common use.

Depending on the size of their property, the owners, tenants, or occupants must contribute a sum of money for the maintenance and upkeep expenses of the common areas.

The management company can create a set of common area rules and take them to the management committee for approval (these rules must comply with existing laws). If no such rules are set, legislation has its own model rules. These are contained in the Immovable Property (Tenure, Registration and Valuation) Law, Cap. 224 of the Laws.