*Press Release

In light of the collapse of balconies at an apartment building in Limassol, the Real Estate Development Association reiterates the need to immediately push forward with reforming the framework governing the management and maintenance of multi-unit buildings, noting that there is no longer any room for further delays.

This latest incident comes just a few months after the collapse of a building in Limassol, which claimed the lives of two of our fellow citizens, as well as the subsequent evacuations of apartment buildings in various areas of Cyprus. These incidents serve as a clear warning of a long-standing problem affecting thousands of multi-unit buildings, many of which were built decades ago and are in increasing need of maintenance and renovation.

The Real Estate Development Association has repeatedly emphasized the need for the House of Representatives to proceed without further delay with the passage of the “Law of 2023 on the Management of Common-Ownership Buildings and Related Matters,” which modernizes the existing institutional framework and addresses long-standing inefficiencies affecting the management of jointly owned buildings.

At the same time, the Association considers it essential to establish an independent supervisory authority that will ensure compliance with the law, transparency, and effective oversight of the operation of jointly owned buildings. Equally important are the establishment of uniform operating regulations, strengthening the powers of management committees, creating mandatory reserve funds for maintenance work, and instituting mandatory periodic inspections to verify the suitability of buildings.

The safety of multi-unit buildings cannot be left to good will or chance. It requires a modern and effective institutional framework that will strengthen accountability and ensure the protection of human life and citizens’ property.

The Real Estate Development Association emphasizes that reforming the framework for managing multi-unit buildings is now a matter of public safety and calls on the House of Representatives and the Parliamentary Committee on Internal Affairs to immediately proceed with the necessary legislative measures.