The introduction of the Multi-unit development Bill is a step in the right direction for apartment living in Ireland. The bill which was introduced last month aims to protect those living in apartment blocks and small housing estates. Under this bill, owners will have a greater say in the running of the property management companies.
The bill also tackles the issue of developers … being slow to hand over ownership of common areas to the management companies. Common areas must be handed over to the management company from the developer prior to selling any of the properties. Another requirement is that the management company set up a sinking fund for any unforeseen expenses. There will be an annual minimum fee of €200 per unit to put towards this sinking fund.