FORMS OF ADMINISTRATION OF MULTI-APARTMENT BUILDINGS: WHICH ONE TO CHOOSE?
According to the Center of Registers, in the first half of year 2023, 56 400 sales transactions of real estate (RE) objects were registered in Lithuania. This is a decrease of 15 percent compared to January-June 2022, when around 66 500 property sales were registered. PRIMUS Real Estate and Construction practice group lawyers, who have been advising real estate developers and real estate investors for more than a decade now, notice that the real estate market sees a tendency of intensification of transactions with the arrival of summer period.
In 2021 – 2022, real estate developers, assisted by PRIMUS lawyers, sold more than 270 apartments in the cities of Vilnius and Klaipėda, with the total number of square meters exceeding 12,500 sq. m. and the value of the apartments is more than 27.4 million. In addition to contributing to the development of projects, the Real Estate and Construction practice group helps clients choose the most appropriate and optimal form of administration for their multi-apartment building. Quite often real estate developers are faced with various issues related to the administration of a multi-apartment building: how people who have purchased the property could continue to rationally use and economically solve the general management organization, various economic and financial matters, which are properly aligned with the interests and needs of the majority of owners.
As for the forms of administration of a multi-apartment building, individuals are left with a wide right to choose from several ways of managing a multi-apartment building. PRIMUS Real Estate and Construction practice group lawyers, Karolis Diska and Ingrida Mulvinaitė, gives a brief review on these forms.
Whole article available in Lithuanian language here.