Property
Apartment owners need to take proactive approach on €2.5bn defects scheme
Owners’ management companies must be prepared if they want to successfully submit a claim
On January 18, the government approved the drafting of legislation for a defects scheme of up to €2.5 billion of funding for the owners’ management companies (OMCs) of apartments and duplex properties built between 1991 and 2013.
OMCs are the companies that own and maintain the shared space of multi-unit developments, which each unit owner has a share in.
There are three main areas of defects for which OMCs may qualify for this funding. They ...