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

It is estimated that the scale of defects in apartments and duplexes (and/or their associated common areas) built between 1991 and 2013 is between 50 and 80 per cent

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 ...