Fees & Responsibilities in Cyprus
Although often used interchangeably, Project Management and Building Management serve different functions within the real estate and property sector. Each involves distinct responsibilities, operational duties, and fee structures.
Project Management
What is Project Management?
Project Management relates to the planning, coordination, supervision, and execution of a property development or construction project from inception through completion.
Project managers typically oversee:
- design coordination
- budgeting
- construction timelines
- contractor supervision
- procurement
- licensing coordination
- quality control
- project delivery
- communication between consultants, developers, and contractors
Project management is generally temporary and ends once the project is completed and delivered.
Typical Project Management Duties
Development & Construction Oversight
- project planning
- contractor coordination
- consultant management
- scheduling and timelines
- procurement coordination
- budgeting and cost monitoring
- quality assurance
- construction supervision
- reporting to owners or investors
Administrative & Compliance
- permit coordination
- authority liaison
- documentation control
- health & safety oversight
- risk management
Typical Project Management Fees
Project management fees in Cyprus commonly range between:
- 3%–10% of total construction or project cost
depending on:
- project scale
- complexity
- luxury specifications
- construction duration
- service scope
Luxury developments and large-scale projects may involve additional consultancy or coordination fees.
Building Management
What is Building Management?
Building Management relates to the ongoing operation, maintenance, administration, and supervision of a completed building or residential development after construction is finished. Building management is continuous and focuses on maintaining the property’s operational standards and shared facilities.
Typical Building Management Duties
Operational Management
- common area maintenance
- cleaning services
- lift maintenance
- landscaping
- pool maintenance
- security supervision
- utility coordination
- contractor management
- maintenance scheduling
Financial Administration
- communal expense budgeting
- collection of management fees
- invoice payments
- reserve fund administration
- financial reporting
Resident & Owner Services
- owner communication
- tenant coordination
- complaint handling
- facility supervision
- building rule enforcement
Typical Building Management Fees
Building management fees are usually charged as:
- annual communal fees
- monthly management charges
- or cost allocations per unit owner
Fees vary depending on:
- building size
- amenities
- staffing
- security
- maintenance requirements
- luxury facilities included
Luxury developments with:
- swimming pools
- concierge services
- gyms
- landscaped areas
- security systems
- rooftop amenities
typically incur higher management costs.