Determining the Value of a Share in a Condominium Unit per Square Meter
Mr. Thiab Al-Jabarti, manager of the South Jeddah branch of Al-Safqa Al-Masiya Company, confirmed that the implementation of the Owners" Association System increases the value of the property. He noted that property managers face certain obstacles, such as unit owners" failure to register their properties, and some owners" failure to pay the required fees.
Al-Jabarti pointed out problems with apartments and common areas such as cracking ceramic and porcelain tile floors and peeling paint. He added: “If the residential unit is still under warranty, the quick solution is through the seller, the previous property owner, or the developer. However, if the residential unit is no longer under warranty, a homeowners’ association meeting is held, and the cost of the repair bill is divided among the owners for the common areas, As for the interior of the residential unit, the unit owner is responsible for the costs.
Al-Jabarti concluded his remarks to “Amlak” by saying: “The contribution amount per square meter must be determined by the homeowners’ association and not left to the service provider. Furthermore, owners of residential units must be required to register their properties, and a fine must be imposed on those who fail to comply with the registration requirement.”
