01 Feb 2015, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)
A vertical property consists in the separate ownershipin one of many independent buildings or in parts of buildings which have been constructed in a single plot. This type of s eparate ownership refers to the building, while there is common ownership by specific percentages on the whole plot and any covered or not covered common areas of the plot.
The vertical property can be established either as a simple vertical ownership status or a compound one. Simple vertical ownership (co-ownership) exists when each one of the buildings constructed or planned to be constructed on the same plot by the relevant establishing act, is a separate property, owned or to be owned by one or more of the joint owners of the whole plot.
A vertical property can be established even in a non-built plot which is "divided" by a specific act, in clearly defined parts, in each one the corresponding co-owner of the whole plot has exclusive use and building rights or has an exclusive use on aalready existing building which is separated from any other existing buildings of the plot vertically. In the act of the establishment of the vertical ownership the percentage of the total building allowance that each co-owner is entitled tois defined, by position and size regardless of the applied planning legislation for its exploitation, as well as other related issues e.g. ensuring the access to the separate parts of the whole plot.
The compound vertical ownership (co-ownership) is established whenseveral buildings, alreadyconstructed or planned to be constructed according to the act of establishment or the vertical properties on the same plot, are divided horizontally in floors or parts of floors (apartments) and each co-owner of the whole plot has a sole ownership on a floor or a part of a floor of one of the buildings and a joint ownership on the whole parcel. In this case, in the establishing act, except for the percentage of the ownership on the part of the plot, where the building is constructed or is going to be constructed, a specific horizontal property is included, the percentage of which on the whole plot is also referred.
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