Condominiums: Introduction Of A Works Fund

The Law of 30 June 2022 amending the amended Law of 16 May 1975 on the status of condominiums for the purpose of introducing a works fund ("Law"), which entered into force on 1 October 2022, has introduced a mandatory works fund for condominiums for the purpose of promoting the renovation, and in particular the energy renovation, of these buildings.

Co-owners are required to build up financial reserves to anticipate the costs of renovation works. In practical terms, these reserves are made up of a mandatory annual contribution, the amount of which is decided by a simple majority vote at the general meeting. A minimum amount is set per square metre of energy reference area, based on the energy quality of the relevant building.