In a recent report, by the SCSI, which the Irish Times reported on, Kevin Hollingsworth, Managing Director of Omega Surveying Services and President of the Society of Chartered Surveyors Ireland (SCSI), highlights a concerning trend affecting apartment blocks across Ireland. The report reveals that a staggering 90% of apartment block managers report insufficient funds to cover essential maintenance costs, leaving property owners vulnerable to financial risks. The SCSI emphasises the importance of “sinking funds”—reserves meant for upkeep—warned that many property owners are contributing far less than necessary. As older developments age, the need for adequate funding becomes increasingly critical.

For a deeper understanding of this pressing issue and its implications for homeowners, read the article in full here.