Starting from 1 August 2023, condominiums will be mandated to establish a fonds de travaux (“works fund”), with all owners contributing to finance renovation projects.
The Chamber of Real Estate fully supports this measure, according to its president, Jean-Paul Scheuren.
Contributions to the fund will be made once a year, with the amount varying based on the property’s energy rating. Owners can expect to pay between €3 and €6 per square metre, depending on the energy class.
The funds will remain in the account, even if the property is sold. However, there is a possibility that the fund’s value could be factored into the sale price, Scheuren added.
