Condominiums have only been around since the early 1950s. Since then, they have made a triumphant advance and are now a popular form of property ownership. The underlying Condominium Act has been reformed several times. Following an amendment in 2007, it was last subjected to a further, very comprehensive reform in 2020. Another amendment is now pending.
The Home Ownership Act is more than 70 years old. It came into force in 1951 and thus dates back to a time when rubble landscapes and makeshift residential buildings characterised the image of many German city centres. After a phase of relative insignificance, interest in condominiums has slowly increased since the 1970s and has long since taken off. At the beginning of 2018, just under 14 per cent of all households in Germany owned a condominium.
One of the reasons why home ownership is so popular is that homeowners - unlike tenants - largely regulate and organise communal living themselves and share any risks. Over the decades, a comprehensive set of rules has developed that defines the rights and obligations of the individual owners. According to the German Condominium Act (WEG), the homeowners' assembly is the highest decision-making, decision-making and self-governing body of the homeowners' association. The condominium owners decide on all relevant matters relating to the common property.
The coronavirus pandemic was the catalyst for further changes. In times of social distancing, condominium owners had to come up with something to be able to make important decisions. The property managers' associations were quick to advocate the introduction of virtual owners' meetings to ensure that the community could maintain a quorum even under special circumstances.
The Bundestag has now decided to introduce the virtual owners' meeting as an additional meeting option. Meetings can now also be held more frequently during the year, which is essential in view of the increasing demands and growing shortage of skilled labour in property management companies.
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