Andrew, individual owners have painted their own terraces. There is lots of discussion about the materials to use on the owners forum.
Full block painting will be carried out using the block paint fund. I have seen estimates of 20,000 - 30,000 euros per block. Not sure how realistic these are but probably in the right ballpark.
For a 32 block apartment on phase 2 this would equate to less that 1,000 euros per apartment. All the more reason for block presidents to start thinking about rebuilding paint funds to spread the costs over a number of years. Again, this is being discussed on the owners forum.