In southern Cyprus, Turkish Cypriot properties will be leased via auctions

In southern Cyprus, the authorities have begun publishing information on the leasing of properties belonging to Turkish Cypriots on the official website of the Turkish Cypriot Properties Administration.

Properties with high commercial value are planned to be leased through open auctions. The first auction is expected to take place as early as February and will involve three Turkish Cypriot-owned properties:

• one in the center of Limassol,
• another in the Mackenzie area,
• the third within the walled city of Nicosia.

At the same time, it is emphasized that these rules do not apply to properties in rural areas, including houses rented as summer residences. Such buildings were leased many years ago to prevent their deterioration and abandonment.

Approximately 10% of southern Cyprus consists of properties belonging to Turkish Cypriots. According to a 2018 estimate, their total value is assessed at €6.1 billion.

The structure of this property is distributed as follows:

• 23% — residential houses,
• 6% — summer houses,
• 14% — commercial buildings,
• 43% — agricultural land,
• 14% — other open areas.

It is also reported that there are currently 20,093 active lease agreements. Of these, 86.5% are concluded with Greek Cypriot refugees, while the remaining 13.5% are with state bodies, organizations, and other tenants.