Authorities in Cyprus are changing the management and distribution system of Turkish Cypriot real estate

The Council of Ministers of the Republic of Cyprus has approved changes to the management and distribution of real estate left by Turkish Cypriots. The innovation is expected to protect the interests of Greek Cypriots who migrated from the north to the south during the population exchange in 1974.

According to the Minister of Interior of the Republic of Cyprus, Konstantinos Ioannou, the aim of the amendments is to limit the powers of distribution of property belonging to Turkish Cypriots in order to prevent abuses and exploitation, as well as to ensure equality and transparency in the interests of migrants.

Under the new regulations, a series of criteria will be applied during distribution, including consideration of the family and socio-economic status of individuals requesting Turkish Cypriot real estate. Additionally, applicants will be scrutinized for the presence of other assets on both parts of the island. Another important factor will be measures necessary to meet the real housing needs of the family.

• In this way, we will ensure that decisions on granting permits are based on the real needs and capabilities of the applicants, - emphasized the minister.

Furthermore, the changes will impose restrictions on the discretion of the guardian of Turkish Cypriot property, a role fulfilled by the country's Minister of Interior. The absence of restrictions in the past has led to abuses in the exploitation of real estate.

According to Konstantinos Ioannou, the process of improving the management of Turkish Cypriot assets has been ongoing since August 2023. During this time, leases for 3,211 real estate properties have been reviewed.

Violations of lease conditions were identified in 416 contracts.