Turkish Cypriot Property Administration Sees €600,000 Revenue Boost in 6 Months

The inspections were initiated by the Cypriot Interior Minister, Constantinos Yiannou, and have been ongoing for the past six months. The newspaper "Fileleftheros" reports that the inspections have revealed substantial findings.

As part of the investigations carried out under the Turkish Cypriot Immovable Properties Administration, it has been determined that one out of every ten immovable properties used as businesses is in violation of usage conditions. Additionally, out of the 540 immovable properties examined, 69 have raised suspicions due to both usage conditions and whether their users are rightful owners.

Following these inspections, it is reported that the Administration's revenue has increased by €600,000 over the past six months, and legal actions have been taken for this amount. It has also been emphasized that agreements and settlements have been reached for the Administration's claims of €1.5 million.

The newspaper also notes that a previous report from the Audit Office had highlighted that 65% of Turkish Cypriot commercial immovable properties are being used by their rightful owners. The number of Turkish Cypriot commercial immovable properties is listed as 1,500 in Limassol, 1,352 in Paphos, 1,181 in Larnaca, and 528 in Nicosia.

In his statement, the Cypriot Interior Minister reportedly mentioned that it does not make logical sense for the state to manage €6 billion worth of properties while only generating €6 million in annual income.

Source: Fileleftheros