The Turkish Cypriot Properties Fund plans to spend almost 17 million euros in 2027, while expecting to collect about 8.8 million euros in rent, according to its budget.
The spending includes 1,642,000 euros for sewerage: 1,570,000 euros in fees and 72,000 euros for connecting properties to sewerage systems.
The budget was discussed at parliament’s refugees committee, where chairman Nikos Kettiros and parliament members Zacharias Koulias and Adamos Aspris stressed the need for better housekeeping in the management of Turkish Cypriot properties.
According to the budget, revenue will total 16,017,800 euros, including a government grant of 7,250,000 euros, and rent from leasing Turkish Cypriot properties is expected to bring in 8,767,800 euros. Anthi Lakkotrypi, director of the Turkish Cypriot Properties Management Service, told the committee that expenditure would total 16,829,939 euros.
The government grant is split between 6.5 million euros for the Fund and 750,000 euros in compensation for the fire in Limassol district on July 23, 2025, which affected Turkish Cypriot properties in Malia. The compensation will be paid under a cabinet decision of March 11, 2026, as part of the policy on financial aid to individuals and private entities affected by natural disasters.
Where the money goes
The largest items are 4,278,129 euros for hourly-paid staff carrying out maintenance work and 4 million euros for maintaining and repairing homes where refugees live. Salaries for the Management Service’s staff will cost 3,215,000 euros.
Maintenance of listed buildings and commercial premises will cost 1,107,000 euros, and minor building works 159,000 euros. Maintenance and cleaning of ancient monuments will cost 297,350 euros, and cleaning of open spaces 150,500 euros. A further 611,000 euros will go on purchasing services and 360,000 euros on upgrading information systems.
Deficit and reserve
The Fund’s deficit of 812,139 euros is 1,401,477 euros lower than in 2026, Lakkotrypi said. It relates to two of the Service’s projects: a new computer system for Turkish Cypriot properties and a programme of visual inspections.
In the inspections, civil engineers check whether the properties, mainly homes, have structural problems serious enough to make them dangerous.
The deficit will be covered from the Fund’s accumulated reserve, which stood at 5,842,820 euros at the end of 2025. A further surplus is expected for 2026. The surplus to the end of 2025 was large not because revenue rose but because not all planned projects were carried out.
