A high-value Turkish Cypriot seafront property located in the Mackenzie area, next to Ammos Beach Bar in Larnaca, will be offered for lease through a competitive bidding process. The property, which currently consists of a plot of land, can only be claimed by refugees until Monday, 25 May 2026. The lease will be awarded to the bidder offering the highest annual rent.
The lease includes the obligation for the successful bidder to maintain and keep the entire area in good condition, as well as the right to develop and commercially exploit the property throughout the duration of the lease. It is clarified that development on Turkish Cypriot land is limited to prefabricated or temporary-type structures.
The Guardian of Turkish Cypriot Properties, namely the incumbent Minister of Interior, is required to accept the highest rent offer provided that it meets all the conditions of the tender. The property, with registration number 9/93, Sheet/Plan 60/09W1, Plot 93, Section 9, Subdivision 15, is located in the Skala parish of the Municipality of Larnaca.
Who can apply
Participation in the bidding process is limited to refugees and to legal entities whose majority shareholding belongs to refugees. No bid will be accepted if the bidder has outstanding debts to the Turkish Cypriot Properties Fund, is bankrupt, or is involved in legal proceedings against the Guardian.
Seven plus seven years
The lease duration will be seven years from the date of signing the contract and delivery of the property to the successful bidder. There is an option to renew the lease for an additional seven years, at the discretion of the lessor.
Upon the expiration, cancellation or termination of the lease, the successful bidder must immediately vacate the property and return it to the Guardian.
Minimum rent €78,000
According to the tender notice, the minimum annual rent for leasing the property is set at €78,000. The annual rent will be subject to a 5 per cent increase every two years.
The successful bidder will be personally responsible for the use and management of the property and will not have the right to sublease, sublet, assign or transfer its use to any third party in any manner.
Second tender under way
Another bidding tender is currently in progress for a Turkish Cypriot plot with registration number 1/48537, Sheet/Plan 54/570604, Section 1, located in the Agios Ioannis parish of the Municipality of Limassol.
This plot is considered a high-value commercial property in the city centre and has generated significant interest. The final date for submitting bids for this property has been set for Tuesday, 14 April 2026.
New approach
The allocation of high-value Turkish Cypriot properties to refugees through bidding tenders represents a new approach in the management of these properties.
The competitive process replaces discretionary decisions with a public tender, ensuring transparency and merit-based allocation while rationalising the financial management of these assets.
Turkish Cypriot properties located within “Special Management Areas” will now be leased exclusively through bidding procedures. These areas were selected based on strict and objective criteria in cooperation with the Department of Town Planning and the Department of Lands and Surveys, taking into account planning, economic, commercial and other specific characteristics.
The first “Special Management Areas” include the Mackenzie and Piale Pasha coastal zones in Larnaca, the walled city of Nicosia and other individual high-value locations.