The Turkish Cypriot Property Management Service has finalised a comprehensive manual to govern the fair distribution of 130 prime real estate plots across Cyprus. Following directives from Interior Minister Constantinos Ioannou, these high-value properties in Nicosia, Larnaca, and Limassol will be leased through a competitive bidding process that awards contracts to the highest bidders. This “bible” of procedures ensures that every applicant is treated equally under the updated legislative framework. Leases for these commercial premises and open spaces will run for an initial seven-year term, starting from the date of contract signing and delivery, with an option to renew for a further seven years.
The bidding process targets two specific categories of professional real estate. The first involves professional premises or open spaces in Special Management Zones, which the Cabinet designates based on unique urban, economic, or commercial characteristics. The second category covers commercial premises that have received an Unsuccessful Visual Inspection certificate. The Management Service maintains a formal Special Management Zone List that archives cadastral data, reserve rent prices, and specific competition deadlines. This archive ensures a complete paper trail of applications, minutes, decisions, and contracts to uphold total transparency throughout the process.
A dedicated Tendering Committee for the Management Service, chaired by the Service Director, will oversee the allocation of these high-value assets. To prevent conflicts of interest, the chair and all committee members must recuse themselves if they have any direct or indirect link to a bid, with such actions officially recorded in the minutes. The Committee possesses the authority to select which properties are released for public tender, approve all official documentation, and evaluate bids for both eligibility and financial strength. By law, the Committee must accept the highest financial offer, provided the bidder meets all established conditions of the contest.
The formal process begins with a mandatory visual inspection and a market rent assessment conducted exclusively by the Department of Lands and Surveys. This valuation considers the property’s current legal and physical condition to set a monthly reserve price. Once the Committee approves a property for release, the tender appears on the Service’s website with full cadastral details, square footage, floor levels, and usage terms. Interested parties must submit their offers and all required supporting documents in a sealed envelope to the tender box at the Service’s head office. Any missing documentation leads to immediate disqualification. Once the Committee selects a winner, the Interior Minister ratifies the decision. Following a 15-day window for potential appeals, the successful bidder is invited to sign the lease and take possession of the property.