Subletting, neglect, underreporting of rental income and patronage – the allocation of Turkish Cypriot properties in the government-controlled areas has descended into a bureaucratic labyrinth prone to rampant abuse which the government is only now attempting to rectify.
The total value of these properties now exceeds €7.5 billion, with projected annual rental income for this year at around €6.56 million.
A legacy of token rents, paper contracts and inertia left the properties
