Cypriot parliament approves 2027 budget for Turkish Cypriot properties fund

On November 5, 2026, the plenary session of the House of Representatives of Cyprus approved the 2027 budget for the Turkish Cypriot Properties Fund. This fiscal plan marks a significant shift toward financial sustainability, with authorities describing it as essentially balanced compared to the chronic deficits of previous years, which historically reached approximately €2.5 million annually.

The budget projects total revenues of €16 million against expenditures of €16.8 million, resulting in a deficit of roughly €812,000. This represents a reduction of €1.4 million in the annual deficit compared to 2026. Interior Minister Constantinos Ioannou attributed this improvement to systematic reforms implemented over the past three years. Additionally, the Ministry of Interior reported that over 5,000 lease agreements have been audited, leading to the identification of 590 violations that triggered enforcement actions, including property recovery and legal proceedings.

Since June 2025, the administration has published details for 356 properties and initiated competitive bidding processes for eight others to improve transparency. The fund aims to utilize these resources to maintain and repair Turkish Cypriot properties, furthering its social role in supporting displaced persons.