Nicosia, Cyprus. Business owners operating out of Turkish Cypriot properties expressed anger on Wednesday over steep rent increases following amendments to the Turkish Cypriot properties management law, according to the small shopkeeper’s association Povek.
Rent changes linked to amended law
Povek said the amended legislation has led to sudden rent hikes which business operators described as unsustainable.
Povek leader Kyriakos Moustakas said the changes have caused “huge disruption” among affected tenants, adding that “disturbance has been created and if there is no response, mobilisations will be decided”.
Committee seeks meetings with officials
A newly formed parliamentary committee representing displaced holders of business premises sent letters requesting meetings with the president, the interior minister, the House refugee committee and the refugee union.
The committee said those affected lost their properties without compensation and are now being asked to pay market rents for premises they developed to ensure their survival.
“These are people who built businesses from scratch in spaces that were empty plots or semi ruined buildings,” Moustakas said. He added that the committee is preparing a detailed memorandum outlining objections to the law article by article.
Examples cited of extreme increases
The issue escalated after disclosures at the House committee, where examples were cited of sharp rent increases.
In one case, rent for an industrial premises reportedly rose from €20 to €1,700 per month, putting the business on the brink of closure.
Authorities cite market alignment
The head of the Turkish Cypriot property management service said the revisions aim to align rents with market values, suggesting that in some areas a “fair” rent could reach €10,000 per month.
Business representatives said the approach ignores decades of private investment.
How do you think rent levels should be set for businesses operating in Turkish Cypriot properties?