The Presidential Palace is being implemented in the Turkish Republic of Northern Cyprus (TRNC). Although it was originally built by TOKI — another tender was held for it.
The background is that during his visit to Northern Cyprus in 2021, Turkish President Recep Tayyip Erdogan stated that "... the presidential government of the Turkish Republic of Northern Cyprus has neither a proper presidential building or complex, nor a proper parliament building" explaining that this is inappropriate.
2.285 billion TL were spent to build it. 883 million TL was allocated for the construction of the Nicosia ring road leading to the future presidential property. It was built by TOKI, but the project was postponed. The current tender was won by another company.
The project is scheduled to be completed in December 2024.
Real estate investors are also showing a growing interest in Northern Cyprus, as residential property prices here have almost doubled in a year.