Has Turkey Just Destroyed The North’s Property Industry?

Has Turkey Just Destroyed The North's Property Industry?WITHOUT PREJUDICE

Has Turkey Just Destroyed The North’s Property Industry?

News is coming in of an unconfirmed rumour of a complete u-turn by Turkey in the already troubled property issues between north Cyprus and the ROC. According to Cyprus Mail, quoting the north’s Afrika newspaper:

“Ankara has told the Turkish Cypriots it would no longer fund compensation for Greek Cypriot properties under the north’s immovable property commission (IPC) and that those people living in them would have to pay a 25 per cent tax over the value of the property, Turkish Cypriot daily Afrika reported on Wednesday.

According to Afrika, Ankara told the breakaway state it would stop funding the IPC, and the Turkish Cypriot side does not have the money to pay off Greek Cypriot applicants who want to sell their property in the north.

Afrika said the plan is now to impose a 25 per cent tax on those holding Greek Cypriot properties. The paper said contacts have already been held with the banks’ union so that those individuals who cannot pay could secure a loan with the cash going straight to the IPC. The Turkish ‘ambassador’ to the north is reportedly coordinating the initiative.

As of Wednesday, 5,899 applications from Greek Cypriots had been lodged with the IPC. Some 531 have been concluded through friendly settlements and 12 through formal hearing. The commission has paid out 161.3m sterling (€200m) in total to Greek Cypriots.

The IPC has ruled for exchange and compensation in two cases, for restitution in one case and for restitution and compensation in five cases. In one case it has delivered a decision for restitution after the settlement of Cyprus issue, and in one case it has ruled for partial restitution.”

Advice being given by the ECHR to claimants to use the Immovable Property Commission would no longer be valid. What extremely bad timing, if true.

So will we be seeing yet another Orams shaped scenario? Watch this space.

Pauline Read

 

 

 

WITHOUT  PREJUDICENews is coming In of a complete U turn by Turkey in  the already troubled property issues between north Cyprus and
the ROC.

“North’s property commission runs out of money

North’s property commission runs out of money The resumption of talks has led to a reduction in the rate of IPC applications
By Staff Reporter
Ankara has told the Turkish Cypriots it would no longer fund compensation for Greek Cypriot properties under the north’s immovable property commission (IPC) and that those people living in them would have to pay a 25 per cent tax over the value of the property, Turkish Cypriot daily Afrika reported on Wednesday.
According to Afrika, Ankara told the breakaway state it would stop funding the IPC, and the Turkish Cypriot side does not have the money to pay off Greek Cypriot applicants who want to sell their property in the north.
Afrika said the plan is now to impose a 25 per cent tax on those holding Greek Cypriot properties. The paper said contacts have already been held with the banks’ union  so that those individuals who cannot pay could secure a loan with the cash going straight to the IPC. The Turkish ‘ambassador’ to the north is reportedly coordinating the initiative.
As of Wednesday, 5,899 applications from Greek Cypriots had been lodged with the IPC. Some 531 have been concluded through friendly settlements and 12 through formal hearing.  The commission has paid out 161.3m sterling (€200m) in total to Greek Cypriots.
The IPC has ruled for exchange and compensation in two cases, for restitution in one case and for restitution and compensation in five cases. In one case it has delivered a decision for restitution after the settlement of Cyprus issue, and in one case it has ruled for partial restitution.”

Advice being given by the ECHR to claimants to use the Immovable Property Commission will no longer be valid.

What extremely bad timing.

So when will we be seeing yet another Orams shaped scenario?    Watch this space.

Pauline Read

Print Friendly, PDF & Email

Comments are closed.