Cyprus Problem | IPC Claim Means Ex-Pats Lose Property

Cyprus Problem – IPC Claim Means Ex-Pats Lose Property

According to Afrika newspaper (25.02.14), it has been decided that if a Greek Cypriot is compensated by the Immovable Property Commission (IPC) for land they have left behind in the north then a note will be added to those deeds saying “It is paid by the Republic of Turkey.” Apparently this was agreed after a discussion between TRNC lawyers, who visited Turkey, and Turkish officials. Afrika newspaper concludes that this means that this property would then belong to Turkey.

So, if the IPC compensates a Greek Cypriot for property you have bought then your TRNC title deeds become void, according to Afrika newspaper. Even worse, if you buy a field and build a villa on it then Turkey pays for a field and gets a villa for free if the IPC grants a compensation claim. Sounds like Akfinans Bank has advised them.

On a more positive note, if whoever buys the field pays the compensation then this could mean they then have internationally recognised deeds.

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