North Cyprus Property | Immovable Property Commission Update

North Cyprus Property | Immovable Property Commission Update

Havadis newspaper (26.09.13) reports that the Immovable Property Commission (IPC) has transferred 8,853,000 square meters of Greek Cypriot land in the north into the ‘Turkish land registry’, and I assume the south’s land registry adjusted title deeds accordingly. The IPC has paid £133m in compensation since its establishment in 2006. This area of land is the equivalent of about 20 average size farms in the UK. It is not clear what this transfer mean to those currently occupying the land and who have been given TRNC titles.

Of this land, 460,000 square meters have been returned to Greek Cypriot owners and 1,196,000 square meters were exchanged with Turkish Cypriot property in the south. Again, it is not clear who, pre-1974, owned the Turkish Cypriot land in the south and whether arrangements had been made between the two owners to swap land. It would be interesting to know some of the stories involved in these transactions not involving payment. For example, are the Greek Cypriots who were given their land back now living there?

The expectation is that the IPC will be much more busy after the bank collapse in the south, with more Greek Cypriots needing to cash in on land left behind in the north in 1974. Perhaps in a few decades there will be no need for a Cyprus Settlement if the majority of the land in the north belongs to Turkey and Turkish Cypriots?

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