Immovable Property Commission may be extending deadline for another two years

According to rumours published in Turkish Cypriot Haberdar newspaper, Turkey MAY BE extending the deadline for Greek Cypriot applications concerning property they hold pre-1974 issued title deeds for. If this is true then it looks as if they will have until December 2013 to apply for property return, a swap with Turkish Cypriot property in the south or cash compensation.

The slow rate that IPC was processing current claims, and the reluctance of GCs to apply just in case there was a settlement, seemed to indicate that this extension was likely. In my opinion, a settlement is unlikely, and any GC wishing to benefit from these properties as a world recession bites, would mean that in the next two years the IPC route will become a lot more attractive.

It also seems that any moves to seek compensation using alternative routes will have to be stalled for at least two years to allow local remedies to be first exhausted.

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