What Happened to Turkish Cypriot Properties Left in South?

What Happened to Turkish Cypriot Properties Left in South?Ninety  percent of Turkish Cypriot properties left behind in the south in 1974 have been sublet, often at inflated rates, and in some cases are being used by millionaires and high-ranking state officials as holiday homes.

A strategic plan, aimed at openness and accountability is expected to be handed to the south’s Interior Minister, Socratis Hasikos, according to the deputy head of ministry’s Guardianship of Turkish Cypriot Properties Matheos Economides. The aim is to amend legislation and procedures and introduce a “just and meritocratic” distribution of Turkish Cypriot property to Greek Cypriot refugees or their beneficiaries.

After the 1974 Turkish intervention, both the south and the north’s government allowed refugees to live in and use vacant Greek and Turkish Cypriot properties.

“Unfortunately we were informed about cases when some refugees, beneficiaries of such establishments, sublet them to non-refugees for €200 to €300 monthly rents and they in their turn sublet them to others for rents as high as €4,000 to €5,000 per month,” Matheos Economides said.

This is illegal and those who do this lose their rights over the property and also face legal action.

“Only in extraordinary cases sublets are allowed, and only after permission granted by the guardian. To [enforce this] we would need to recruit the island’s whole police force”.

The rents charged to the users of the Turkish Cypriots’ properties are minuscule.

“Monthly rents [on Turkish Cypriot properties] as low as €5 and €10 might have been deemed as appropriate in 1975, but today this cannot be the case, especially when some establishments yield monthly profits of €10,000 and €20,000.”

Personally, I expect nothing to happen but if/when there is a settlement then I assume that when Turkish Cypriots are compensated for the loss of their property in the south, or it is returned to them, then this rental income will be taken into account. It should be easy to calculate from the tax records of those receiving rental income.

Writer stops laughing and pulls tongue firmly out of cheek.

 

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2 comments to What Happened to Turkish Cypriot Properties Left in South?

  • Polly Marples

    When Pauline lived in Paphos she had friend who was second in command at the Paphos Land Registry Office, when he retired he and his girlfriend rented a TC property in Arodes, the rent was miniscule.

  • Cyprus Sue

    Property fraud in Cyprus? Never!

    One of the main reasons the island will never unite – too much at stake for the big earners to loose.Too much power to be lost.