Cyprus Property | Greek Cypriot IPC Applications Expected to Exceed 6000

Cyprus Property | Greek Cypriot IPC Applications Expected to Exceed 6000

The Immovable Property Commission set up for Greek Cypriots to claim back properties left in the North, or to be offered compensation, has experienced a surge of applications in January. It is thought that this is related to the hardship currently being experienced in the south.

Greek Cypriots are complaining that once they had applied the process is taking an incredibly long time and that return of property is unlikely and that the compensation offered is insufficient. Turkish Cypriots with property in the south counter these complaints by saying that where the Greek Cypriot government have taken their property, and have refused any hope of it ever being returned, they have been refused any compensation unless there is a solution to the Cyprus Problem. These Turkish Cypriots say that as this is unlikely, even with the election of a pro-Annan President in the south, they have little or no chance of compensation, unlike their Greek Cypriot counterparts.

In cases where Turkish Cypriot property has not been ‘compulsory purchased’ they are being told they have to move their family to the south for five years, rent a property and support themselves during the economic crisis, and then hope that whichever party is in power honours this five year deal and doesn’t issue a ‘compulsory purchase’ notice a few weeks before the 5 years is up.

Personally I think the IPC offers the better deal.

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