‘IPC RULING COULD NOW PUSH UP PRICES TENFOLD’

Estate Agents’ Union boss Hasan Sungur has claimed property and land in the North formerly owned by Greek Cypriots could increase in price tenfold following the European Court of Human Rights’ (ECHR) decision to back the Immovable Property Commission (IPC).

Earlier this month ECHR judges ruled that Greek Cypriots must appeal to the TRNC-based body if they want compensation or the return of their land before a settlement, ruling it was “an effective remedy” to hear property cases.

Now, thanks to the ECHR decision, Mr. Sungur believes owners of so-called “equal value” or “allocated” (esdegar) land could be in line for a large windfall.

He said: “The current outlook within the TRNC property sector has nothing to do with the Orams case. The negative picture has been due to a lack of proper legislative arrangements necessary to allow North and South to exchange land and properties.

However, following the ECHR’s verdict, I expect the demand for these types of property to increase along with prices. There will now be no chance of these properties being returned to the Greek Cypriot side, therefore the anxiety of people who bought former Greek Cypriot land or built on it – and of Turkish settlers who were allowed such land – has been eliminated. In some areas, the prices of these kinds of properties will increase by 10-times their current value because they are now under the guarantee of the IPC.”

Mr. Sungur said his members expected the Government to give a further boost to the embattled property sector by remaining true to its word and opening up previously-protected land for development – as proposed by recent decrees. “The property market will start to pick up once the Presidential election is over and the Government is able to pass such legislation,” he added.

“We hope that whoever is President, will work in harmony with the Government and allow the property sector to flourish once more.”

Since the ECHR decision, about 1,400 Greek Cypriots have had their cases referred back to the IPC in a major blow to the Greek Cypriot authorities who had argued it was illegal and part of the unrecognised TRNC.