IPC applications by Greek Cypriot owners rise to 8,755
Forty Greek Cypriot property owners applied to the Immovable Property Commission in the past month as parliament prepares to examine compensation proposals.
Nicosia, Cyprus. A further 40 Greek Cypriot property owners applied to the north’s Immovable Property Commission (IPC) in the past month, bringing the total number of applications to 8,755.
The figures were released on Tuesday as the House prepares to resume work on proposals to compensate owners deprived of their properties since 1974.
IPC figures
The IPC had completed examinations of 3,592 applications this year as of last Friday, compared with 3,288 a month earlier.
The commission was established in 2005 following rulings by the European Court of Human Rights and was later recognised by the court as a domestic remedy for property claims.
Total compensation awarded to Greek Cypriot owners through the IPC has reached £662.9 million, or about €775.9 million.
Proposed national fund
The increase in applications comes as the Republic considers financial support for refugees.
Disy submitted a bill in July last year proposing the establishment of a national fund for loss of use. The proposal remains before the House refugee committee, with Disy expected to seek to expedite its examination when parliament resumes in September.
The proposed fund would be financed through a 0.4 per cent levy on property transactions, state grants, donations and income from assets. It would be overseen by a committee chaired by the permanent secretary of the finance ministry.
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