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Greek-Cypriots Buy and Sell Properties in Occupied Areas

Greek-Cypriots are currently buying and selling properties in the occupied areas of Cyprus at prices higher that the ones set by the Turkish-Cypriot Immovable Property Commission (IPC) and lower than the market value in the Greek-Cypriot part of the country.
According to newspaper “Politis,” 124 Greek-Cypriot-owned properties were sold in the occupied areas of Cyprus between January 2014 and May 2015. Furthermore, it was reported that just nine of these properties were sold at prices evaluated by the Land Registry, while still remaining below the market value. In fact, most properties were sold at half their market value price in government-controlled areas.
Most property transactions in the occupied areas take place between Greek-Cypriot individuals and not with companies.
Politis noted that Interior Ministry Permanent Secretary Constantinos Nicolaides said there was no evidence to show that people were buying Greek-Cypriot-owned property in the occupied areas in order to seek higher compensation in case of a settlement, which currently appears to be closer than it has been since 2004.
Furthemore, the Interior Ministry Secretary stressed that the current selling prices are not that much different from what the IPC would have received as compensation, given that the commission was known for having set very low prices on properties.

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