The Immovable Property Commission (IPC) was set up, under law 67/2005, to provide remedies for properties that had to be abandoned by Greek Cypriots in northern Cyprus, pursuant to the events of 1974.
The IPC has been in operation since then and is a body that is recognised by the European Court of Human Rights, as a judicial mechanism that offers effective domestic remedies.
There has been a noticeable increase in the activities of the IPC in recent years, particularly in 2023. The IPC has been issuing awards in relation to claims made by Greek Cypriots at a much faster pace than before.
Financial Solutions: Funding IPC Compensation Payments
One of the problems that was being faced regarding IPC applications has been the lack of funds to pay compensation to the Greek Cypriots applicants. In the beginning of 2023 the Turkish Cypriot administration made an amendment to the property transfer taxes paid at the District Lands Office in northern Cyprus. In accordance with the amendment to the legislation, transfer taxes were increased and a percentage of the taxes is now directed to a fund that is used to pay Greek Cypriots that have been awarded compensation by the IPC.
GBP 12 Million Disbursed: Successful Settlements for Greek Cypriot Applicants in 2023
As a result, according to the IPC, in 2023 a total of GBP 12,000,000 (twelve million British pounds) was paid to settle 32 applications made by Greek Cypriots. Funds continue to flow into the budget line dedicated to compensation for Greek Cypriots and payments are being made regularly.
Turkish Cypriot Administration’s Support for IPC
In recent months Turkish Cypriot authorities expressed on several occasions their commitment to ensuring that the Immovable Property Commission remains an effective domestic remedy, as acknowledged by the European Court of Human Rights. It is expected that in the coming period applications to the IPC will be concluded and compensation payments will be made at increasingly faster rates.
The Prime Minister has recently made the announcements that GBP 68,000,000 ( sixty eight million British pounds) will be paid for 200 applications that have been finalised by the IPC.