Greek Cypriot refugees increasingly turn to IPC for compensation

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 filed to 8,755, figures released on Tuesday showed. The latest figures come as the House prepares to resume work on proposals to compensate owners who have been deprived of their properties since 1974. At the same time, the IPC had completed the examination of 3,592 applications this year as of last Friday, up from 3,288 a month earlier. The commission was established in 2005 following rulings by the European Court of Human Rights (ECHR) 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. The rise in applications comes as the Republic itself considers financial support for refugees. Disy submitted a bill in July last year to establish a national fund for the loss of use. The proposal remains before the House refugee committee, with Disy expected to expedite examination when parliament resumes in September. The proposed fund would be financed through several sources, including 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 finance ministry’s permanent secretary. The government is separately preparing a financial support scheme through the Agency for Equal Distribution of Burdens. The scheme would also draw on the 0.4 per cent property levy, which raises about €20 million annually. The finance ministry has told MPs that owners who have applied to the IPC would not qualify for assistance under the proposed scheme. The level of available funding remains unclear as to whether payments would provide meaningful compensation for the loss of use.