Immovable Property Commission in Northern Cyprus
Northern Cyprus is home to a wealth of beautiful properties, both residential and commercial. However, for a long time, the ownership of these properties was in question due to the political situation on the island. Thankfully, this situation has been addressed through the establishment of the
Immovable Property Commission (IPC) under the Immovable Property Law (No. 67/2005).
The IPC was established in response to the rulings of the
European Court of Human Rights in the case of Xenides-Arestis v. Turkey. The purpose of the commission is to provide an effective domestic remedy for claims relating to abandoned properties in Northern Cyprus. Through the IPC, owners of these properties can now seek compensation or restitution for their loss.
North Cyprus Property Title Deeds! which title deed is safe? is it safe to buy?
All title deeds such as ; Turkish Title Deed PRE-74, Exchange title deeds, TMD, and foreign title deeds PRE-74 are safe.
One important aspect of the IPC is that it guarantees the safety of all title deeds that are registered with it. This means that owners of
properties in Northern Cyprus can rest assured that their ownership is protected and that their title deeds are secure. The government of Northern Cyprus is committed to upholding the guarantees provided by the IPC and ensuring that all property owners can enjoy the benefits of owning property in Northern Cyprus.
Overall, the establishment of the Immovable Property Commission is a significant step forward for property owners in Northern Cyprus. With the assurance that their title deeds are safe and protected, owners can enjoy their properties with peace of mind. Additionally, the establishment of the IPC helps to promote the growth and development of the real estate market in Northern Cyprus, which is good news for all involved.
As of 22 March 2023, the Immovable Property Commission (IPC) has received a total of 7,243 applications from property owners in Northern Cyprus. Out of these, 1,364 cases have been concluded through friendly settlements and 34 cases have been resolved through formal hearings. The Commission has awarded a total of GBP 382,541,826.- as compensation to the applicants.
In addition to providing compensation, the IPC has also ruled for exchange and compensation in two cases, for restitution in three cases, and for both restitution and compensation in seven cases. It has also delivered a decision for restitution in one case after the settlement of the Cyprus Issue, and in another case, it has ruled for partial restitution.
The primary objective of the Immovable Property Commission is to provide a just, fast, and effective remedy for property claims in Northern Cyprus. By doing so, the Commission aims to contribute to the comprehensive settlement of the Cyprus Issue. The IPC strives to ensure that all applicants are treated fairly and that their rights to their properties are protected.
In conclusion, the Immovable Property Commission has been a significant step forward in addressing the property ownership issues in Northern Cyprus. Its efforts to resolve property claims have been successful, and it has provided compensation and restitution to numerous applicants. The Commission’s commitment to achieving a comprehensive settlement of the Cyprus Issue is admirable, and its efforts should be commended.
What is Share title deeds in North Cyprus
Title deeds are legal documents that establish ownership of a property or land. When buying a property, it is important to ensure that the title deeds are safe and legally sound. However, there are certain types of title deeds that can be risky, such as share title deeds.
Share title deeds, also known as communal title deeds or share block schemes, are a form of property ownership where a group of individuals jointly own a property or land. Each owner holds a share in the property, and the ownership is typically managed by a company or body corporate.
While share title deeds can be a cost-effective way to own a property, they can also be risky. This is because the ownership is shared, and disputes can arise among the owners. Additionally, the company or body corporate managing the ownership can make decisions that may not be in the best interest of the individual owners.
by Cenap Turgut 
