Greek Cypriot Real Estate Issues Dragging TRNC into Crisis
Greek Cypriot Real Estate Crisis Escalates: TRNC Faces Mounting Legal Challenges and Economic Repercussions as Southern Cyprus Lawsuits Intensify.
Allegations have surfaced concerning the “usurpation” of Greek Cypriot real estate in the Turkish Republic of Northern Cyprus (TRNC), leading to significant repercussions for the country.
The Politis newspaper reports that these allegations have adversely impacted construction and tourism development projects within the TRNC.
According to the report, changes in the Greek Cypriot government’s stance on this matter have increased pressure on President Ersin Tatar and the TRNC administration. President Tatar indicated that his official responses to each new case have hampered construction activities in the TRNC.
This situation has also drawn international media attention, resulting in a substantial decline in investment interest in tourism development projects. Major financial entities in the construction sector have expressed their concerns to the TRNC Presidency.
The Greek Cypriot Administration’s “aggressive” tactics allegedly revolve around four main strategies, which are adapted as needed.
The newspaper outlines that this new strategy involves the use of social media, the identification of individuals or companies involved in the sale of Greek Cypriot real estate in the TRNC, the prompt inclusion of these individuals on the “Stop List” when they travel to Southern Cyprus, and the increased participation of legal property owners in investigations.
All major development activities in the TRNC are being documented and scrutinized, with the ownership of the lands in question being investigated through the land registry office. It is reported that major tourist facilities, which are heavily marketed abroad, are situated on properties owned by Greek Cypriots who have subsequently provided statements to the police.
The investigation include all major development activities in Iskele, Esentepe, and Gaziveren.
