GC Properties in TRNC to Be Exempt from Mortgages and Court Rulings
The South has approved a bill allowing properties in the TRNC owned by Greek Cypriots to be exempt from legal obligations such as mortgages and court rulings. The legislation aims to protect the rights of property owners.
According to Haravgi newspaper, the measure foresees the removal of mortgages on these properties and the cancellation of legal obligation documents by the relevant authorities.
Greek Cypriot Parliament’s Committee on Immigrants Chairman and AKEL MP Nikos Kettiros noted that the value of real estate in Northern Cyprus must be protected to prevent citizens from appealing to the Immovable Property Commission or individual claimants.
Kettiros also stated that property owners with mortgaged assets are currently unable to benefit from the “Equal Share of Damage” institution.
Fileleftheros reported that the regulation aims to release properties that are currently legally encumbered.
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