I think whatever the solution. The original deeds should be respected. Therefore on unbuilt land land can be sold as wished.
The tricky part is the land houses are built on which is probably why so much building is being done right now, even though it looks like many properties are remaining unsold.
I think with these properties:
1. Land is returned to GC, they can choose to demolish existing builing or sell to current 'owner' at appropriate market rate.
2. Where house is demolished compensation would be paid by Turkey to the ex-pats or nothing at all.
3. No central government of Cyprus would pay compensation to expats
4. Ultimately land belongs to orignal deed-holders, they can choose what to do with their land.
You said what I'd like, the reality is a whole lot more complicated even if the above should happen! Which of course is highly unlikely