-mikkie2- wrote:Annan plan stated 1974 prices + inflation.
This bears no reality to the current property value.
Apply inflation of 2 or 3% yearly for 35 years and you won't get anywhere near the actual appreciation of property values in that time.
So, according to the plan, a house that would have cost £1000 in 1974 would be worth around £2400 in 2004 if the above formula is applied.
In real money, that £1000 house would actually now be worth £200000!
So basically, the Annan plan would be ripping off every single person who lost property during the invasion. A very fair and equitable solution - no wonder the TC's voted in favour of the plan!
If I am not mistaken, it wasn't 74 values plus inflation, but 74 values plus the average appreciation of property prices, since 1974, in similar areas which were not affected by the 1963 or 1974 events. This left the room open for any sort of interpretation or estimation, due to the fact that one could claim that any property in Cyprus was either positively or negatively affected by the 1963 or 1974 events. For example, a similar property of mine in Lapithos could be any other similar sea-side resort property in the southern part, i.e. Pafos, Pegeia, Polis Chrisochous, Latchi, etc. The value of seaside properties in these areas in 1974 was less than 1,000 CyP per donum, and now they are valued at least at 200,000 CyP per donum. This means that they appreciated by 200 times, and my properly in Lapithos which in 1974 was estimated at around 7,000 CyP per donum (it was indeed the most expensive land in Cyprus at the time,) should by this measure equate with 1,4 million CyP per donum. However, one would argue that such properties in the south have been positively affected by the 1974 events.
Since all sea side areas of southern Cyprus could be claimed that they have been positively affected, then other areas of not similar type could be used as a measure. The only areas that one cannot claim they were affected by the 1974 events, were the inland agricultural areas of Cyprus, which appreciated by only 10-12 times, since 1974. In this case, my property would be estimated at around 70-80,000 pounds per donum. However, if such a rule would have been adopted (the most likely scenario,) I would have been compelled to give out my property for much less than the actual market (trading) value that would have emerged immediately upon a solution, which would have been similar to that of similar areas in the south -i.e. approximately around say 200,000 CyP, due to the fact that properties in the north would have entered the same open market that currently exists in the south. In such a case, the TC person(s) that would have gained possession of my property in the north, would have gained an advantage of legally receiving property which they would have been able to immediately trade in the open market, at a price 2-3 times higher than the one I would have been compensated in 20-25 years down the road. At the same time, and due to the fact that the TC properties that would have been relinquished in the south, would have been considerably less than the ones the GCs would have been required to relinquish in the north; chances are there would not have been enough TC properties in the south which I could possibly acquire, under similar terms and with the use of the bonds and stocks I would have received in exchange of my relinquished property in the north.
The end result of the A-plan’s property “arrangements,” would have been that the majority of GCs would have been left with papers in their hands, worth much less than the actual trading (market) value of their relinquished properties, upon and immediately after a solution, and even so; they would be waiting for (20+) years in order to be able to cash their bonds, and only if there would have been money available through the property board, and assuming that it wouldn't have collapsed in the meantime. The plan was a scum aiming to favor the TC community, in the expense of the GC refugees; more accurately to favor all those from the TC community that had managed all these years to gain unlawful and illegitimate access and possession of GC properties in the north, regardless of them having had relinquished property in the south or not, plus all those foreigners and mainland Turkish buddies of Denktash (see how many from those involved in the Ergenegon are now reviled to have been given large sums of GC properties in the north,) in exchange for their services in promoting the Turkish national cause in Cyprus. Indeed, all these scumbags would have become rich overnight, in a legalized way.