Let us list some "alternatives" for both sides
Turkey annexes the north
Turkey organises an international campaign for the recognition of the north
Turkey pushes for the Taiwanisation of the north
Turkey goes on a bender and starts a military campaign against the RoC
Now let us look at the Greek side's options
None of the above diminish the legal claims of the RoC on the north.
None of the above extinguish the individual rights of ownership in the north. Turkey will find itself twice as guilty in the ECHR.
Additionally-
RoC can cast off the north, recognising it and letting it go. Recognition by RoC is the only full legalisation tha can extinguish the rights of individuals. And that will be a situation like the guy who wants the biggest dick in the world and finally the fairy grants his wish, whereupon the next question is "now you got it what you gonna to do with it?". Independence in these circumstance will mean a fate of being kicked out of any western club where RoC is a member, ie EU.
RoC can unite with Greece and turn the green line to an extension of the Greek-Turkish frontier and make Greece a middle eastern power, a turkish nightmare since 1923. Turkey having annexed the north will not be able to do a thing about it.
RoC can grant a full scale naval facility to Russia and upset the US dogma which can accept Russia as a major land power but not a major sea power (see Monteagle Stearns book about this aspect of US policy, ,he should know he was a lifelong career US diplomat and ambassador to Greece for some years).
RoC and Greece crank their defence cooperation a few notches and Turkey finds itself involved in a tense situation along half its international border.
Greece would have a wonderful excuse to extend its territorial sea to 12 miles if Turkey annexes the north, again a move that would be seen by the west as an equal and fair move in view of annexation.
And on top of all this there would be permanent veto by RoC, Greece and all the others in the EU that are looking for an excuse to keep Turkey out.
Ralistically the only alternative is that of Taiwanisation, which will come with a heavy price, the continued and intensified replacement of TCs with settlers.
So who wants to have a go at the wishing well first?