A company has created a special insurance to protect the buyer from future claims by Greek Cypriot owners. Its not cheap, (£30 a week) but it will (apparently) pay out, IF the TRNC property commission doesn't. This is being heralded as a "solution" to the property issue, it seems that it will be for claims of compensation only, NOT return of properties (from what I can tell). It is believed that this may cause an upsurge in the property market which has been a bit flat lately. (because of the Orams?).
Interesting eh??
Tess
Special "insurance" to compensate Greek Cypriots
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Special "insurance" to compensate Greek Cypriots
by theresa » Mon Aug 07, 2006 2:42 pm
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by theresa » Mon Aug 07, 2006 2:46 pm
one thing it didnt mention (in the article) - What if the Greek Cypriot owner applies to the ECHR? Surley this policy cant overide the court decision? Will it pay out to the present "owner" instead so they can buy elsewhere? I doubt it!!
Tess
Tess
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