Parliament committee discusses compensation for loss of use of occupied properties

The Parliamentary Committee for Refugees in Cyprus has begun an article-by-article review of a legislative proposal aimed at compensating owners for the loss of use of their properties in the occupied areas. The discussions, led by committee president Nikos Kettiros, come ahead of the parliamentary dissolution scheduled for the May elections. The compensation fund is financed by a 0.4 per thousand fee applied to real estate transactions in the government-controlled areas. This fee generates between 20 and 25 million euros annually, which the government intends to distribute through the Central Body for Equal Distribution of Burdens. Estimates suggest that due to the limited funds available, four out of ten property owners may receive only 2 euros per month. Key debates during the session included whether the compensation should be calculated retroactively from the 1974 Turkish invasion or from the date of the law's enactment. Committee members expressed significant concern regarding the adequacy of these payments, with Kettiros questioning the practical value of the current compensation structure. The Ministry of Finance and the relevant authorities are expected to submit draft regulations in the coming days to finalize the implementation process.