Cost of relocation and compensation using a mass valuation modelfor thedisputed properties in Cyprus

Abstract

There have been many discussions about property disputes between Turkish and Greek Cypriots since 1963, when Turkish Cypriots were ousted from the administration of the Republic of Cyprus. Representatives of Turkish Cypriots and Greek Cypriots have been negotiating to find a lasting solution to the Cyprus Problem' since 1968. One of the main issues of the negotiations is how to find a solution in a bi-zonal federation to the property problem, which started in 1964 for the Turkish Cypriots and 1974 for the Greek Cypriots. Any kind of comprehensive settlement plan would include restitution, exchange, and compensation to resolve property disputes. Therefore, prior to any solution, this study aims to contribute to estimating the cost of compensation of properties through a mass valuation methodology. The study also investigates the cost of relocation of dispossessed owners and current users due to reinstatement. The study demonstrates, in various analyses, the amount needed for compensation of properties that would be left in the South and in the North by Turkish and Greek Cypriot owners, respectively.