Wednesday 24 November 2010

Survey aims to put a price on land lost in Varosha - Cyprus Mail

THE CYPRUS chapter of the Royal Institute of Chartered Surveyors (RICS) in cooperation with the Famagusta Chamber of Commerce and Industry (FCCI) will attempt to carry out a mass evaluation of properties in the Turkish-occupied ghost town of Varosha, it was announced yesterday.
“It is a scientific study - a milestone for Cyprus - which concerns the valuation of properties in the fenced-off city of Famagusta by today’s standards,” said Petros Stylianou, RICS chairman.
RICS took the initiative following recent decisions by the European Court of Human Rights (ECHR) on cases where Greek Cypriot owners of property in the occupied north sued Turkey for compensation.
Based on the decisions, it was determined there was a discrepancy regarding the calculation of market values of the properties and the annual increases.
The justification given was insufficient comparative data.
As a first step, the surveyors have urged all property owners from the area to submit any pre-1974 documents or other information they have like title deeds, contracts, maps, receipts, bank statements, even newspaper clippings advertising property for rent or sale.
“We want data; objective and reliable, to be able to conduct a credible study,” said RICS country manager Liana Toumazou.
Toumazou said if sufficient data is collected for the study to go ahead, the surveyors will try to determine the total value of property in 1974 - type and area - by dividing the town into zones.
The valuation will be conducted by Cypriot and foreign surveyors.
There will not be any individual valuations of properties.
RICS said they selected Varosha for this study because it would be easier to divide into zones since development there ceased in 1974.
Toumazou said the government has been informed of the attempt but it will not be involved in any way.
Both RICS and FCCI stressed this was an independent, private initiative.
RICS wants to collect all the data by the end of this year and complete the study by March 2011.

For further information or to submit data, contact FCCI: Tel: 25 370165/167 Fax: 25 370291, PO Box 53124, 3300 Limassol, chamberf@cytanet.com.cy Supply two copies of each document, care of Mr. Iakovos Hadjivarnavas.

via cyprus-mail.com

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