The headline news in the South Cyprus newspapers today is about the sale of Jasmine Court Hotel by its original Greek Cypriot owners.
It is claimed that the sale was made to the Turkish owners, the Topal family for £10 million.
‘Politis’ newspaper says that this is another major sale and will be a significant blow to the South Cyprus government. It claims that The Immovable Property Commission (IPC) is step ahead of the South Cyprus government who are desperately playing catch-up.
News of this sale follows the recent purchase of the 35 donum Acapulco Hotel by Unal Cangar from its original Greek Cypriot owners. That transaction was for £3.4 million.
Apparently, the sale of Jasmine Court Hotel has been agreed but has not been formally ratified by the TRNC Council of Ministers because of the fall of the last government. This agreement is anticipated in September.
The South Cyprus Government under new President Anastasiades has set up a commission to find legal flaws in the IPC which is fully recognised by the EU. In addition the commission will attempt to deter Greek Cypriots from selling land in the North.
Greek Cypriots will be encouraged to sell their lands in the North to other Greek Cypriots and not resort to the IPC. If they do so, any such transactions will be free of taxes in the South.