The decision of the Court of Appeal of England and Wales, together with the ruling of the European Court of Justice in April last year, mean that the rights of displaced Cypriots to their properties in the occupied areas of the Island are safeguarded and can now be enforced throughout the European Union.

The Cyprus Foreign Affairs Minister, Markos Kyprianou, said the Court of Appeal was especially important for Cyprus, and assured that the government would be following developments concerning the execution of the Court’s decision.

He also dismissed Turkey position that the ruling would complicate the talks for a solution of the Cyprus problem.

The Lobby for Cyprus and the President of the National Federation of Cypriots, Peter Droussiotis, have welcomed the Court of Appeal’s ruling.

“We have all known for a long time on which side justice should be in this case. This has now been confirmed by every court which has considered this matter at a national as well as a European level. The Cypriot courts found in Mr Apostolides’ favour and this was subsequently affirmed by the European Court of Justice. The British Court of Appeal has now drawn a line under this matter by handing down a clear judgment upholding Mr Aposolides’ legal rights,” Droussiotis said in a statement.

According to reports, the property market in the north has gone into freefall. One estate agent dealing in properties at Salamis and Famagusta, was reported to be offering brand new apartments for just £20,000, but insisted that payments must be in sterling cash.

The same agent also had luxury apartments normally priced at £49,000 but would sell them for just £25,000 each – again only for cash.

It is believed that around 8,000 Brits live in the north along with many other EU nationals and they have been shocked by the Court ruling.

“It’s very bad news for everyone… What can they do, pack up and leave? ” asked Marian Stokes, who lives in Kyrenia.

Tuesday’s ruling came as “a great shock,” said Stokes. “The foreigners have done nothing wrong,” she added. “They’ve done everything by the rules. They went to a lawyer and got advice; the title deeds were stamped by the government.”

A Briton with a house in the north criticized the greed of the property agencies and the ignorance of the buyers. “Most expats are not aware of the property problem in Cyprus and are not interested in finding out,” he said, adding that they just accept what the estate agents tell them.

It has also been reported that Greek Cypriots have submitted around 1,500 property claims to the European Court of Human Rights in Strasbourg, according to Greek Cypriot lawyer Achilleas Demetriades.

Source:Cyprus Property Magazine