IPC is preparing to pay a compensation of 68 million pounds

Prime Minister Ünal Üstel announced that a compensation of approximately 68 million pounds will be paid within 2-3 months for nearly 200 applications that did not contain any disputes and were concluded with a compensation decision by the Immovable Property Commission (IPC) by the end of 2020.

Making a press statement at Ercan Airport, Prime Minister Üstel said that the IPC works as a domestic legal remedy that fulfills the demands of property owners. He added that there have been serious criticisms against the IPC in recent years.

Drawing attention to the special funds created within this framework, Üstel noted that foreigners have put a 6 percent fund in property purchases, 3 percent of which was transferred to the Social Housing Fund and 3 percent to the Immovable Property Commission.

He also noted that approximately 6 Million was saved in the Immovable Property Fund and Social Housing Fund with this application.

Stating that a law on Games of Chance was passed by the Parliament on Monday, Prime Minister Üstel said that a fund of 5 percent was created for the Immovable Property Commission.

Ünal Üstel announced that with funds created by the government and a study carried out with the Central Bank, approximately 68 million pounds will be paid for a total of nearly 200 applications that were not disputed and resulted in compensation decisions by the Immovable Property Commission by the end of 2020.

He added that the compensation amounts are being paid and will be completed within 2-3 months.