in-cyprus 22 September 2024
Foreign nationals accused of land seizure are selling their properties and leaving the occupied territories of Cyprus, driven by investment insecurity following crackdowns by the Cypriot authorities.
Among those arrested are a Turkish-Jewish businessman and a German national, both facing charges of land seizure. More arrests are anticipated.
This growing insecurity is reshaping the economic landscape of the occupied areas, which is experiencing significant pressure. Reports indicate that the majority of those fleeing are Russians, Ukrainians, and Israelis involved in substantial investments.
Properties are being sold primarily to Turkish buyers, a trend that suggests Turkish officials are encouraging local investors to purchase Greek Cypriot properties from foreign nationals. This approach is seen as a quick and easy solution, potentially benefiting the occupying forces as properties transfer into Turkish hands.
However, these developments do not change the underlying illegality of the situation, as land seizures continue, merely creating a shift among those involved in unlawful activities.
In a notable development regarding the departure of significant investors from the occupied territories, the Karpaz Gate marina, located in the area, has been granted long-term management to a Turkish businessman from the Arkın Group. The marina has a capacity of 300 vessels and the Arkın Group also owns several hotels and a university in occupied Kyrenia, part of which is reportedly built on property belonging to well-known local figure Titina Loizidou.
Among the major investors is the alleged land grabber Simon Aykut, currently in custody. The Turkish-Jewish businessman, head of the Afik Group, faces multiple charges, including money laundering from illegal activities. Following his arrest, operations within his group have reportedly stalled to some extent, and his sons, Afik Yaacov, and Michael Mistriel Aykut, remain wanted.
The occupying authorities and Ankara are concerned about the implications of the crackdown on land grabbers. The Turkish Vice President, Cevdet Yılmaz, is managing the situation and briefing President Erdoğan. The so-called ambassador of the occupying forces, Yasın Ekrem Şerim, also has a personal stake as his family’s businesses are illegally utilizing Greek Cypriot properties in the occupied areas.
The occupying regime feels pressure from organized interests, such as contractors, while various citizen groups accuse the separatist entity of leaving them “unprotected.”
As a potential countermeasure to the crackdown, the occupying side is considering the operation of buildings within the enclosed area of Famagusta. While there is currently no visible activity, it has been reported that the Turkish occupying army has allowed the renovation of three hotels in the enclosed area for use by a Turkish businessman.
Turkish authorities pressuring property committee to expedite cases
The Turkish government, specifically Vice President Cevdet Yılmaz, has ordered the occupying regime to ensure that the so-called property committee addresses all applications made up to 2020. To facilitate this process, Turkey has transferred funds to the “Ministry of Finance” of the separatist entity, which has been provided as a loan to the committee.
According to Növber Ferit Veçhi, the chairperson of the property committee, as of September 13, a total of 7,734 applications had been submitted, of which 1,840 have been processed, resulting in compensation of approximately £467 million. Additionally, 15 applications were refunded, two were exchanged with compensation, and one involved an exchange.
While Ankara is pushing for cases to be processed as it benefits their interests, the overall progress appears to be slower than desired by the occupying forces. Notably, the total number of applicants remains relatively low.
