The Immovable Property Commission (IPC) determines the value of property based on two key components: the current market value of the land and compensation for loss of use.

• Current Market Value: The property is assessed based on its present day market value, not on its value as of 1974.
• Loss of Use: Compensation is calculated using today’s fair market value, taking into account the loss of use since 1974.

Some of the Key Factors Considered in the Valuation Process:

• Location: Proximity to the coast and major cities, is the land near a city, does it have a sea view.
• Type of Property: Residential, agricultural land, commercial plot, or building plot
• Size: Total area of the land
• Comparable Sales: Recent sales of similar properties in the same village or region
• Loss of Use: Potential income lost due to inability to rent, cultivate, or otherwise utilize the land

Who Conducts the Valuation?

Valuations are carried out using independent, professional valuers registered in the Turkish Republic of Northern Cyprus (TRNC). While individuals may submit their own valuation reports, the Immovable Property Commission (IPC) is not obligated to accept them.

Land prices in Northern Cyprus