Greek cypriots mortgaging properties for credit

According to a report in a daily newspaper today, it is being speculated that GCs are mortgaging their properties in the TRNC through financial institutions and banks in order to apply for credit.

An important factor however is whether the building is partially empty or unused and it is believed that this could extend to the properties in military zones.
Until now GCs have been applying to the Immovable Property Commission for properties left in the north side and getting compensation or return of properties.
Banking sectors are divided on the issue; whilst some are saying that this is not possible, others have indicated the possibility depending on the state and use of the building.

It is also believed that the GC Refugees Committee of the National Council discussed the matter of mortgages

Source:
http://www.kpdailynews.com/index.php/cat/35/news/2601/PageName/CYPRUS_LOCAL_NEWS 

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