Cyprus' president says peace talks aimed at reunifying the ethnically divided country have made significant progress on how power will be shared with breakaway Turkish Cypriots and how the economy will function under a federation.

Nicos Anastasiades told lawmakers Thursday that he and Turkish Cypriot leader Mustafa Akinci have also agreed on the legal means that will be used to deal with property lost during Turkey's 1974 invasion that followed a coup aiming at union with Greece.

Anastasiades said a population ratio of four Greek Cypriots to one Turkish Cypriot will remain constant and will be reflected in the make-up of the lower house of Parliament.

He said differences remain on a number of issues and more time is needed for a deal without "omissions and vague areas."