I think there is a purely practical consideration which makes application of a time limit on claims self evident, irrespective of the injustice that was done.
Firstly almost all responsible for those acts 75+ years ago are long dead. Justice would not be served through seeking retribution, revenge or compensation for the sins of fathers, grandfathers and earlier.
Secondly any property may have changed hands entirely legitimately several times over the last 75 years. There is no justification for the current owners being held accountable for its confiscation 3 generations ago.
In many cases the property no longer exists - my sisters father-in-law was a refugee from Poland pre war. His home which was left in a hurry is now an industrial estate!
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Poland / Israel etc. new
Poland / Israel etc. new