Executives from Cyprus’ banking and real estate sectors met Monday to discuss aligning remittance rules with European standards and guidelines.
The meeting between executives of the Cyprus Land and Building Developers Association (LBDA) and the Cyprus Bank Association (CBA) also looked at ways of streamlining housing loan approvals, especially for projects awaiting building permits.
This is part of the two associations’ plan to strengthen ties and improve sector operations which would ensure smoother processes that benefit Cyprus’ economy.
The LBDA said that discussions focused on aligning new transfer control guidelines with European standards, which it noted was essential “in order to achieve a smoother operation of the market.”
Furthermore, the meeting examined the difficulties in disbursing housing loans in cases in which building permits were pending. Developers emphasised the broader importance of banking facilities for productive sectors, such as real estate development.
Following the meeting, LBDA’s president Yannis Misirlis highlighted the value of continued dialogue between the two associations, saying that “through cooperation and discussion between the two associations, a healthy and efficient relationship between banks and the real estate sector can be ensured,” adding that this would esnure “significant benefits, primarily for the Cypriot economy.”
Key participants included Aristides Vourakis, the newly appointed CBA chairman, Michael Kammas, director general of the association of Cyprus Banks, Sophia Ioannou, senior officer of the legal department, as well as board members of the LBDA.
