On October 7, a meeting was held between the Pancyprian Construction Entrepreneurs Association and the Cyprus Banking Association, where key issues affecting both the banking sector and the real estate market were discussed.
The meeting was attended by the new President of the Association of Banks, Aristides Vourakis , General Director of the Association, Michalis Kammas , Senior Lawyer, Legal Department, Sofia Ioannou, President of the Pancyprian Association of Construction Entrepreneurs, Yiannis Misirlis , as well as members of the association’s board of directors.
The main topic of discussion was the need to align the procedures for monitoring incoming remittances with European standards in order to improve the functioning of the market. Issues related to the impact of delays in issuing mortgages for projects for which construction permits have not yet been received were also considered. It was emphasized that banking services play an important role in supporting key sectors of the economy, such as real estate construction.
Concluding the meeting, Yannis Misirlis noted that through cooperation and open dialogue between the two associations, healthy and productive relations between banking institutions and the construction industry can be ensured, which will bring significant benefits to the Cyprus economy as a whole.
