Troika representatives (IMF, European Commission, ECB), in the framework of the third post monitoring mission in Cyprus, met on Thursday with the Cyprus Land and Building Developers Association (LBDA).
LBDA Head Pantelis Leptos told CNA that on the agenda of the discussion were issues related to the issuance of planning permission and building permit as well as the issue of title deeds.
Leptos told CNA that the Troika mission wanted to know the trends in the property market in Cyprus and if there is purchasing influence. They also discussed issues related to the development of the Cyprus economy and the real estate sector.
Leptos said that in every meeting with the Troika, they discussed the problems the sector is faced with such as the long period needed to secure a building permit. This, he said, creates distortions in liquidity and ways must be found to speed up the process.
As regards the property titles, Leptos told CNA that the delay is not in the interest of the buyers, the sellers or the lenders, pointing out that “we need to find ways to tackle the problems.”
He said that the Land Registry must speed up the process of issuing title deeds, even though he acknowledged that improvement has been made to this end.
Today the Troika is set to meet with the Directors of the Directorates and Units of the Ministry of Finance, with whom they will discuss the findings of their mission.
Their contacts since last Monday focused on financial and structural reforms as well as the non-performing loans.