The Cyprus Property Developers Association has called on banks to revise their lending policies, stressing the need for alignment with European standards.

The issue was raised during a meeting earlier this week with the governor of the Central Bank of Cyprus (CBC) Christodoulos Patsalides.

According to an official statement, the discussions centred on delays in the disbursement of housing and construction loans, particularly when building permits are pending.

Association president Yiannis Misirlis highlighted the importance of ensuring that banking regulations, especially regarding the monitoring of incoming funds, are in line with EU standards.

“This alignment is crucial for the smooth functioning of the market,” he said.

Misirlis also emphasised the need for constructive collaboration between banks and the property sector to maximise economic benefits for Cyprus.

The meeting was attended by board members of the association as well as director general Mersina Isidorou.

It should be noted that earlier this year, the association also met with the Interior Minister to address housing sector challenges, including planning permit delays.

They proposed extending self-checking for planners, consolidating permit issuance, and strengthening public-private collaboration for affordable housing.