Pantelis Leptos: Discussing With Troika The Issues In Cyprus’ Economy And Real Estate Sector

Troika representatives (IMF, European Commission, ECB), in the framework of the third post monitoring mission in Cyprus, met on Thursday 28 September with the Cyprus Land and Building Developers Association (LBDA).

LBDA Head Pantelis Leptos told the Cyprus News Agency 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 said 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 also said that in every meeting the Association has with the Troika, in the framework of their country missions, 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 the Cyprus News Agency that the delay is not to 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 increase its pace in issuing title deeds, although he acknowledged that improvement has been made to this end.