Banks' Concerns about Construction Permits and Their Implications
April 29, 2026
Banks are concerned about construction permits, as potential cancellations could affect loans already granted. The issue is particularly serious in Nicosia and Limassol, where many applications present irregularities. The assessment of applications is mainly done through managerial checks without sufficient onsite inspections. Building inspectors, intended to support the process, have not functioned as expected. The discrepancies in building permits raise concerns about the legality of projects.