Cyprus speeds housing licensing, banks stress stability at annual meeting

Minister of the Interior Konstantinos Ioannou said a new licensing reform has fast‑tracked approvals for almost 3,000 residential units and about 1,000 apartment blocks, cutting processing time to 40‑80 working days. The change is intended to reduce bureaucracy, increase the supply of affordable housing and boost the island’s competitiveness.

At the Cyprus Banks Association’s annual general meeting, Finance Minister Makis Keravnos highlighted a 3.8% growth forecast for 2025, strong capital adequacy (CET1 at 25.1%) and profitability of roughly €1 billion. He warned that recent legislative proposals on expropriations could threaten financial stability and urged a long‑term strategy, noting the need for cautious action amid the war in Ukraine and Middle‑East tensions.