A total of 680 applications have been approved to date under the 'Mortgage to Rent' Scheme, according to an announcement by KEDIPES on Thursday.
Out of 2,166 submitted applications (excluding those rejected or withdrawn), 680 have been approved, while 254 properties have already been acquired. By the end of the year, 400 properties are expected to be acquired, and approvals are projected to rise to around 800–900.
However, a significant backlog of approximately 900 applications remains at the technical evaluation stage, where serious delays are being recorded. These delays stem both from borrowers’ failure to submit necessary documentationand from District Self-Government Organisations (EOAs), which have also been slow in providing essential paperwork required to complete the process.
Despite the challenges, KEDIPES confirmed that the scheme remains on track with its revised target of 1,600 approved applications, which is double the original estimate of 800.
To date, the cost of implementing the scheme has reached €30 million, covering the acquisition of the initial 254 properties.
New state aid repayment announced
In a new repayment of state aid, the Board of Directors of KEDIPES approved a €50 million cash payment for Q3 2025, increasing the total amount repaid in cash to €1.66 billion since the organisation’s inception in September 2018.
KEDIPES also maintains a cash reserve of €90 million earmarked specifically for the continuation and funding for the 'Mortgage to Rent' scheme.
While the organisation reported mixed results for the first half of the year, it noted a 13% increase in total restructuring and recovery solutions. However, cash inflows dropped by 23%, reflecting broader economic pressures