Newsroom
For hundreds of households struggling with bad loans, the possibility of losing the family home has been hanging over them for years. Cyprus' mortgage-to-rent scheme is offering some of those borrowers a way to stay put, and thousands are trying to get in.
More than 4,200 applications have been submitted since the scheme opened in December 2023, according to KEDIPES spokesperson Hara Papakyriakou.
The latest deadline was supposed to expire on July 31, but a last-minute rush prompted the Finance Ministry to keep the door open until Sept. 30.
Around 300 applications arrived in the final week alone.
In total, KEDIPES has received 4,269 applications since the scheme began. Of those, 929 were submitted during the latest application period.
More than 800 families already remain in their homes
Processing the applications, however, is not quick.
Each case requires checks including a valuation of the property and procedures involving the Land Registry.
So far, 1,211 homes have been approved for the scheme and 846 have completed the process.
For those households, the most important part is simple: their non-performing loan has been written off and they are able to remain in their home under the terms of the scheme.
But not everyone who applies qualifies.
Papakyriakou said around 30% to 35% of applications are rejected because they do not meet the criteria.
One of the key conditions concerns the value of the primary residence. In most cases, it cannot be worth more than €250,000.
For applicants who had previously applied under the ESTIA or OIKIA schemes and were considered eligible but financially unable to make those schemes work, the limit rises to €350,000.
Nearly €100 million spent so far
The scheme also comes with a substantial price tag.
Papakyriakou said the implementation cost for roughly 800 approved properties has reached €97 million, while KEDIPES has set aside another €60 million to continue financing the programme.
The latest figures suggest demand is far from over. The surge in applications just before the July deadline was enough to convince the government to provide another two months for eligible households that may have missed their chance.
Applications can be submitted electronically or through KEDIPES district offices.
The new deadline is Sept. 30.
