State-owned asset management company Kedipes this week provided updates on the implementation of the mortgage-to-rent scheme, revealing that approximately 25 rental agreements have been signed.

In addition, the company said that approximately 100 applications have been approved to date.

According to Kedipes chairman Lambros Papadopoulos, who spoke on state radio, the organisation has acquired five properties under the scheme.

Papadopoulos attributed the limited number of completed property transfers to delays at the land registry, describing the issue as “purely procedural”.

Papadopoulos stated that 2,400 out of the 3,400 applications submitted are deemed eligible.

Moreover, he expressed confidence that recent legislative changes will help Kedipes achieve its target of finalising 1,500 to 2,000 applications by 2025.

When asked about financial contributions to the state in 2024, Papadopoulos confirmed that Kedipes provided €310 million for the repayment of government support extended to the former Cooperative Bank.

To date, he continued, total repayments amount to €1.47 billion, out of the €3.54 billion in state aid received.

Papadopoulos also highlighted Kedipes’ strong financial performance in 2024, mentioning that cash inflows amounted to €460 million, the highest since the company’s inception.

Finally, the Kedipes chairman projected cash inflows for 2025 to reach approximately €500 million.