KEDIPES expands 'Rent-for-Installment' scheme following high public demand

The Cyprus Asset Management Company (KEDIPES) has significantly expanded its 'Rent-for-Installment' (Rent-to-Own) scheme as participation numbers surpass initial projections. Originally estimated to include 800 properties, the program has now seen 896 acquisitions at a cost of €110 million, with projections suggesting the final figure will exceed 2,000 units. Since the initiative launched in 2023, authorities have received over 4,300 applications, with 1,268 approvals granted to date.

Following a surge in interest during the latest extension period between May and July 2026, the Ministry of Finance has extended the application deadline until September 30, 2026. KEDIPES Chairman Lampos Papadopoulos clarified that while demand is high, approximately 40% of applications have been rejected, often because applicants do not meet the scheme's core criteria. He emphasized that the program is intended for those who have not previously applied and warned that rejected candidates who re-apply without meeting criteria will face the same outcome.

For applicants aged 60 to 65, the contract terms remain specific; if the property is not repurchased within five years, a new contractual agreement will be reviewed after 14 years, rather than providing a lifelong tenure. KEDIPES currently maintains a cash reserve of €60 million to support the ongoing implementation of the scheme.