rent-to-own by KEDEPIS

[Andrew-soy]

The Cypriot government has introduced a "rent-to-own" scheme to help households struggling with mortgage payments on their main residences. Starting from December 4, 2023, applicants can enter a program where the government, through the Cyprus Asset Management Company (KEDIPES), will acquire their homes at about 65% of market value. The remaining debt is written off, allowing families to continue living in the home by paying rent with an option to eventually own it. The initiative is expected to benefit around 2,500 households.

What do you think, does this initiative effectively act as a form of government-backed refinancing for households with mortgage debt?

If someone know, where I can get more detailed information about this program , even in Greek, to understand the eligibility criteria and process?

https://www.ekathimerini.com/economy/12 ... nitiative/

[Andrew-soy]

So, for those whose scheme works, they have a significant advantage—the possibility of buying back the property for a pittance (as the buyback will likely be based on the cadastral/nominal value set by the state when purchasing from the banks). In other words, the owners under this scheme will have the opportunity to repurchase the same property in their lease contract at a super low price, making the difference in price quite substantial. Am i right?

[kingfisher]

If you haven't already tried, you could place your query on "Cyprus Property Forum", which is run by Nigel Howarth.
He is extremely knowledgeable in all aspects of Cyprus property, and very experienced. Also you might get some feedback from other interested forum members.
Good luck,
Jon.

[WHL]

Im having trouble understanding your question, are you against this scheme ? or do you want to parcipitate in it?

[souniman]

Some more info from the CM
https://cyprus-mail.com/2024/08/29/over ... nt-scheme/

[Andrew-soy]

Im having trouble understanding your question, are you against this scheme ? or do you want to parcipitate in it?

I want to learn more about this; I'm looking for regulatory documents describing the rules. I'm very interested in whether this means there will be no more real estate auctions.