KEDIPES has published its report on the implementation of the state “Mortgage-to-Rent” program for the first half of 2025. The scheme was launched to support borrowers struggling with mortgage repayments.
According to the report, out of 2,166 submitted applications, 680 have already been approved, and 254 homes have officially transferred ownership under the program. By the end of 2025, KEDIPES expects to increase these numbers to 800–900 approved applications and around 400 acquired properties.
However, not everything is running smoothly. Around 900 applications are stuck at the technical evaluation stage due to delays in document submissions from both borrowers and local authorities (EOA). Despite these bureaucratic obstacles, KEDIPES insists that the program is developing according to its revised plan, under which the number of approvals should reach 1,600 applications, double the original expectations.
Financial Results: Inflows and Expenses
In the first half of 2025, KEDIPES recorded cash inflows of €161.5 million, down 22.9% compared to the same period in 2024 (€209.4 million). Excluding a one-off €17.7 million building sale last year, the decline amounts to 15.7%.
From the start of its operations on September 1, 2018, through June 30, 2025, cumulative cash inflows reached €2.726 billion, with revenues from loan and property management totaling €2.635 billion, or 32.7% of the original portfolio value (€8.051 billion).
Company expenses also decreased: operating and management costs for the first half of 2025 amounted to €48.6 million, down from €56.3 million a year earlier — a 13.7% reduction.
Loan Restructuring and State Guarantees
During the first six months of 2025, loan restructuring and/or repayment solutions through the servicing company doValue reached €321 million, up 13% from 2024 (€284 million).
Since September 2018, the total volume of such solutions has reached €4.906 billion, or 66.6% of the initial stock of non-performing loans (€7.371 billion). As of June 2025, the nominal value of the loan portfolio stood at €5.217 billion, compared to €5.439 billion at the end of 2024 and €5.747 billion in mid-2024.
Repayment of State Aid and Program Outlook
KEDIPES continues to meet its obligations to the state. In the first half of 2025, it repaid €100 million in government funding, followed by another €50 million in the third quarter, raising the total cash repayments since 2018 to €1.62 billion.
The company also maintains a €90 million reserve for future property acquisitions under the “Mortgage-to-Rent” program. According to Board Chairman Lampros Papadopoulos, the business plan’s goal remains unchanged: full repayment of the €3.5 billion in state aid.
New Initiatives for Borrowers
In July 2025, KEDIPES launched a new campaign for early repayment of restructured and performing loans. The initiative allows borrowers to write off part of their debts and settle loans on more favorable terms. Interest in the scheme has exceeded forecasts, and a significant number of clients are expected to join before the end of the year.
In addition, the process of closing the Asset Protection Scheme (APS) with Hellenic Bank is ongoing. The deal received approval from the European Commission on September 19, 2025, and is expected to be finalized early next year.
What’s Next?
Summing up the half-year results, the KEDIPES chairman highlighted “mixed outcomes”: restructuring and debt recovery increased, but cash inflows fell by nearly a quarter. However, the second quarter showed positive momentum, and the company is optimistic about accelerating processes in the second half of the year.