According to a report submitted to the Parliamentary Finance Committee, around 60% of residences eligible for the “Mortgage-to-Rent” Scheme lack final approval certificates. The discussion in the committee considered whether KEDIPES should be relieved from the obligation of securing these certificates for properties acquired under this scheme, similar to the exemption granted to the government. A representative from the Ministry of Finance suggested that such an exemption might boost the number of applications that receive approval.

Under the present law, property owners must obtain an Approval Certificate; failing this, they may confront administrative or even legal repercussions. Since KEDIPES would assume ownership of these properties, it could face legal accountability unless exempted. The Ministry of Finance representative advocated that, given the scheme is a governmental project delegated to KEDIPES, the company shouldn’t be held accountable for the absence of Certificates.

KEDIPES reassured that tenants wouldn’t face any negative impact from this exemption. The company pledged to fund repairs for the homes, expected to cost about 15% of their value. For instance, a property valued at €200,000 could receive up to €30,000 in restorative work.

Nevertheless, some parliamentarians expressed concerns about the proposed changes. AKEL MP Aristos Damianou cautioned that, despite being endorsed by the Attorney General, the bill might lack sufficient legal robustness and could be contested in court. He also questioned who would be liable for potential problems arising from KEDIPES’ exemption.

DIKO MP Chrysis Pantelides highlighted that the amendment would free KEDIPES from legal duties, but not exempt the properties themselves. Committee Chair Christiana Erotokritou observed that state entities often receive different treatment than private individuals. She warned that should any harm occur to a property due to this exemption, the state would be responsible, as KEDIPES is wholly government-owned.

Final approval certificates are documentation issued by planning authorities following an inspection of properties once construction is complete. These certificates confirm that the properties have been constructed in compliance with the authorized permissions and permits. After issuing these certificates, the planning authorities forward the sanctioned permissions, permits, plans, and final approval certificates to the Land Registry, which then issues the Title Deeds for the properties.