02.10.2023
The strategic goal of the Nicosia Municipality is to invest in the restoration and revitalization of the city.
The large new student residence on Voulgaroktonou , Arsinoua and Komninos streets and other projects currently underway are designed to give a new look to the capital city center and help increase traffic, coupled with grant schemes covering business activities, restoration and conservation of buildings, and also purchasing housing in the city center.
Moreover, projects that have already been completed or are underway have generated particular interest in residential development in the city center.
The municipality’s strategy is based on the improvement of the area with the aim of protecting and highlighting the architectural heritage and, on the other hand, creating incentives to attract new residents.
Below are some projects and actions that are being implemented to improve the aesthetics and quality of life in the center.
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Student dormitories
Next week, construction work will begin on a large student residence, which will be erected on the corner of Arsinoi , Voulgaroktonou and Komninos streets .
This is a project that will include 50 rooms, one of which meets design standards for people with disabilities.
The new building will accommodate 58 students, and a second student dormitory will appear on Aristides Street.
The project budget reaches €3,821,462 plus VAT and is financed by the EU Recovery and Resilience Mechanism under the Cyprus Recovery and Resilience Plan. The maintenance/refurbishment work will last 16 months.
The appearance of Trikupi and other streets is changing
Construction work is well underway on a major project related to the restoration of Trikoupi Street , which is expected to be completed in early 2024.
Later, a radical reconstruction of Constantinou Paleologou Street would follow, as well as a pedestrian zone of Ledras and Onasagoru streets.
The project aims to improve the urban environment and solve traffic problems, including facilitating the movement of people with disabilities, with the aim of attracting and creating new creative activities in the city center.
The technical work is aimed at the general reconstruction of the area limited by the facades of buildings, consisting of public and private streets (the section of Trikoupi Street with the beginning of shortened passages), as well as public and private sidewalks. Construction work is aimed at maintaining/restoring the facades of buildings in the project area.
Archaeological Museum
Work continues intensively on the construction of the new Cyprus Museum, a major cultural project that will decorate the site of the old hospital of Nicosia.
The state’s most important investment in cultural infrastructure amounts to 144 million euros.
of 30,000 sq.m. (including basements) is being built on a plot of 40,000 m2 , in the area of the old General Hospital, opposite the House of Representatives.
Construction work was carried out by Iacovou – Cyfield (M) Joint Venture, with the contract providing for a two-year maintenance period and a ten-year maintenance provision as agreed.
The project is expected to be completed in mid-2026, with the contract providing for a two-year maintenance period, as well as an additional provision for negotiations for a ten-year maintenance period.
Buying a house in a walled city
Applications are now being made for the Walled City of Nicosia Housing Revitalization Scheme, which provides financial support for the acquisition of a permanent home in the Walled City of Nicosia.
The scheme, which is financed from the state budget of €5 million, will remain open until 31 December 2025 or until the available budget is exhausted, with assistance amounting to 50% of the total housing costs and a minimum total the amount of expenses is 20,000 euros.
Maximum financial support ranges from €35,000 to €70,000 depending on family composition, with additional support of €10,000 offered to people with disabilities.
Beneficiaries of the Scheme are citizens of Cyprus or citizens of a Member State of the European Union who have been permanently resident in Cyprus for the last five years, or repatriated Cypriot citizens who have been permanently resident in Cyprus for the last two years and have acquired a residence permit which they will use to own residence, provided that on the day of filing the application they did not own other private housing.
