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In a bid to breathe new life into Nicosia’s historic centre, Minister of the Interior Constantinos Ioannou unveiled an ambitious plan during a press conference held at Nicosia Municipality on Wednesday.
The primary objective of this initiative is to transform the historic heart of Nicosia into a vibrant hub of contemporary business and economic activity, with the aim of both retaining its current residents and attracting newcomers, Ioannou said.
Under this plan, a range of grant schemes has been introduced to invigorate commercial ventures within the historic city centre. Additionally, there are grants available to facilitate home ownership within the same area. Another component of this initiative is a grant program intended to support the construction of student accommodations. This programme is fully integrated into Cyprus’ broader recovery and resilience plan.
“We aspire to transform the historic centre into a modern place of business and economic activity, to ensure the stay of existing residents and attract new ones, achieving its revival”, the Minister noted.
For his part, the Mayor of Nicosia, Constantinos Yiorkadjis, emphasised the importance of attracting new people to “come, live, work or do business in the historic centre of the capital”, noting that “we now know today that this multi-level planning, i.e. infrastructure creation combined with incentives, has a positive impact and works catalytically to ‘fill’ buildings with life”.
Here’s an overview of the initiatives:
Homeownership Grants in Nicosia’s Walled City
With a budget of €5 million, this program, launched in March and set to run until 2025 or until funds are exhausted, receives co-financing from the EU’s recovery and resilience plan. Eligible applicants, including Cypriot citizens and EU member state citizens residing permanently in Cyprus for the last five years or repatriated Cypriot nationals residing permanently in Cyprus for the last two years, can receive grants ranging from €35,000 to €70,000, with an additional €10,000 available for households with disabled members. Couples may receive up to €45,000, while young couples under 41 years old at the time of application can access grants of up to €60,000. Families with children, including single-parent families, can receive up to €50,000, or up to €65,000 if family members are under 41 years old. Large families with four or more children may receive grants up to €70,000.
Business Activity Enhancement Grants
This programme allocates a budget of €10 million for the period 2022-2026, with €2 million annually. The grant covers 60% of eligible expenses, with a maximum financial assistance limit of €80,000 per project. Renovation costs for preserved buildings are capped at €1,400 per square meter, while other existing structures can receive up to €1,000 per square meter. Eligible expenses are divided into construction, electrical, and plumbing works (covered up to 70%), equipment (covered up to 20%), and consultancy fees (covered up to 10%).
Student Residences/Rooms Grants in Nicosia’s Walled City
With a budget of €15 million for the period 2021-2026, this program is co-financed by the EU. It provides a 75% grant for the conversion of existing buildings into student residences or rooms.
Digitisation of Cultural Heritage in Nicosia’s Walled City
Around 800 buildings have already been classified as protected, with an additional 525 under evaluation for preservation status. This initiative aims to digitally document and protect the rich cultural heritage within the walled city.
Urban Planning Incentives and Regulations in Nicosia’s Walled City
This component includes provisions for parking spaces in multi-story buildings, offering urban planning facilitations to create additional parking spaces.
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