First student room within Nicosia's walls are coming in November

Interior Minister Constantinos Ioannou said that Nicosia will receive its first student accommodations inside its historic walls in November. This project is part of an overall government initiative to improve infrastructure, conserve cultural assets, and stimulate the economy in the walled city.

Speaking at "The New Era of Nicosia's Centre: Modern Lifestyle and Investment Prospects", Mr. Ioannou stressed the initiative's socioeconomic advantages. The project intends to stimulate new economic opportunities and enhance the standard of living for both locals and tourists.

The pillar for Nicosia's revitalization

The minister outlined three key pillars for the development of Nicosia's city centre:

• Historic property preservation: While promoting sustainable growth, restoration and conservation initiatives aim to preserve Nicosia's old beauty.
• Economic strengthening: In order to generate jobs and strengthen the local economy, the government supports both new and established businesses.
• Social empowerment: By providing better living and working environments, the plan intends to both attract and keep older residents.

Key projects and incentives

The government's action plan for Nicosia includes several key projects, such as:

• Long-term leasing of the Faneromeni building to house the University of Cyprus Department of Architecture.
• Urban mobility improvements and economic incentives.
• A home ownership grant scheme.
• Entrepreneurship grants and incentives to promote private investment.

One major initiative is the creation of student rooms, with 380 rooms planned through private funding and 70 rooms through Nicosia Municipality’s efforts. The first batch of 13 student rooms is expected to be completed in November.

Support for business and restoration

The minister also introduced the €10 million business support grants scheme, which aims to bring in new businesses to the area. Under its third request for proposals, this program, which is open until December 2026, has already received €2 million in funding.

Furthermore, building owners are being encouraged to turn their properties into apartments for students by setting away a total of €15 million under the Recovery and Resilience Plan.

In closing, Minister Ioannou encouraged collaboration between locals, companies, and other interested parties to guarantee Nicosia's sustainable growth while safeguarding its rich past. He also expressed his gratitude to Cyfield for its ongoing support of the growth of the city.