Regeneration and Revitalization of Nicosia Inner City

The objective of this measure is to revitalise the old city by attracting young residents, new investments and fostering economic activity.

The reform consists in the renovation of the historic Faneromeni School to be used as a department of the University of Cyprus, the purchase and renovation of buildings in the inner city to be transformed through public procurements into student accommodation, and the introduction of private sector incentives to provide student accommodation in the area.

Specifically, buildings in Nicosia’s inner city will be renovated and converted to deliver at least 310 student dorms, through a grant scheme of EUR 15 million and through public procurement for the purchased buildings.

The total budget for all these interventions is EUR 17.77 million.

The whole project should be completed by mid-2026.

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NICOSIA MUNICIPALITY

Reference: C3.4.I6
Project locations: Cyprus

EU contribution: €17 770 000

Project website: http://www.moi.gov.cy/moi/tph/tph.nsf/...