A host of capital hopefuls, from universities to major brands will be expecting to make a splash in the city centre over the coming months, marking a new era for one of the country’s most historic and significant commercial areas.
Investor interest must surely be the most accurate indicator of development and the heart of the capital city seems to be headed for a business “boom.”
The shift in the run down, neglected centre of mostly emptied out bankrupt businesses, has only been recent. An initiative by new mayor Charalambos Prountzos, development projects and revitalisation efforts have yielded good results, attracting entrepreneurs and a number of suggested investments.
The Kapodistrian University of Athens is establishing firm foundations in the area, as a branch in the centre will bring much more than the primary educational benefits, as these go hand in hand with dormitories, cafeterias, restaurants and other relevant infrastructure that will attract students and visitors.
Areas hosting educational institutions have historically developed rapidly, one notable example being the Makedonitissa area, which was dying off commercially following the closure of the International State Fair, but now enjoys a second life, with its large student population.
New developments include residential, office, and hotel projects. Two companies have expressed interest in building hotels: the Fattal Group plans a 168-bed hotel in the former Laiki Bank building on Makarios Avenue, and another is developing a 70-bed boutique hotel in the old Anastasiades clinic on Arnaldas Street, adjacent to the avenue.
Cyfield is proceeding with three residential buildings, while another high-rise is being designed next to Zara. Modern office spaces are also being developed on Evagorou Street, along with road works connecting the walled part of Nicosia to the old GSP stadium.
The €20 million renovation of GSP has attracted investor interest, with known brands discussing establishing presence in the area.
These developments aim to functionally and aesthetically upgrade the Nicosia centre from its former state into a revitalised environment with improved prospects for residents, businesses, and the Nicosia Municipality.
If there’s one area in Cyprus that deserves a decent future, its the historic city nucleus.
