Property 1110 Nicosia / B-119322

This property listing includes two adjacent properties situated in the historic city of Nicosia, a mere 5-minute walk from EleftheriasSquare. The properties' location and features make them ideal for various development projects such as student accommodation, a boutique hotel, or an office building. The first property, Property A, is an empty plot of 445sqm currently used as a parking space. This plot has a building density of 160%, coverage of 70% and a 3-floor allowance.

Both commercial and residential uses are permitted. The second property, Property B, is a plot of approximately 395sqm with an existing building in need of renovation. Part of the building once served as a clinic with a covered area of 279sqm and a covered veranda of 22sqm. On the ground floor, there is a shop of 295sqm and a basement of 118sqm.

The government has plans for the area that include transferring the School of Architecture of the University of Cyprus to the Faneromeni area, operating student halls, maintaining abandoned buildings, and landscaping others that need upgrading. A total of 15 million is earmarked as sponsorship for the construction of student dormitories with a minimum of 560 rooms. There is also a scheme providing financial support to privately-owned businesses in the area. Incentives are also provided for couples considering buying a home in the old town.

The city within the walls will be strengthened through other projects of the EU Recovery and Sustainability Plan, such as upgrading traditional catering facilities and schemes for energy-efficient buildings. Over 20 million relates to the energy upgrading of homes and tackling energy poverty. These properties represent an excellent investment opportunity considering the ongoing and planned developments in the area.