Transforming Nicosia's historic walls into a thriving business hub

A convergence of history and progress, where Nicosia's walls become a business hub. The second sponsorship call is coming, offering something new to this ancient landmark. It's a project to reshape Nicosia's center.

A new effort has been launched to boost business activity within the historic walls of Nicosia. The Ministry of Interior's Department of Town Planning and Zoning has announced the second round of applications for a sponsorship program meant to revitalize economic ventures within Nicosia's walled city.

The sponsorship program, which is part of a comprehensive strategy for the regeneration and a regrowth of this historic enclave, provides financial assistance for individuals or businesses, whether proprietors, lessees, or tenants, who are now involved in or plan to engage in business operations. This program is in line with the larger goal of expanding corporate operations within the walls of the city.

Over a five-year span, from 2022 to 2026, a total funding pool of €10 million (€2 million annually) has been allocated for the project, sourced from the state budget.

Aims and objectives of the project

The program aims to achieve a variety of objectives. One key goal is to attract startups to predefined zones within Nicosia's fortified walls. Regulatory authorities have pre-approved these locations for specific business operations. At the same time, the program aims to encourage existing enterprises to relocate to the specified zones.

The overarching goal is to improve these places' sociological, economic, and environmental elements. This includes instilling confidence and security, improving the quality of life, and, most importantly, rekindling human potential within the walls of the city.

At the same time, the effort encourages existing enterprises in these areas to extend their operations, so stimulating their economic pursuits. The goal is to create long-lasting and competitive businesses, so improving the socioeconomic environment of Nicosia's walled city. This includes attracting ancillary investments and revitalizing the architectural landscape while adhering to circular economy and sustainable growth concepts.

Anticipated outcomes and beneficiaries

This sponsorship undertaking anticipates multifaceted benefits. Notably, it seeks to facilitate the restoration of Turkish Cypriot properties, many of which have suffered from neglect due to age and inadequate maintenance. It also envisions drawing inhabitants from across Cyprus to engage with and contribute to the broader urban Nicosia experience.

Furthermore, this program is expected to create new job possibilities and revitalize the urban environment. Individuals and entities eligible for participation include building owners or lessees, subject to the necessary approvals and requirements.

This framework's enterprises align with the Nicosia Centre Area Plan, comprising a varied range of services, cultural establishments, creative ventures, retail spaces, and recreational activities. Youth-oriented and student-centric businesses that complement rather than dominate the commercial scene are prioritized.

This project, with a clear roadmap and strong financial support, aspires to write a new chapter in the history of Nicosia's walled city, stimulating growth, creativity, and a reinvigorated feeling of community. The opportunities are widening, and the process of change is in full swing.