The major projects turning Nicosia into an attractive investment destination

Nicosia has gone through a massive transformation in recent years, from the old town and Eleftheria Square all the way up to Makarios Avenue, and the emblematic Stasicratous and Evagorou Streets.

Indeed, the capital has been steadily gaining ground, not just as the perfect place to work and do business, but also for fun and entertainment. And the only way is up for the town, what with the major developments still in the works, blending its medieval beauty with the new, rejuvenated architecture.

The major projects

The transformation of Nicosia is based on a long-term strategic study, which provides for the creation of a green, smart and sustainable city.

This new era for the capital, with its modern lifestyle combined with the numerous investment options, has given further impetus and opened up opportunities for development and projects that were essentially missing; and their absence was achingly obvious.

And now, by general admission, Nicosia has evolved into a particularly attractive destination for investment on any scale.

Eleftheria Square: A landmark project

Elegance, minimalism and modern architecture were the key elements that dominated the regeneration of Eleftheria Square and the wider area. The space can now be enjoyed by people from all walks of life – and it is, as the growing numbers of visitors attest to. It includes modern gardens, palm-lined walkways, and skateboard-friendly multi-level spaces. And importantly, all areas are fully accessible to people with disabilities.

Upgraded road network

Adding to the value of the city’s rejuvenation is the current upgrade of its road network. This has in fact encouraged more investment in the area, including the new student houses in Voulgaroktonou, Arsinoes and Komninou streets. These have also increased the population in the area, making it an appealing option for investors.

Hospitality and entertainment: A must-go destination

As momentum gathers in the capital, its hospitality and entertainment businesses are rejoicing as they watch it slowly but surely transform into a must-go destination for all types of fun.

With a dedication to high quality services, there are a few venues that stand out. Pralina Experience by the Zorba Group, for one, ranks among the most exclusive and popular restaurants of the area, and is particularly favoured for business events, offering exquisite culinary options.

Pinolo, an authentic Italian restaurant on Makarios Avenue, is another prime example with its unique gourmet menu. Istorja, a concept restaurant on Gregoris Afxentiou Street, and Beba on Pindarou Street are also well worth a mention.

And then there’s Henry’s, a unique premium cocktail bar, and the all-day destination Bean Bar, both on Makarios Avenue; to name but a few.

Shopping and culture

The new shopping experience on Makarios Avenue, the capital’s high street, is reminiscent of its old glory days, when it used to be THE shopping destination on the island. But now it comes with a modern twist.

Lined with stores like Zara, Beauty Line and Holland and Barret’s, the avenue’s modern and refreshed design makes for a very special shopping experience.

And then there is the capital’s impressive cultural offering. There is currently an investment flurry in Nicosia’s cultural scene, with a number of largescale projects either completed or still underway.

The biggest project is that of the New Archaeological Museum of Cyprus, located opposite the House of Representatives, which is expected to be delivered in 2026. The €144m project is expected to be a key attraction for visitors and locals alike.

A few metres up the road, the Nicosia Municipal Theatre, which was renovated in 2019, has already hosted scores of shows and events. Other noteworthy projects include the completed Cyprus Theatre Organisation in the old GSP area, and the A. G. Leventis Gallery.

The cultural journey through the streets of the capital reaches the Kastelliotissa hall, an archaeological treasure that hides dozens of mysteries and legends. It then passes through Famagusta Gate and Paphos Gate which carry their own unique medieval history. And there’s so much more.

The city centre’s full transformation

There has been a sharp increase in interest to build residential and business developments in the centre of Nicosia, particularly in recent years, thanks to other major projects that have benefited the capital in a multitude of ways.

The businesses that dared to become active in the area are now counting their successes.

A key example of these developments is Stasikratous Residences, which is the capital’s second highest building. The emblematic tower consists of luxury apartments and ties in seamlessly with Nicosia’s traditional architectural scene. It is 100 metres tall, with 26 floors and 46 apartments.

But perhaps the most emblematic building in the capital is the luxury 360 on Makarios Avenue. The imposing tower is 135 metres tall, boasts 34 floors and 120 luxury apartments.

Downtown Residences is another prime example of ultra-modern, high-aesthetic architecture. The building is 80 metres tall, with 20 floors and 34 luxury apartments.

And then there is King’s Gardens, an 80m residential tower on Vasileos Pavlou Street, with panoramic views of Nicosia.

All in all, things are looking pretty good for the capital.

(This article was first published in the July issue of In Business magazine. To read the original, in Greek, click here)