NewsLocalGovernment subsidy of €20m towards purchase of buildings within old Nicosia's walls

Government subsidy of €20m towards purchase of buildings within old Nicosia’s walls

A government subsidy of €20 million will assist the relocation of the University of Cyprus’ architecture school to the premises currently hosting the Phaneromeni school in old Nicosia.

And this will boost much-needed efforts to rejuvenate the capital’s old sector, Finance Minister Constantinos Petrides told a press conference on Tuesday.

The plan involves building dormitories for the university students – the idea being to populate the area with young people and attract investors.

Nicosia Municipality has already proposed the purchase of three buildings at a total cost of about €4 million. Their renovation is estimated to cost another €12.5 million.

The plan also involves upgrading street and building infrastructure in the old town with Philenews disclosing a number of other financial incentives on offer to attract investors.

Such as exemption from Capital Gains Tax for 10 years with the right to transfer and extend this for another ten years to secondary owners of shopkeepers etc.

As well as exemption from municipal and sewerage fees for a predetermined period, along with the right to transfer the building factor from listed buildings in the case of repair/restoration.

One more incentive is maintaining the building factor rate in case of demolition and reconstruction. Along with an increased coverage by up to 10% to facilitate sensitive adjustments and modern needs.




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