A "grandiose and vibrant" project for the revitalization of Old Nicosia was unveiled by the Ministry of Internal Affairs of the Republic of Cyprus on September 20. This will cost 30 million euros. It outlines the distribution of incentives for home purchases and the encouragement of economic activities.
To emphasize and enhance Nicosia's cultural identity and European identity, a living community must be created inside the walls, according to Interior Minister Konstantinos Ioannou.The interior minister emphasized that the initiative's major objective is to transform Nicosia's historic district into a thriving hub of contemporary commerce and commercial activity to both maintain existing inhabitants and draw in new ones.
Grants for house purchases.
The initiative, with an overall cost of 5 million euros, is co-financed by the European Recovery and Sustainable Development Plan. It began in March 2023 and is intended to run until 2025 or until funds run out.Citizens of the Republic of Cyprus and other members of the European Union who have been constantly on the territory of Cyprus over the last five years are eligible to apply. The primary requirement is that on the date of application, you must not own your own house.Families are eligible for payments ranging from 35,000 to 70,000 euros + 10,000 euros if there are members of the family who are disabled.For couples, the maximum budget is 45,000.
Under-41-year-old couples are eligible to apply for an allowance of up to 60,000 euros.Couples with kids, including those headed by one parent, are eligible to earn up to 50,000 euros or 65,000 euros if any relatives are under the age of 41.Parents with four or more kids can receive up to 70,000 euros in aid.
Funds for Business Development
The 10-million-euro initiative is planned to run from 2022 to 2026. The award limits financial support to 80,000 euros per project, covering 60% of the costs that qualify. Property rebuilding costs are capped at 1400 euros per square meter.
Grants for dorms and apartments for students.
The European Union is a co-founder of the initiative, which has a budget of 15 million euros for the years 2021-2026. 75% of the price of turning a building into dorms for students is covered by grants. The plan's objective is to build 380 student rooms by 2026.
Cultural treasures digitization
In Old Nicosia, some 800 structures are already secured, and 525 more are undergoing review. The project aims to preserve and electronically record the unique history found within the Venetian Walls.
The link provides access to the Ministry of Internal Affairs' comprehensive presentation of the proposal.Konstantinos Ioannou asserts that the initiatives taken by the last administration and augmented by the present one would boost the economy, bring more people to Old Nicosia, and enhance the environment, assisting in moving to a green economy and the elimination of trash.