2021 might become a year of great change for the capital of Cyprus.
A huge number of new development and infrastructure projects are expected to begin in Nicosia, during which the city will undergo the largest transformations in recent history.
The attention of the country's government and investors is now focused not only on the modernization of the central part of the capital, but also on its suburbs. Some commercial development projects are close to completion, others are now in the planning stage. According to experts, the radical transformation of Nicosia will undoubtedly lead to an increase in property prices.
The current construction of the Makariou - Evagorou - Stasikratous triangle is nearing completion, and the reconstruction of Pantelidi and Rigenis streets is underway. The renovation of the former Holiday Inn will begin shortly, as will the construction of several boutique hotels on the outskirts of the Old Town.
In addition, the newly renovated city hall and the transformation of the old market into a research center will add some prestige to the capital. Other significant projects that will benefit the Old Town include the renovation of the GSP Stadium. It will be transformed into a large park and a new museum.
A project that will help revitalize students' interest in Nicosia is the transformation of the historic building of the Faneromeni school into the architecture school of the University of Cyprus. This idea has inspired hope for the revitalization of Nicosia within the walls of the Old City and has already prompted developers to pay attention to the potential of the area.
The fact is that the new school will attract about 250 students to the area. Many developers are already considering building student residences to meet anticipated demand. As you may know, the building of the Faneromeni school is located in close proximity to the reconstructed Eleftheria Square, an architectural landmark which should become a venue for various events.
Meanwhile, infrastructure projects promoted by the state, such as the Nicosia ring road, will reduce traffic on roads leading to and from the center.
The orbital road will allow residents of Nicosia's suburbs and surrounding villages to easily reach the center and the highways leading to the coast. This will drive up residential property prices in regions such as Geri and Lakatamia. With easy and quick access to the city center and highways, these areas will become more attractive for people looking for housing.
In addition, the new ring road will facilitate access to shopping centers and the new Neo Plaza being built near the village of Kokkinotrimithia. There is no doubt that the developers will focus on the further development of the area. Upon completion of all stages, a new motorway will connect the main sections: Nicosia-Limassol (A1), Nicosia-Kokkinotrimithia (A9) and Nicosia-Palechori.
Finally, the cherry on the cake will be the renovation of the famous Hilton (Landmark) hotel in Nicosia, as well as the construction of two residential towers 64 meters high next to it. With the advent of new skyscrapers, the value of the area is expected to increase several times.
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