Old Buildings in Center of Nicosia Receive Grants for Restoration

Владельцы старых зданий в центре Никосии получают субсидии на их реставрацию
5 October 2020 Angelica Michael

In recent years, the historic center of Nicosia has been transformed.

Many old buildings have been restored, and new infrastructure has been created.

On the site of abandoned dilapidated houses, neglected gardens and vacant lots, cafes, restaurants, designer shops, and antique dealerships have appeared.

However, many buildings are still in a dilapidated state. For many years no one wanted to invest and rebuild the center of Nicosia due to the close proximity to the Green Line and the occupied territories.

Владельцы старых зданий в центре Никосии получают субсидии на их реставрацию

Several years ago, the Cyprus government announced grants for the restoration of historic buildings in Nicosia, Limassol, Larnaca, Paphos and Polis. However, many owners of older buildings complain about the lack of start-up capital that is required to participate in the program.

  • In general terms, the program covers up to 40% of the cost of the restoration, but the total amount cannot exceed € 90,000.
  • The subsidies also cover the costs of project studies, architectural plans, etc. The amount cannot exceed € 4,000, the maximum amount is 10% of the total project cost.
  • The money is paid after the completion of the work and after checking by a special commission. The main condition for the allocation of subsidies is that buildings must retain their appearance without any changes in style, colors, facade materials.

It is possible that in the near future the program will be revised and improved in order to motivate the owners of old buildings to more actively restore them, thereby improving the appearance of the historical center of Nicosia.

Source: Economy Today
Photos: Pixabay
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