The restoration of the historic center begins in Nicosia.
On Monday, March 30, Finance Minister Konstantinos Petridis said that about EUR 20 million will be allocated from the country's budget for these purposes.
The money will be used to buy out buildings owned by the church through the Restoration Fund. They are expected to be converted into student hostels and then rented out to the municipality of Nicosia.
It is worth noting that the Nicosia's municipal authorities have already proposed options for several buildings that can be purchased. Their cost is estimated at about EUR 4 million, and the reconstruction work is EUR 12.5 million.
Moreover, according to the plan for the revival of the historical center, these buildings will:
- exempt from capital gains tax for ten years with the right to transfer and renew for another ten years to other owners;
- exempt from utility bills and sewage charges for a specified period;
- have the right to transfer to another owner at the stage of repair / restoration;
- keep rate during demolition and renovation.
'On Monday, I met with the mayor of the city and other people. We discussed a plan for the revitalization of the historic center of Nicosia. In particular, we have identified the main parameters of this plan, which relate to the completion of very important infrastructure projects, financing of other projects from the Recovery and Resilience Fund, as well as the creation of student dormitories,' Petridis said.
The Archdiocese provided a list of 24 buildings that could be used for conversion to student dormitories or other auxiliary purposes.
Four of them are located on Kallipoleos Avenue, the other 20 are located near the house of Efrosini Tarsi. The Archdiocese intends to renovate these buildings by using city incentives to build student residences.