Once one of the most stylish and lively streets in Nicosia, Stasikratous is now in decline. The shops that shaped the area's atmosphere for many years are closing one after another. The main reason is the sharp increase in rents, which have risen by 50-80% over the last three years. For small and medium-sized businesses, this has practically been a death sentence.
After Makarios Avenue closed, the area lost a significant portion of its foot traffic, accelerating the crisis. Now, fewer and fewer people pass by, and consumers prefer shopping malls or online shopping. As a result, traditional shops cannot compete and are disappearing from the city map.
Historic shops are leaving Stasikratous
This trend is particularly noticeable among well-known brands and boutiques. Recently, Raxefsky, a women's clothing store; Analio, a shoe boutique; and Max Boutique, a store that sold well-known European brands, have closed on this street. Their departure has left empty shop windows and a deep hole in the street's unique shopping atmosphere. Due to high rents, it is almost impossible to find new tenants. More and more storefronts are standing empty, and owners would rather keep them closed than rent them out at reduced rates.
Instead of a street with history, there is a neighborhood of skyscrapers
As small businesses leave, skyscrapers are springing up in their place. Developers are investing in luxury residential complexes, which are transforming the historic center of Nicosia into an exclusive area. Stasikratus is becoming a place for wealthy foreigners, investors, and members of the elite to live, not ordinary Cypriots.
The new towers offer modern apartments with panoramic windows, underground parking, gyms, swimming pools, and concierge services to residents. Prices for such apartments remain high, yet demand remains steady.
What will the future hold for Stasikratous?
Economists and urban planners note that Nicosia is undergoing a phase of active redevelopment, with priority given to large-scale investments. However, the price of these changes is the loss of the traditional urban atmosphere. Local residents are increasingly avoiding the street that was once a popular shopping and meeting place.
Today, Stasiokratous is no longer a place for walking and shopping, but rather a prestigious address for living in skyscrapers. There is no longer any room for small businesses, and the cultural character of the city center is gradually disappearing.