The project to transform Nicosia's Old Municipal Market into the modern CYENS Hub Nicosia Research and Innovation Centre has been named one of the 25 best Cohesion Policy projects in Europe for 2026. Supported by the European Union, the Republic of Cyprus, and the Municipality of Nicosia, the project has reached the finals of the prestigious REGIOSTARS Awards 2026.
Out of 274 submissions from across Europe, an international jury selected only 25 finalists, with the Cypriot initiative earning a place among the continent's best. It will represent Cyprus in the "A Competitive and Smart Europe" category. Final presentations will take place on 13 October 2026 in Brussels during the European Week of Regions and Cities, with the winners to be announced on 14 October.
Historic Building Transformed into a Technology and Research Hub
A total of €7.8 million was invested in the project. Thanks to the renovation, the historic Old Municipal Market building in central Nicosia has been given a new purpose while preserving its architectural heritage and becoming one of Cyprus' most advanced research facilities. Today, it serves as the permanent headquarters of the CYENS Centre of Excellence. The building includes:
- state-of-the-art research laboratories;
- collaborative workspaces;
- conference and seminar rooms;
- multimedia studios;
- facilities for testing digital solutions;
- infrastructure supporting innovative startups.
The project is regarded as one of the most successful examples of how European funding can simultaneously preserve cultural heritage and create new centres of technological innovation.
Why the Project Matters for Cyprus
Reaching the REGIOSTARS finals is a significant international achievement for Cyprus. The project demonstrates that EU investment can do more than restore historic buildings—it can also foster scientific research, the digital economy, and entrepreneurship. The CYENS Hub has become one of the flagship elements of the regeneration of Nicosia's historic centre. It brings together researchers, universities, technology companies, entrepreneurs, and professionals from the creative industries. Its continued development is expected to attract international investment, create new jobs, and strengthen Cyprus' position as a regional technology hub in the Eastern Mediterranean.
In recent years, the country has significantly increased investment in digital transformation, artificial intelligence, innovative businesses, and research infrastructure. Projects like this enable Cyprus to compete more effectively for European grants and international technology initiatives.
Who Is Behind CYENS?
CYENS is one of Cyprus' leading research centres, focusing on interactive technologies, artificial intelligence, digital media, cultural technologies, smart cities, and user experience. The centre was established through a partnership involving:
- the University of Cyprus;
- the Cyprus University of Technology;
- the Open University of Cyprus;
- University College London (UCL);
- the Max Planck Institute.
Today, CYENS plays a key role in strengthening Cyprus' innovation ecosystem by helping commercialize research, supporting startups, and promoting collaboration between academia, business, and government. The project's place among the REGIOSTARS Awards 2026 finalists confirms that Cyprus is becoming an increasingly important player in Europe's innovation landscape, while demonstrating how the successful combination of heritage preservation and modern technology can serve as a model for other European cities.