The central part of Nicosia continues to be developed and modernised.
On Friday 24 January it was announced that a new hotel will soon be opening on Makarios Avenue in the capital. The hotel will open in the former Laiki Bank building, next to the National Bank of Greece. The hotel will have 168 comfortable rooms.
The initiator of this project is the Israeli Fattal Group, which is now actively investing in the hospitality sector in Cyprus. The company recently acquired the famous Grand Resort in Limassol. The Fattal Group also owns a number of hotel properties in Limassol, Paphos, Larnaca and Protaras.
Meanwhile, another 70-room boutique hotel is to be built on Arnaldas Street in Nicosia, which runs between Makarios and Stasinos avenues, on the site of the former Anastasiades Clinic. The building will be renovated and not demolished. It should be noted that this hotel will be owned by another investor.
In the centre of the Cypriot capital, there are also plans to build new residential and office buildings in the near future. A multi-storey building will be built next to the Zara store. The construction company Cyfield is also building three more residential buildings.