Building for sale in Nicosia Walled Old City, Nicosia

Two adjacent properties for situated in the old Nicosia city, only a 5-minute walk from Eleftherias Square suitable for a project of  student accommodation, a boutique hotel or office building.
Property(a): An empty plot of 445sqm cur ly used as a parking space with building density of 160%, coverage 70% and 3-floor allowance at the building Zone ΕΖ-εν. Commercial and residential use is allowed.
Property (b): Plot of +/- 395sqm with a building in need of renovation. Part of the building used to be a clinic of 279sqm covered area plus 22sqm covered veranda. On the ground floor there is a shop of 295sqm and a 118sqm basement.
The government’s plans for the area include the transfer of the School of Architecture of the University of Cyprus to the Faneromeni area, the operation of student halls, the maintenance of abandoned buildings, and the landscaping of others that need upgrading.
Some €15 million is earmarked as sponsorship for the construction of student dormitories with a minimum of 560 rooms.
An Entrepreneurship Support Sponsorship Scheme is to provide government money to financially support businesses that are privately owned or ed in the area.
The plan, which will run through 2026, amounts to €10 million.
The amount of the grants will exceed 50% of the eligible cost.
Up to €80,000 will be given to businesses who would consider moving their base or branching out to the old town.
Incentives will also be given to couples considering buying a home there.
Some €5 million have been earmarked for this scheme and will be available during the three years 2023-2025.
The city within the walls will be strengthened through other projects of the EU Recovery and Sustainability Plan, such as upgrading traditional catering facilities and schemes for the energy-efficient buildings, for which approximately €100 million will be allocated.
More than €20 million relates to energy upgrading of homes and tackling energy poverty