Nicosia Unveils Detailed €1 Billion Investment Plan

Nicosia, Cyprus - President Nikos Christodoulides has unveiled a comprehensive development package worth over €1 billion for Nicosia and its surrounding communities. The plan, which spans various sectors, aims to improve social policy, healthcare, education, culture, transportation, green development, and support for youth and families.

One of the key projects includes improvements in road registration and upgrades to village cores in Farmakas, Meniko, Alona, Potami, Politiko, and Dali, as well as new culture centers and museums in Gourri, Pera Oreinis, and Katydata. The Akaki Health Center serving 15 communities is also part of the announced projects.

In healthcare, significant investments have been earmarked. The Pediatric Oncology Clinic is being developed with an investment of €8 million, while development works at Archbishop Makarios III Hospital include a children's emergency department, pediatric neurology, and rare diseases and genetics units, with an investment of €21.7 million. A rare diseases center is also being constructed with an investment of €2 million.

Flood protection works will be carried out in four key areas: the city center, Agioi Omologites, Pallouriotissa, and Lycavitos, with completion expected between 2025 and 2026. Urban upgrades will focus on key zones, including the redevelopment of the State Fair area and SOPAZ.

In education, plans include 25 new all-day schools, a new technical school in Idalion, a pilot technical junior high in Agios Stylianos, five zero-energy schools by 2027, and a new branch of the National and Kapodistrian University of Athens within the old city walls, including 380 student residences (€15 million).

Transport infrastructure projects aim to ease congestion, including the Nicosia Ring Road, Nicosia-Troodos and Nicosia-Palaichori motorways, New Macedonia Avenue, Stavrou Avenue, the Tseriou-Strovolos bridge, and upgrades to Konstantinos Palaiologos Avenue.

The government will invest €76.7 million in a Vasilikos-Nicosia water connection. Housing initiatives include subsidies up to €70,000, the "ktíZO" plan with 155 apartment buildings in Nicosia, redevelopment of the Agios Mamas government housing estate (phase 2), social housing schemes, and division of state plots for residential purposes.

The New Cyprus Archaeological Museum will receive an investment of €144 million and is expected to be completed by 2028. The Ledra Archaeological Site, the Palladium Cinema Theatre, and partnerships with local authorities to promote cultural activities through a Cultural Development Programme Agreement are also included.

However, the announcement has not been without controversy. The Municipality of Strovolos expressed deep disappointment, arguing it has been blatantly sidelined in the government's announcement. Specifically, the Chatziosif–Stavrou Avenue project has been criticised for being announced without the required approval from the Strovolos municipality, implying that the proper administrative procedures were bypassed.

Strovolos officials also raised objections to the announcement of this project, claiming it bypassed the required approval of Strovolos's municipal council and lacked community consultation. Furthermore, they criticised delays in transferring ownership of the former Strovolos Cooperative Savings Bank building and flagged concerns that it could be repurposed against previous commitments.

Despite these objections, the development package also includes several positive initiatives for Strovolos, such as the construction of two independent living residences for people with autism, funded by Eurobank, and the development of an employment center in Agios Dometios. €1.4 million will be invested for beautifying city routes ahead of the EU Council presidency.

The modernization of the Makarios Sports Center is underway, including an open-air 5,000-seat stadium, a swimming pool, and an indoor athletics arena accessible to Paralympic athletes. The Nicosia Smart City project is moving forward with investments in smart parking, smart lighting, and waste management.

Lastly, new boreholes and upgrades to the Lympia irrigation project are planned, and a modern day-care center for people with disabilities over 21 years old is among the key works. The Nicosia Municipal Swimming Pool has already been upgraded at a cost of €6.5 million.

The development package in Cyprus, valued at over €1 billion, includes innovation in various sectors, such as health, education, culture, and tech, aiming to improve the economy and business opportunities in Nicosia.
The plan entails significant investments in health services, with development works at Archbishop Makarios III Hospital and the construction of a rare diseases center, both funded by finance.
In addition to health improvements, the development plan encompasses educational projects, like 25 new all-day schools, a new technical school, and a branch of the National and Kapodistrian University of Athens in Nicosia.
Transportation infrastructure projects, such as the Nicosia Ring Road and new motorways, are part of the development package to ease traffic congestion and support tourism growth.
The government will invest in housing initiatives, including subsidies, redevelopment projects, and division of state plots for residential purposes, aimed at improving the housing-market and real-estate sector.
The New Cyprus Archaeological Museum will receive substantial investment, while the Ledra Archaeological Site and Palladium Cinema Theatre will also undergo renovations to boost cultural tourism.
The development package also includes positive initiatives for Strovolos, such as the construction of independent living residences for people with autism, the development of an employment center, and beautification projects before the EU Council presidency.
Lastly, the development plan includes upgrades to infrastructure, like water connections and irrigation projects, as well as the creation of a modern day-care center for people with disabilities, furthering the government's commitment to supporting all sectors of the community.