€ 15 million for old Nicosia student hall

The government has announced that it will invest € 15 million in incentives for developers to build accommodation for students in the old town of Nicosia to address the capital shortage.

€ 15 million has been allocated to subsidize the construction of a minimum of 560 dormitories within the walls of the capital’s old town. In addition, each successful applicant is eligible for a € 2 million grant.

The incentive system is part of the government’s plan to inject € 40 million into the renovation of Nicosia’s old town inside the wall, along with a system to improve the quality of life of residents and attract new businesses.

The remaining 25 million euros will be used to renovate the historic center of the capital in the recovery and sustainability program.

It aims to provide students with housing options at a reasonable and controlled cost, but this scheme is Also upgrade The historic center of the city by attracting students and new investments.

It is an incentive for building owners or tenants (with the owner’s signed consent) to renovate or build new buildings in the form of government grants to create student accommodation. Provide.

This scheme is included in Cyprus Recovery and Sustainability Plans 2021-2026 and is funded by the European Union’s Recovery and Sustainability Mechanism, which is the primary funding tool for the Next Generation EU Plan.

The City Planning and Housing Bureau manages and implements this plan.

The minimum investment (eligible cost) to convert a building into a dormitory and build a new building for use as a dormitory or student room is € 140,000.

The maximum amount of sponsorship per beneficiary is € 2 million.

Up to 75% of the eligible costs of converting an existing building into a dormitory are covered by this scheme.

If you build a new building, 50% of the covered costs will be covered.

The application must be submitted between May 2nd and November 1st, 2022.

Applications can only be submitted online at the following URL:

Applicants must meet certain criteria and conditions to qualify. See the Sponsorship Plan Guide for more information.

The guide and its accompanying appendices can be found in

For more information, please contact 22409505, 22409819.



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