{"id":122399,"date":"2026-02-13T11:39:08","date_gmt":"2026-02-13T09:39:08","guid":{"rendered":"https:\/\/www.lamaisonestates.com\/?post_type=property&#038;p=122399"},"modified":"2026-02-13T11:59:10","modified_gmt":"2026-02-13T09:59:10","slug":"nicosia-old-city-investment-opportunity","status":"publish","type":"property","link":"https:\/\/www.lamaisonestates.com\/ru\/property\/nicosia-old-city-investment-opportunity\/","title":{"rendered":"Nicosia Old City Investment Opportunity"},"content":{"rendered":"<p><span class=\"\">Investing in a listed building in Nicosia\u2019s Old City (the Walled City) is a strategic move,<\/span><span class=\"\"> especially given the current wave of urban regeneration.<\/span><span class=\"\">\u00a0<\/span><\/p>\n<h3 data-path-to-node=\"1\"><b data-path-to-node=\"1\" data-index-in-node=\"0\">The Property Highlights<\/b><\/h3>\n<ul data-path-to-node=\"2\">\n<li>\n<p data-path-to-node=\"2,0,0\"><b data-path-to-node=\"2,0,0\" data-index-in-node=\"0\">Total Versatility:<\/b> With <b data-path-to-node=\"2,0,0\" data-index-in-node=\"24\">115sqm on the 1st floor<\/b>, <b data-path-to-node=\"2,0,0\" data-index-in-node=\"49\">117sqm of ground-floor shops<\/b>, and a <b data-path-to-node=\"2,0,0\" data-index-in-node=\"85\">120sqm basement<\/b>, you have nearly <b data-path-to-node=\"2,0,0\" data-index-in-node=\"118\">350sqm<\/b> of usable internal space plus a <b data-path-to-node=\"2,0,0\" data-index-in-node=\"157\">115sqm roof garden<\/b>.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"2,1,0\"><b data-path-to-node=\"2,1,0\" data-index-in-node=\"0\">Basement Potential:<\/b> In the Old City, basements are often used as wine cellars, storage for high-end boutiques, or even &#8220;speakeasy&#8221; style bars\/galleries.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"2,2,0\"><b data-path-to-node=\"2,2,0\" data-index-in-node=\"0\">The Roof Garden:<\/b> This is a major selling point. Elevated spaces in the Old City offer unique views of the Venetian walls, church bell towers, and minarets, making it ideal for a luxury apartment or a trendy rooftop bar.<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"4\"><b data-path-to-node=\"4\" data-index-in-node=\"0\">Grants and Financial Incentives (2026 Update)<\/b><\/h3>\n<p data-path-to-node=\"5\"><span class=\"citation-19\">Because the building is <\/span><b data-path-to-node=\"5\" data-index-in-node=\"24\"><span class=\"citation-19\">&#8220;Listed&#8221; (Preserved)<\/span><\/b><span class=\"citation-19 citation-end-19\">, you have access to some of the most generous financial incentives in Cyprus.<\/span> As of early 2026, the government has intensified these programs:<\/p>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\"><span class=\"citation-18\">Direct Restoration Grants:<\/span><\/b><span class=\"citation-18 citation-end-18\"> You can apply for a government grant that covers a significant percentage of the restoration costs.<\/span> The amount is usually based on the size of the building and the specific architectural features being preserved.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\"><span class=\"citation-17\">Transfer of Development Rights (TDR):<\/span><\/b><span class=\"citation-17 citation-end-17\"> This is a unique &#8220;hidden&#8221; asset.<\/span> <span class=\"citation-16\">Since listed buildings often cannot be built higher, you can &#8220;sell&#8221; your unused building density (the square meters you <\/span><i data-path-to-node=\"6,1,0\" data-index-in-node=\"191\"><span class=\"citation-16\">could<\/span><\/i><span class=\"citation-16 citation-end-16\"> have built if it weren&#8217;t listed) to developers in other parts of the city.<\/span> This can provide substantial upfront cash for your renovation.<\/p>\n<div class=\"source-inline-chip-container ng-star-inserted\"><b data-path-to-node=\"6,2,0\" data-index-in-node=\"0\">Tax Exemptions:<\/b><\/div>\n<ul data-path-to-node=\"6,2,1\">\n<li>\n<p data-path-to-node=\"6,2,1,0,0\"><b data-path-to-node=\"6,2,1,0,0\" data-index-in-node=\"0\">Rental Income:<\/b><span class=\"citation-15\"> Income earned from a listed building is often <\/span><b data-path-to-node=\"6,2,1,0,0\" data-index-in-node=\"61\"><span class=\"citation-15\">tax-free<\/span><\/b><span class=\"citation-15 citation-end-15\">.<\/span><\/p>\n<div class=\"source-inline-chip-container ng-star-inserted\"><\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,1,1,0\"><b data-path-to-node=\"6,2,1,1,0\" data-index-in-node=\"0\"><span class=\"citation-14\">Property Tax:<\/span><\/b><span class=\"citation-14 citation-end-14\"> Listed buildings are typically exempt from immovable property tax.<\/span><\/p>\n<div class=\"source-inline-chip-container ng-star-inserted\"><\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,1,2,0\"><b data-path-to-node=\"6,2,1,2,0\" data-index-in-node=\"0\">Expense Deduction:<\/b> All restoration expenses can be deducted from your taxable income.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"8\"><b data-path-to-node=\"8\" data-index-in-node=\"0\">Why Invest in Old Nicosia Now?<\/b><\/h3>\n<p data-path-to-node=\"9\"><span class=\"citation-13\">The &#8220;Walled City&#8221; is currently undergoing a <\/span><b data-path-to-node=\"9\" data-index-in-node=\"44\"><span class=\"citation-13\">\u20ac28 million regeneration program<\/span><\/b><span class=\"citation-13 citation-end-13\"> (announced\/active as of February 2026).<\/span> Here are the positive trends:<\/p>\n<ul data-path-to-node=\"10\">\n<li>\n<p data-path-to-node=\"10,0,0\"><b data-path-to-node=\"10,0,0\" data-index-in-node=\"0\">The &#8220;University Effect&#8221;:<\/b><span class=\"citation-12 citation-end-12\"> The relocation of university departments (like the University of Cyprus and the National &amp; Kapodistrian University of Athens) into the center has created a massive demand for student housing and commercial services.<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,1,0\"><b data-path-to-node=\"10,1,0\" data-index-in-node=\"0\"><span class=\"citation-11\">Gentrification &amp; Culture:<\/span><\/b><span class=\"citation-11 citation-end-11\"> Areas like Faneromeni and Trikoupi are now hubs for &#8220;authentic Cyprus.&#8221;<\/span> You\u2019ll find high-end bistros next to traditional workshops, attracting both tourists and a sophisticated local crowd.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,2,0\"><b data-path-to-node=\"10,2,0\" data-index-in-node=\"0\"><span class=\"citation-10\">Infrastructure Upgrades:<\/span><\/b><span class=\"citation-10 citation-end-10\"> The municipality is currently upgrading pedestrian streets, lighting, and parking facilities (such as the Ariadni multi-level car park) to make the area more accessible.<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,3,0\"><b data-path-to-node=\"10,3,0\" data-index-in-node=\"0\">High Yields:<\/b> Commercial spaces in the Old City are highly sought after by boutique owners and creative agencies, often yielding between <b data-path-to-node=\"10,3,0\" data-index-in-node=\"136\">5% to 10%<\/b> annually once renovated.<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"13\">","protected":false},"excerpt":{"rendered":"<p>Investing in a listed building in Nicosia\u2019s Old City (the Walled City) is a strategic move, especially given the current wave of urban regeneration.\u00a0 The Property Highlights Total Versatility: With 115sqm on the 1st floor, 117sqm of ground-floor shops, and a 120sqm basement, you have nearly 350sqm of usable internal space plus a 115sqm roof 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