Breaking news

Public Investment In Urban Green Spaces: Transforming Community Life With €55 Million Funding

With a robust budget of €55 million and co-financing from the European Union, a bold initiative is underway to develop public spaces that enhance social cohesion and elevate the quality of urban life. This series of projects, spanning several cities, underscores a strategic commitment to green development, sustainable mobility, and enhanced community engagement.

Revitalizing Iconic Urban Venues

An emblematic project in Nicosia, with an investment of €27.3 million, is transforming the old GSPI sports field into a vibrant green hub. Completed in early 2025, the redevelopment integrates an outdoor amphitheater, cafes, retail outlets, and seamless connections to public transit. The new space now hosts a wide range of cultural, social, and artistic events, effectively merging heritage with modern urban utility.

Environmental Awareness Through Linear Green Corridors

A €5.6 million project along the Galia River is creating a 3-kilometer linear park that spans 24,000 m². Designed as a comprehensive venue featuring walking and cycling paths, playgrounds, landscaped areas, a dog park, and nature observatories, this initiative aims to promote physical activity, environmental education, and biodiversity awareness. Scheduled for completion in early 2027, the project will also connect critical municipal districts, reinforcing a network of safe and sustainable pathways.

Urban Park Revitalization In Larnaca

Larnaca is witnessing significant urban renewal through multiple park projects. The ongoing redevelopment of the Pathechiou Park, with a budget of €6.6 million and an expected finish in early 2026, promises an upgraded landscape featuring modernized infrastructure, new green plantings, a botanical garden, and recreational zones. Meanwhile, the recently completed Salina Municipal Park, developed with €3.2 million and officially inaugurated in November 2024, now serves as an urban oasis offering dedicated areas for leisure, exercise, and community gatherings.

Expanding Multifunctional Recreational Spaces

Further afield, a €2.3 million multifunctional park in Tsiakliero, Larnaca, is set for completion by the end of 2025. Covering 9,300 m², it will feature green spaces, athletic areas, playgrounds, cycling tracks, and an outdoor amphitheater, all designed to foster community interaction and local revitalization. In Limassol, the transformation of the Gongen Park on Gongen Street—a €2.3 million investment—has produced a 10,000 m² urban jewel that accommodates accessible exercise areas, circular plazas, and creative community spaces for events and leisure activities.

Community-Focused Enhancements Across Regions

Additional projects include the development of a park adjacent to the Aetos Stadium in Limassol, completed in May 2025 with a €1.1 million budget. This 7,800 m² park is characterized by its dual-entry plazas, social gathering spaces, pedestrian paths, and playgrounds, which collectively contribute to a safer and more dynamic urban environment. In Ayia Napa, a €4.3 million urban multifunctional park spread over 27,500 m² is underway, promising picnic areas, modern playgrounds, an artificial lake, landscaped gardens, and curated mosaic exhibits—all set to enhance both local life and tourism.

Enhancing Local Infrastructure and Resilience

In addition to recreational amenities, the region benefits from projects focused on holistic urban rejuvenation. A €0.9 million sports and recreation facility in Sotira, covering 3,000 m², offers versatile athletic fields, outdoor exercise equipment, and green relaxation zones. Furthermore, a €1 million initiative is reconfiguring an existing area into a linear park along Acherytos, featuring pedestrian paths, social spaces, and sustainable landscaping aimed at addressing urban runoff and environmental challenges, with completion expected in March 2026.

A Unified Vision For Urban Quality Of Life

Taken together, these investments represent a proactive approach to urban planning and public space design. By merging modern amenities with sustainable development goals, these projects not only provide enhanced environments for recreation and social interaction but also pave the way for resilient, environmentally conscious communities. The integration of public and governmental resources serves as a blueprint for future urban regeneration efforts, ensuring that quality of life remains at the forefront of community development.

For more insight into sustainable urban projects funded by the EU, visit the European Union website.

doValue Cyprus Strengthens Market Leadership With New Astrobank Portfolio

Expanding Market Influence

Loan and real estate management firm doValue Cyprus has significantly reinforced its domestic presence in non-performing loan servicing by acquiring a new portfolio from Astrobank Public Company Limited. This development follows Astrobank’s recent transition, marked by the transfer of key operations to Alpha Bank Cyprus Limited and the subsequent surrender of its banking licence.

Strategic Acquisition And Swift Execution

Finalized on November 3, 2025, the agreement underscores a decisive strategic shift as doValue Cyprus assumes management of Astrobank’s remaining portfolio. The immediate commencement of portfolio management is a testament to the firm’s commitment to delivering specialized, resilient solutions within the non-performing loan market.

Expertise Driving Market Growth

Chief Executive Officer Varnavas Kourounas emphasized that the latest portfolio acquisition not only expands the firm’s operational footprint but also validates its credibility and deep expertise in the competitive Cypriot financial sector. The strategic move is aligned with the broader growth ambitions of the doValue Group.

Broader Market Implications

Operating as part of the international doValue Group—the largest independent loan and real estate management organization in Southern Europe—doValue Cyprus is well-positioned to leverage its newly expanded portfolio. With approximately €136 billion in assets under management, the group maintains a dominant presence across Italy, Greece, Spain, Portugal, and Cyprus. Moreover, its subsidiary, Altamira Real Estate, runs Cyprus’ largest real estate platform, managing extensive property portfolios alongside the island’s most comprehensive sales network.

The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter