Revitalizing Old Nicosia: A Vision Of Historic Authenticity And Urban Renewal

by THEFUTURE.TEAM

February 4, 2026

Mayor Charalambos Proutzos is spearheading an ambitious transformation of Old Nicosia, reimagining it as a vibrant historic center that seamlessly blends heritage with modern enterprise. His vision is clear: to create a dynamic urban space that attracts students, visitors, residents, and distinctive small businesses.

Ambitious Urban Renewal Initiatives

Under the collaborative efforts of both the previous and current municipal administrations, a pivotal sponsorship agreement was signed on December 19, 2025, under the “Green Line Revitalization/Revival of Areas” program. With an investment of €28 million, the initiative is set to revitalize key areas such as the Constantine Palaeologos district and the multi-story parking facility on Ariadne Street. The project encompasses significant upgrades to urban infrastructure, historic pedestrian zones, and the renovation of strategically important buildings, including the nearby City Hall.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Resolving Institutional Disputes Away From The Spotlight

A notable challenge has been the situation surrounding the Architectural School of the Cyprus University of Technology in Faneromena. Mayor Proutzos stressed that behind closed doors, constructive efforts are being made to resolve the issue. He remains confident that these deliberations will culminate in a positive outcome that serves the interests of both the institution and the community.

Enhancing Campus Experience And Housing Facilities

The mayor also pointed to the importance of educational infrastructure within the broader redevelopment plan. He noted that the medical school located near the new City Hall has contributed to increased activity in the area. Renovated municipal hostels, previously unused buildings with historical value, have been converted into modern student accommodation. Additional public and private investments in housing are expected as university admissions rise for the 2026–2027 academic year.

Restoring Safety, Legality And The Historic Identity

Urban restoration efforts also involve coordination among several government bodies, including the Ministry of Justice, the Ministry of Migration, the Police, the Tax Department, the Fire Service and municipal authorities. Joint inspections have focused on illegal occupancies, unauthorized construction and compliance with safety regulations, contributing to improved public order in the district.

A Bold Vision For A Reinvigorated Historic Center

In his strategic address, Mayor Proutzos articulated a vision that transcends conventional urban renewal projects. “Our historic center is the city’s most cherished asset,” he stated, underscoring its rich history, unique architectural treasures, and authentic hospitality. He envisions a future where refurbished pedestrian zones, affordable rents, and thriving local businesses merge to foster a renewed sense of community. His approach is designed to bridge the past and present, reconnecting divided areas and reinvigorating cultural and economic life.

The comprehensive renewal efforts in Old Nicosia represent an exemplary model of how coordinated public and private initiatives can breathe new life into historic urban centers. As investment flows continue and collaboration among key stakeholders intensifies, the transformation of this storied district is poised to set a benchmark for urban renewal in the region.

The Future Forbes Realty Global Properties

EU Services Production Grows As Information And Communication Lead

by THEFUTURE.TEAM

November 10, 2026

Services production continued to expand across the European Union in August 2026, with information and communication recording the strongest annual growth. However, performance varied significantly between industries and member states, while Cyprus reported a mixed picture, with business services expanding and hospitality-related activities declining.

Information And Communication Leads Sector Growth

Compared with August 2025, services production increased by 5.9% in the euro area and 5.8% across the EU in information and communication. Transportation and storage also recorded growth, rising by 2.1% and 1.9%, respectively.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Real estate activities increased by 1.6% in the euro area and 1.1% in the EU. Professional, scientific and technical activities grew by 1% in both areas, while administrative and support services advanced by 1.1% and 1.3%.

Accommodation and food services was the only major sector to record an annual decline, falling by 0.1% in both the euro area and the EU.

The monthly figures were more mixed. Information and communication remained the strongest performer, increasing by 1.2% in the euro area and 1% across the EU. Real estate activities rose by 0.4% and 0.9%, respectively, while transportation and storage edged up 0.1% in the euro area but declined by 0.2% in the EU.

Administrative and support services recorded modest gains of 0.2% in the euro area and 0.1% in the EU. Accommodation and food services fell by 0.3% and 0.4%, while professional, scientific and technical activities declined by 0.8% and 0.9%, respectively.

Slovakia And Greece Record Strongest Annual Growth

Romania recorded the largest monthly increase in services production, at 5.2%, followed by Malta at 1.8% and Portugal at 1.7%. Luxembourg experienced the steepest decline, with output falling by 5.1%, followed by Bulgaria at 2.3% and Denmark at 1.9%.

On an annual basis, Slovakia led with growth of 10%, followed by Greece at 9.3% and Malta at 7.5%. Hungary recorded the weakest performance, with services production declining by 5.6%. Denmark fell by 5.3%, while Italy recorded a smaller decrease of 0.3%.

Cyprus Sees Growth In Business Services But Weakness In Hospitality

Cyprus’ latest figures show a similar divide between expanding business services and weaker hospitality-related activities. According to the Statistical Service of Cyprus (Cystat), professional, scientific and technical activities recorded the strongest annual growth among the covered sectors in the second quarter of 2026, increasing by 3.4%.

Transportation and storage and information and communication both grew by 2.1%, while real estate activities rose by 1.6%. In contrast, accommodation and food services declined by 3.1% year on year, and administrative and support services fell by 2.2%.

First-half results were more favourable for several sectors. Between January and June, professional, scientific and technical activities grew by 3.5%, transportation and storage by 2.8%, real estate by 2.1% and information and communication by 1.3%.

Nevertheless, administrative and support services contracted by 1% over the six-month period, while accommodation and food services declined by 0.7%.

How Cyprus’ Figures Differ From Eurostat’s Data

The Eurostat and Cystat figures measure different aspects of economic activity and are not directly comparable. Eurostat’s services production index tracks changes in the volume of output, whereas Cystat’s Turnover Value Index for Services and Transport measures the value of sales at current prices.

The reporting periods also differ: Eurostat’s figures cover August, while the cited Cypriot data relate to the second quarter and first half of 2026.

Cystat transmits services production data to Eurostat but does not yet publish a separate national production index. Turnover figures therefore remain the main publicly available national indicator for the sector.

Taken together, the data point to continued growth in several of Cyprus’ business-oriented services, alongside persistent pressure on accommodation, food and administrative support activities.

Breaking news