Nicosia

1. Cultural Mosaic: Nicosia is unique as it is the last divided capital in Europe, with a rich blend of cultures resulting from its historical influences. The city features both Greek and Turkish Cypriot communities, which contribute to a diverse cultural landscape, including festivals, art galleries, and culinary traditions that reflect this coexistence. 2. Historical Architecture: Beyond its modern developments, Nicosia is home to numerous historical landmarks, including the Venetian walls built in the 16th century. The walls are one of the best-preserved examples of Renaissance military architecture and offer a glimpse into the city's strategic importance during various historical periods. 3. Green Spaces: Nicosia has several hidden green spaces and parks that are not widely known to visitors. One notable area is the Pedieos River Park, which runs alongside the Pedieos River and features walking and cycling paths, making it a tranquil escape from the urban environment for both locals and tourists.

The housing market in Nicosia, Cyprus, is experiencing significant growth, with property prices expected to rise by about 15% by the end of 2025. As of 2021, Nicosia had 163,350 housing units, showing a 13% increase from 2011. The city's population was 350,824 in 2021, with an average household size of 2.6 people. In terms of housing tenure, 69.9% of occupied dwellings in Cyprus were owner-occupied, while 21.2% were rented. Specifically for Nicosia, 134,932 dwellings were permanently occupied, with 28,307 (17%) being empty or second homes. Recent data shows that in January 2025, 276 property sales contracts were signed in Nicosia, representing a 13% increase from the previous year. The city's real estate market is driven by both local and international buyers, with the capital serving as a political and economic hub. While specific median prices for renting and buying apartments in Nicosia are not provided in the search results, the market is characterized by high demand and limited supply, which is contributing to price increases. Regarding public, social, and cooperative housing, Cyprus has a Social Housing Law (23/1978) that aims to provide housing for citizens who cannot afford to build their own homes. However, the search results do not specify the exact share of these housing types in Nicosia's market.

The Nicosia city administration is actively addressing housing challenges through several initiatives aimed at increasing affordable and sustainable housing options: The government has drafted a comprehensive housing policy with short-term and long-term measures to increase housing stock and provide affordable units. Key programs include: 1. "Build to Rent" scheme: Encourages construction of rental units at below-market rates. 2. Revised town planning incentives: Allows developers to build more units if some are sold at affordable prices set by the Cyprus Land Development Corporation (CLDC). 3. "Renovate-Rent" subsidy scheme: Provides financial incentives to renovate inactive housing stock for affordable rentals. 4. Youth housing assistance: Offers financial support to young people under 41 for first home purchase or construction. 5. CLDC affordable housing projects: Builds and sells units at reduced prices, with ongoing developments in Nicosia suburbs. 6. Rental housing initiatives: Plans to construct affordable rental apartments, starting with 138 units in Limassol. 7. Urban transformation efforts: Aims to revitalize Nicosia's historic center through the HUB-IN project, which includes goals for more affordable housing and improved quality of life. The city is also exploring sustainable construction and eco-friendly housing developments to create more energy-efficient and environmentally conscious living spaces.