With a construction cost of around €6 million, the Old Municipal Market in the heart of Nicosia’s walled city has entered a new era. Once a traditional commercial space, it has now been transformed into a cutting-edge hub for research, innovation and entrepreneurship — a landmark project that bridges the city’s past with its future.
The project, titled Old Municipal Market becomes hub for innovation in Nicosia, was co-funded by the European Union through the Cohesion Policy Programme “THALEIA 2021–2027”, the state budget and the Nicosia Municipality. It forms part of the Integrated Spatial Development Strategy for the Nicosia urban area for the period 2021–2030.
Combining full restoration of the historical building with a contemporary architectural approach, the project respects the site’s heritage while clearly looking ahead. The space now houses key facilities of the CYENS Centre of Excellence — including innovation labs, demo areas, co-working spaces, seminar rooms, multimedia studios, a fabrication lab and an electronics prototyping workshop.
The revitalised market and the new Innovation and Entrepreneurship Hub sit at the core of the broader “Creative Business District” initiative by the Nicosia Municipality. This larger-scale project is already in progress, driving the sustainable regeneration of the walled city and positioning the capital as a regional centre for creativity, technological progress and business innovation.
Beyond its physical transformation, the project delivers real impact. It strengthens networks supporting innovation and the creative industries, while directly advancing the work of CYENS. The revitalisation also brings wider benefits to the city: new job opportunities, improved urban aesthetics, increased footfall and enhanced synergies with related initiatives.
“The Old Municipal Market in central Nicosia is coming to life again,” said project architect Giorgos Tsangarides. “Through its preservation and restoration, it’s becoming a new hub of entrepreneurship and innovation.”
Giorgos Kirkos, Head of Research at CYENS, added: “This initiative supports research and tech development, boosts the local economy and attracts visitors.”
CYENS, which focuses on interactive media, smart systems and emerging technologies, is a joint venture between the University of Cyprus, Cyprus University of Technology, Open University of Cyprus, and two renowned international partners — University College London (UCL) and the Max Planck Institute. Its activities span cutting-edge fields such as artificial intelligence, smart environments, user experience and cultural technology, with the aim of developing applications that improve daily life and promote both local and global engagement.
According to Mr Kirkos, the new market is more than just infrastructure — it is a platform for action, enabling creative ecosystems, startups, cultural organisations and international research projects to thrive. With CYENS at the forefront and support from the “THALEIA 2021–2027” programme, this investment places innovation at the very heart of Nicosia’s historic centre.
Source: ΓΝΩΡΑ
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