George Chrysochos: Nicosia’s new era, Cyfield's vision and the company's projects in the city centre

The need to provide new incentives, as well as counter-incentives, in line with today's needs, in order for the centre of Nicosia to become an attractive destination to live, work and do business in, stresses Cyfield Group Director George Chrysochos.

In an interview with InBusinessNews, Chrysochos suggests that in addition to the incentives, commercial activity in the centre of Nicosia should also be further developed, highlighting, at the same time, the role of the local authorities in terms of organising events and cultural activities, which will bring the people of Nicosia back to the centre again.

At the same time, Chrysochos refers to the flagship projects implemented, underway and planned to be implemented by Cyfield in the centre of Nicosia, such as "360 Nicosia", "Stasikratous Residences", "Downtown Residences" and "King's Gardens", stressing that the vision of Cyfield is related with the development of Nicosia.

"This is precisely why we will continue to work, create and strengthen the upgrading of the capital through our projects," he underlines.

"Nicosia has always had all the conditions for development"

In recent years, we have noticed that the centre of Nicosia is following a strong development path and gathering a lot of investment interest, creating a new, attractive face for the heart of the capital. Is it precisely these prospects that you saw as Cyfield and so invested in the area with flagship projects such as '360 Nicosia', 'Stasikratous Residences' and 'Downtown Residences'?

As a company with 35 years of experience, leading the construction and real estate development sectors in Cyprus, we have learned to look ahead. Not only to identify the prospects that exist, but also to create them.

Nicosia has always had all the conditions for development. And now, it's her moment. Our capital is changing. Year after year it is being developed and modernised. This is mainly thanks to the large and small projects that have either already been implemented or are in the process of being implemented.

From road upgrading works, dining and entertainment venues, shops and shopping streets, cultural venues, investments and the descent of hundreds of foreign companies.

Wherever and whenever you look at Nicosia today, you see development. And of course, an integral part of this development path, are also the - as you very correctly characterised them – flagship projects by Cyfield.

"360 Nicosia", "Stasikratous Residences" and "Downtown Residences", bring with them an air of renewal and upgrading to the centre, giving it life again and making its heartbeat - after some years - strong again.

'King's Gardens' is yet another Cyfield flagship project, further enriching the luxury living sector in the centre. Tell us something about the specific project.

It is a state-of-the-art building, which represents the vision for tomorrow and life in a green and sustainable city. The 80-meter building, which is under study and is expected to be completed in December 2026, will be constructed in the heart of the city, specifically on Vasileos Pavlou Street, opposite the old GSP.

The innovative development with impressive architecture, which truly stands out on the Nicosia skyline, will feature 188 apartments with a variety of living spaces to meet the different needs of buyers.

Each of the apartments has been designed with the same attention to detail, functionality and commitment to sustainability.

Our goal, through this development, is to address that group of buyers who are looking for a stylish space, that offers quality services and is located in the city centre, but costs less.

It is also worth noting that due to the size of the apartments, King's Gardens is the ideal choice for businesses, but also for Buy to Let investment.

"The vision of Cyfield is related to the development of Nicosia"

We understand that Cyfield's plans and vision for the transformation of the centre of Nicosia are not ending, in terms of the company's contribution in this direction, with the aforementioned projects. Can you tell us if you are looking at new developments, what they are and when they will be on track?

Cyfield's vision is related to the development of Nicosia. This is precisely why we will continue to work, create and strengthen the upgrading of the capital through our projects.

Our company has been and remains an integral part of Nicosia's modern development path and will continue to be in the future. By creating modern developments that come to meet the great architectural heritage of the historic city, we are building the bridge to tomorrow and the new era.

An era where our city centre will be an attractive destination to live, work, create and invest in.

We are therefore focusing on the major projects in progress that bear Cyfield's stamp of quality and reliability, while at the same time we are continuing to seek and create new opportunities for Nicosia.

Buying interest...

In terms of buying interest, is it satisfactory? Who does it mainly come from and to what extent do you also see interest from Cypriots for residential developments, such as the ones mentioned above in the centre of Nicosia?

From the first moment we started planning and developing projects in the centrd of Nicosia, the response and interest of buyers - local and foreign - has been huge.

It is a fact that many have been waiting years to see developments of this scale and luxury being created in the heart of urban life. Therefore, the interest has been more than satisfactory since the beginning of this effort, which aimed to bring life back to the centre.

In the case of 360, the tallest building in Nicosia, where luxury is the main characteristic that governs every aspect of it - from the apartments to the services - the interest was greater from the point of view of foreign buyers.

That is why we have proceeded with the development of two other large projects - Stasikratous Residences and DownTown Residences - which are located on the Stasikratous shopping street and are a more affordable option for Cypriot buyers.

In the case of King's Gardens, which is in the initial stages of its construction, so far we have found that the interest from locals for investment is very high.

The huge response we receive for developments in the centre of Nicosia is also what gives us the impetus to continue creating and offering buyers properties that meet their unique needs.

What needs to be done to make the centre of Nicosia an attractive destination

Have the projects that have generally been implemented in recent years in the centre of Nicosia, such as the regeneration of Eleftheria Square, the pedestrianisation of Makariou, etc., contributed to the effort to redefine the area as an attractive destination to live and work and do business in?

Without any doubt. A walk in the centre of Nicosia today is enough to see the "transformation" it has experienced in recent years, which is truly admirable.

After decades, Nicosia is developing into a truly European capital, which has it all. A modern Eleftheria Square, which unites the historic centre with the modern city and which gives the pulse to the whole of Nicosia. A new Town Hall in the heart of the historic centre that connects the past with the tomorrow.

The renewed commercial triangle with Makariou and Stasikratous offer a unique experience for shopping, coffee, food and entertainment to its visitors. Dining and entertainment venues for every taste, but also cultural venues that host numerous events, concerts and shows almost every day.

All this, the centuries-old history and the unique architecture of the city, in connection with the other small and large projects that have been implemented or are being implemented, such as for example the new Cyprus museum, as well as the new square on the site of the old GSP that bear the Cyfield signature, compose the setting of a capital in which everyone can live, study, work, develop and do business.

And we can say with pride that Cyfield was present at every stage of Nicosia's development, through its projects and developments, which contributed significantly to its overall upgrade.

The need for new incentives, but also... counter-incentives

In your opinion, what else could be done on the part of the public sector and also by the state in terms of attracting investment from the private sector, whether involving real estate or other sectors?

There are many things that can be done. It is enough to have a strategic plan, with defined actions, incentives and measures that will contribute to the achievement of the desired goal.

When about ten years ago the need arose for the revitalisation and development of the centre of Nicosia, the competent bodies, through the granting of incentives, made a decisive contribution to the development of the first high-rise buildings and the overall upgrading of the area.

Today, however, the same conditions do not apply. The incentives that were given then have essentially ceased to be incentives as they have been incorporated into the values ​​of the properties.

There is therefore a need for new incentives, but also counter-incentives, which meet the needs of today. Taxing idle land in the centre of Nicosia could, for example, be a way to boost development and thus attract investment.

Corresponding incentives are also needed for the upgrading of the city within the walls, so that properties that are either inactive or sometimes also fall into the category of dangerous buildings with serious issues for the safety and health of citizens can be utilised.

At the same time, in order to make the centre of Nicosia even more attractive and to attract buyers and investors, commercial activity needs to be further developed.

In other words, those conditions need to be created for people to return to the centre and for Nicosia to once again experience the moments it had ‘lived’ in the past. After all, every city at the end of the day is not just the buildings, but its people.

And here is the role of the local authorities, the Municipality of Nicosia, in terms of organising events and cultural activities, which will bring the people of Nicosia back to the centre.

This cannot be done through piecemeal movements, but requires vision, effort and consistency through proper planning.

Cyfield's vision for the future of the city

Cyfield is organising a special event-presentation on 19 September to showcase the new face, future prospects and investment potential that the centre of Nicosia presents. What will the event include and what is its essential goal?

Indeed, with great pleasure and honour, our company is organising on Thursday, 19 September at 6.30pm, the event “The New Era of Nicosia’s City Center: Modern Lifestyle and Investment Prospects”. (The event is in Greek with simultaneous translation in English.)

The Mayor of Nicosia, Charalambos Prountzos, Nicosia District Govenor Constantinos Yiorkadjis, and the Minister of the Interior, Constantinos Ioannou, could not be absent from this great event for the capital, and will address their own greetings the new era the center of Nicosia is entering.

The programme will also include a historical retrospective of the city centre by the actor and director, Achilleas Grammaticopoulos.

Afterwards, there will be a presentation of the new face, the prospects and investment opportunities of the centre, as well as Cyfield's vision for the city's future.

Cyfield's goal through this unique event is to highlight Nicosia itself, the dynamic path it is following and the bright future that is shaping up before it, through the cooperation of all of us, the entrepreneurs and the competent bodies that care about the city us and its tomorrow.

With this event we want to send the message that the new era of Nicosia is here and Cyfield is once again declaring its presence.

(Source: InBusinessNews)