With a construction cost of approximately €6 million, one of the most iconic buildings within the walled city of Nicosia – the Old Municipal Market – has entered a new era. Now repurposed as a hub for research, innovation and entrepreneurship, the space bridges the city’s rich past with a forward-looking future.

The project was co-funded by the European Union under the Cohesion Policy Programme “THALEIA 2021–2027”, the state budget and the Municipality of Nicosia, and forms part of the Integrated Spatial Development Strategy for Urban Nicosia 2021–2030.

The initiative combines the restoration of the historic market building with a contemporary architectural approach, respecting its heritage while embracing a clear vision for the future. The building has undergone full restoration and now houses key functions of the CYENS Centre of Excellence, supporting business innovation through laboratories, application demonstration spaces, co-working areas, seminar rooms, a multimedia studio, a fabrication lab, an electronics prototyping space and more.

The Old Municipal Market and the Business and Innovation Hub form the nucleus of the Municipality of Nicosia’s wider “Creative Business District” project. Currently under way, this initiative serves as a catalyst for the sustainable regeneration of the walled city and plays a vital role in developing the broader area of the capital into a regional centre of creativity, technological advancement and entrepreneurial innovation.

This is a project of substantial impact, benefitting not only the urban fabric of the capital, but also the wider research and business communities of Cyprus. The restoration of the building has delivered multiple advantages, including the strengthening of networks that promote entrepreneurial innovation and the creative industries, while directly supporting the ongoing activities of the CYENS Centre of Excellence. In parallel, new jobs are being created, the urban environment is significantly upgraded, visitor numbers are rising, and synergies with related projects and stakeholders are being enhanced.

“The Old Municipal Market in the heart of Nicosia is given a new lease of life,” stated the project’s architect, Giorgos Tsangarides. “Through its conservation and restoration, a new hub for entrepreneurship and innovation has been created.” Giorgos Kirkos, Head of the Research Office at CYENS, added: “This initiative supports research and technological development, strengthens the local economy and attracts visitors.”

CYENS Centre of Excellence, with its special focus on interactive media, smart systems and emerging technologies, is a collaboration between three Cypriot universities – the University of Cyprus, Cyprus University of Technology and the Open University of Cyprus – alongside two leading international partners, University College London (UCL) and the Max Planck Institute.

Its work spans cutting-edge areas such as artificial intelligence, smart environments, user experience and cultural technology, aiming to create applications that improve quality of life and enhance both local and international engagement.

As CYENS’ Research Office chief Kirkos highlights, the renewed market is more than just infrastructure, it is a platform for creative ecosystems, startups, cultural groups and internationally-relevant research projects. With CYENS at its core and support from the THALEIA 2021–2027 Programme, this investment brings innovation to the very heart of the capital’s historic centre.