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Nicosia's Mayor Constantinos Yiorkadjis and OIKODOMIKES EPICHEIRISEIS STAVROS A. STAVROU LTD signed contracts to construct new student dormitories on Voulgaroktonou, Arsinoe, and Komninou streets. The project will include 50 rooms, including one for individuals with disabilities, and aims to revitalize downtown Nicosia.

It features amenities like refrigerators, microwaves, and laundry facilities, and includes a photovoltaic electricity system and security measures. The budget is €3,821,462 plus VAT, funded by the EU's Recovery and Resilience Mechanism, with work starting on September 16, 2023, for 16 months.