Nicosia Mall
A major shopping and entertainment centre in the Lakatamia-Anthoupolis area of Nicosia, Cyprus.
Last updated August 24, 2026
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Overview
Nicosia Mall is a large regional shopping and entertainment centre located southwest of central Nicosia in the Lakatamia-Anthoupolis area of Cyprus. It opened to the public on 21 November 2018 and is described as the largest shopping mall in Cyprus by total floor area and number of outlets. The complex was developed as a substantial retail destination serving Nicosia and surrounding communities, combining fashion, general retail, food, grocery, leisure and cinema uses under one roof. Plans for the project were announced in 2010, with construction beginning in 2011. Development was interrupted in 2013 when Cyprus was affected by a severe economic crisis. The project received a major financial restructuring in 2017, when Bank of Cyprus supported approximately €25 million in refinancing and restructuring and became a shareholder in NCMH Nicosia Mall Holdings Ltd., the company associated with the development. Construction resumed that year, and the mall was completed in approximately 14 months. Following its opening, Nicosia Mall quickly established itself as a high-volume retail destination. During the first eight months of 2019, it recorded approximately 3.7 million visits, equivalent to an average of about 407,000 visitors per month. In late 2019, Bank of Cyprus sold its 64 percent stake for approximately €96 million to a group of buyers that included retailers operating stores in the centre. The transaction changed the shareholder structure while leaving the mall operating as a major Cyprus retail property. The centre has a total floor area of approximately 82,000 square metres, including about 48,000 square metres of retail space. Around 140 outlets are arranged across three floors, supported by mostly underground parking for approximately 1,700 vehicles. Its facilities include a food market and the six-screen Rio Premier cinema, which has also offered open-air cinema screenings. The mall is positioned on the south side of the A9 motorway, near the Anthoupoli interchange, and is served by four bus routes. Nicosia Mall's operations were significantly affected by the COVID-19 pandemic. In early 2020, most stores closed under Cyprus public-health restrictions, while the Athienitis supermarket remained open. Some retailers subsequently provided collection services for orders placed online or by telephone. Shopping malls were also closed during the 2020 Christmas period and reopened in February 2021. These interruptions made the mall's grocery, collection and essential-service functions particularly important during periods when conventional in-person retail was restricted. The brand's market role is primarily local and regional rather than international. It functions as a multi-tenant platform for retailers, restaurants, grocery shopping and entertainment, while also serving as a destination for social and leisure activities. Its scale, motorway access, extensive parking and concentration of outlets distinguish it within the Cypriot shopping-centre market.
History
Nicosia Mall emerged from a long-running development project intended to create a large modern shopping centre for the Nicosia area. The plans were announced in 2010, and construction began in 2011 in the Lakatamia-Anthoupolis area southwest of the city centre. Progress was interrupted in 2013 when Cyprus's economic crisis affected the development and construction was suspended. A significant restructuring took place in 2017. Bank of Cyprus supported approximately €25 million in refinancing and restructuring and became a shareholder in NCMH Nicosia Mall Holdings Ltd. The financing helped restore momentum to the project. Construction resumed in 2017, and the remaining work was completed in approximately 14 months. The mall opened on 21 November 2018. Its scale made it the largest shopping mall in Cyprus by total floor area and number of outlets. The completed complex contains approximately 82,000 square metres of total floor area, of which about 48,000 square metres is retail space. Its approximately 140 outlets occupy three levels, with mostly underground parking for around 1,700 cars. In addition to shops, the centre includes a food market, the Athienitis supermarket and the six-screen Rio Premier cinema, which has also hosted open-air screenings. The opening was followed by substantial visitor traffic. In the first eight months of 2019, the mall received approximately 3.7 million visitors, or an average of roughly 407,000 per month. Later in 2019, Bank of Cyprus sold its 64 percent holding for approximately €96 million to a group of buyers that included retailers operating in the mall. This transaction altered the ownership structure of the development company. The centre's growth was interrupted by the COVID-19 pandemic. In early 2020, public-health restrictions required the closure of nearly all stores, while the Athienitis supermarket continued operating. Some retailers adapted by offering collection of online or telephone orders. Shopping malls were again closed across Cyprus during the 2020 Christmas period and eventually reopened in February 2021. Nicosia Mall is located beside the A9 motorway on the approach to the Anthoupoli interchange and is connected to Nicosia by four bus routes. Its business model is based on aggregating multiple retail, grocery, food and entertainment uses in a single accessible destination. The centre serves the Nicosia metropolitan area and the wider Cypriot market, rather than operating as an international consumer brand.
- 2021
Reopening after pandemic restrictions
[1]The mall reopened in February 2021 after the Christmas-period closure of Cyprus shopping malls.
- 2019
Early visitor milestone
[1]The mall recorded approximately 3.7 million visits during its first eight months of operation.
- 2019
Bank of Cyprus exits investment
[1]Bank of Cyprus sold its 64 percent stake for approximately €96 million to a buyer group including mall retailers.
- 2018
Public opening
[1]Nicosia Mall opened on 21 November after approximately 14 months of resumed construction.
- 2017
Financing enables construction restart
[1]Bank of Cyprus supported approximately €25 million in refinancing and restructuring and became a shareholder, enabling work to resume.
- 2013
Construction suspended
[1]Work was halted during Cyprus's economic crisis.
- 2011
Construction begins
[1]Construction started on the project in the Lakatamia-Anthoupolis area.
- 2010
Development plans announced
[1]Plans for a major shopping centre in the Nicosia area were announced.
Products and positioning
The largest shopping and entertainment centre in Cyprus by reported total floor area and outlet count, positioned as a broad destination for retail, grocery, dining, cinema and leisure in the Nicosia metropolitan area.
Shopping-centre retail · 2018
Retail outlets
Nicosia Mall provides approximately 48,000 square metres of retail space across three floors and accommodates around 140 outlets. The tenant mix is designed to cover fashion, general merchandise and specialty shopping, making the centre a consolidated retail destination for customers in Nicosia and nearby communities.
Grocery retail · 2018
Athienitis supermarket
The Athienitis supermarket is the mall's grocery anchor. It also remained open during the early COVID-19 closure of most other stores, providing an essential retail service while broader shopping-centre operations were restricted.
Food and dining · 2018
Food market
The mall includes a food-market component that complements its restaurants, cafés and other food-related tenants. It contributes to the centre's positioning as a destination for both routine shopping and leisure visits.
Entertainment · 2018
Rio Premier cinema
Rio Premier is a six-screen cinema located within Nicosia Mall. The cinema offering has also included open-air screenings, extending the centre's entertainment proposition beyond conventional indoor film viewing.
Consumer services · 2018
Shopping-centre facilities
The complex offers approximately 1,700 mostly underground parking spaces and access from the A9 motorway near the Anthoupoli interchange. Four bus routes connect the mall with Nicosia, supporting access for customers who do not travel by car.
Brand decisions
2020
Pandemic operating restrictionsStrategyBackground
Cyprus COVID-19 restrictions required shopping-centre retailers to close or limit conventional in-person trading.
Action taken
All stores except the Athienitis supermarket closed during the initial restrictions. Some retailers later offered pickup services for orders placed online or by telephone.
Aftermath
Mall operations were constrained through the pandemic period, and shopping malls were closed again during the 2020 Christmas period before reopening in February 2021.
2019
Sale of Bank of Cyprus stakeM&ABackground
Bank of Cyprus had become a shareholder as part of the 2017 restructuring that helped complete the mall.
Action taken
The bank sold its 64 percent stake in Nicosia Mall to a buyer group that included retailers with stores in the mall.
Aftermath
The transaction transferred the bank's majority holding and changed the shareholder composition of the mall's parent company.
Reported sale value. Approximately €96 million (Late 2019)
2018
Launch of Nicosia MallProduct launchBackground
After years of planning, a construction interruption and a financial restructuring, the project was ready to operate as a large regional shopping centre.
Action taken
Nicosia Mall opened to the public on 21 November 2018 with retail, grocery, food and cinema facilities.
Aftermath
The centre reported approximately 3.7 million visits in its first eight months, establishing strong initial traffic.
2017
Restructuring and construction restartStrategyBackground
The development had been suspended after the 2013 economic crisis, leaving the shopping-centre project incomplete.
Action taken
Bank of Cyprus supported approximately €25 million in refinancing and restructuring and took a shareholding in NCMH Nicosia Mall Holdings Ltd. Construction resumed and the project was completed in approximately 14 months.
Aftermath
The financing enabled the mall to open in November 2018 and become a major Cyprus retail destination.
Refinancing and restructuring. Approximately €25 million supported (2017)
Sources1 sources
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