For the fifth year in a row, Nicosia topped the list of small European cities of the future, research by fDi Intelligence, a division of the Financial Times group, revealed on Tuesday.

Cyprus’ capital city also ranked eighth in the category for small European cities of the future – FDI strategy with a focus on human capital lifestyle.

Nicosia’s chamber of commerce (Evel) heralded the results, saying this was “a reward and recognition” for the city’s efforts which has begun to transform to a modern city, home to the majority of higher education academic institutions of Cyprus, hospitals, modern clinics, as well as institutes pioneering research.

The city is also attracting foreign investment “contributing to the multiculturalism of Nicosia’s business community.”

Nicosia’s inclusion in the FDI strategy category is a first, however, which cements the power the capital has in attracting foreign investment, Evel added.