minority until the 1920s, they constituted the overwhelming majority of the area by the 1950s. 200 Armenians from Arab Ahmet, Köşklüçiftlik and Kumsal fled the quarter during the inter-communal violence of 1963. Greek Cypriots fled from the Ayluka/Ayios Loukas quarter in 1963, and from the Trachones/Kızılbaş and Küçük Kaymaklı/Omorphita quarters in 1974. The number of Greek Cypriots displaced from these quarters in 1974 was around 4700. Economy North Nicosia is the financial and economic centre of Northern Cyprus. In 2012, Lefkoşa District had 39.9% of the workplaces and 49.5% of the employees in Northern Cyprus. The Central Bank of Northern Cyprus is located on the Bedrettin Demirel Avenue. The city has seen great urban growth in the last decades, but the authorities have been criticized over the lack of city planning. Between 2008 and 2010, the construction rates in the North Nicosia urban area grew by 23.9%, with the largest boom observed in the construction of new industrial facilities in the city, which grew by 87.5% over two years. North Nicosia also grew in importance as a centre of commerce as the construction of offices grew by 74.2%. Recently, programmes have been put to place to regulate the growth of the city that has expanded uncontrollably. North Nicosia has been identified as a city with a high amount of development and welfare. One aspect of North Nicosia that gives it the advantage for economical growth is its central position in Northern Cyprus, where transport links from Kyrenia, Famagusta and Morphou intersect. North Nicosia is home to the Nicosia International Fair and an Organized Industrial Area, where many businesses and manufacturers are located. Their location, along with other facilities such as the large sports complex, were chosen to be on the connection between the highways linking Morphou to Famagusta. North Nicosia hugely influences the economy of the surrounding district, as far as the Ercan International Airport, along with Dikomo in the Girne District. The economy in the walled city has stagnated through the 2000s and 2010s, with the central Municipal Market losing its popularity, even though it has started to receive investment and programs have been put to place to reinvigorate the region with cultural activities being organized. In 2014, the Arasta shopping region close to the Ledra Street crossing was pedestrianized, which increased the popularity of the area. Tourism is an important sector of the economy. In 2012, North Nicosia