The municipal market is built where the south part of the walls used to stand, exactly on the spot of the Venetian fortress Piatta Forma. The whole area covers 17.200 square meters in the city center and the building of the market covers an area of 4.000 square meters.
The construction of the market was finished in the second part of 1913 and the official opening was on the 4th of December 1913, only three days after the Union of Crete with Greece.
The municipal market is not only a commercial center but also a great representation of the idea of the Agora of ancient Greece. It has been declared as a protected monument by the Ministry of Culture in 1980.