The monastery was built in 1740. Since then and up until 1996 it has never ceased to function. During its last period, it was run by Clarisse nuns (a Franciscan order). One can also admire the beautifully ornamented church of Panaghia Karmilou (St Mary of Carmel), built in 1744, and a library featuring thousands of books, historical documents, parchments, and rare manuscripts.