The £400m development was lauded at the MAPIC Eg Retail Awards in France, picking up the Urban Regeneration Initiative of the Year title.
The prize was collected by a delegation from the Department of Social Development, who worked closely with the scheme's developer Multi Developments UK.
Victoria Square, which opened in March this year, was praised for its urban environment integration and positive social impacts.
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Social Development Minister Margaret Ritchie said: "It (the award) is a tangible international recognition of the regeneration of Belfast city centre, delivered by strong private and public sector partnership."
Multi Developments Managing Directors Paul Sargent said the project had delivered on "every level promised".
"The scheme is far more than the simple sum of its component parts, it is the new social and cultural meeting point of a once divided city," he added.
Within the past several months Multi Developments has picked up a series of property awards including Property Developer of the Year at the All Ireland Retail Property Awards; Developer of the Year - Retail and Leisure, at the Estates Gazette Awards; Property Personality of the Year to Multi's Managing Director, Paul Sargent, at the UTV/Business Eye Awards; Best Regeneration Project at the Belfast Awards; and Commercial Property Development of the Year at the Belfast Telegraph's Northern Ireland Property Awards.
(PR/JM)
