Despite record tourist arrivals, restaurants in almost all cities are being auctioned off due to red loans, showing some owners have being unable to pay their installments.
This is the first time that so many restaurants in Cyprus are in foreclosure, following the same pattern as with apartments, plots of land and fields. The auction list also includes two hotels – one in old Nicosia, the other in the mountain resort of Platres.
A four-storey hotel in old Nicosia’s Trypiotis area called Rimi Hotel is being auctioned on March 1 at the price of €1,215,600. It has 26 rooms and an area of 438 square metres. The building, now owned by the Bank of Cyprus, is 65 years old and was renovated some 20 years ago. In addition, a recreation centre on October 28 Avenue in Engomi, situated on the second floor and with a covered space of 360 sq m, mezzanine of 137 sq m, uncovered space of 109 sq m and a terrace, is being auctioned off at no reserve price.
Moreover, a plot of land with a restaurant on it in the Makedonitissa area of Nicosia is being auctioned off at a reserve price of €509,600. The building is about 40 years old and was completely renovated some 17 years ago. The total area of the building is approximately 580 sqm.
On March 18, Splendid Hotel in Pano Platres will again go on auction by Bank of Cyprus. With an area of 3,367 square metres, its price is €1,600,000. And a restaurant on the ground floor and mezzanine of the Yiatros Harmony Court in Potamos Yermasogias in Limassol goes under the hammer at €482,000. The building is about 20 years old but the restaurant was renovated some two years ago.
A restaurant in Kato Paphos is being put on auction by the Bank of Cyprus at a reserve price of €177,600. The building is about 23 years old and the restaurant’s total area (with a mezzanine) is 105 sq m. A second restaurant in Kato Paphos is also being auctioned off by Bank of Cyprus at a reserve price of €397,600. It is located on the ground floor of “Limnaria-Phase 1” complex. The area of the restaurant is 185 sq m and has an additional basement space of 39 sq m.
Moreover, a 92-square metres cafeteria in Peyia will be auctioned off at €221,600. Bank of Cyprus is also getting ready to auction off two restaurants in Paralimni at a reserve price of €191,600 and €174,400 respectively. They are located at ‘Marilena Shopping Compex’, a two-storey building with a semi-basement. The building is about 24 years old.