Real estate firm turns to logistics Cyprus domestic tourism. Imminent sale.
Real estate investment company BriQ Properties is changing its investment strategy in response to the pandemic. It is shifting its strategy from properties and hotels, especially those that have not adjusted their value downward, to logistics. But it is also awaiting developments: The current situation will certainly give rise to investment opportunities, CEO Anna Apostolidou told Kathimerini. BriQ is also adopting a wait-and-see attitude regarding office buildings, since demand for such spaces post-pandemic is still unknown.
Cyprus has launched its Extraordinary Plan for domestic tourism by encouraging Cypriots to take a discounted local holiday during the pandemic. The plan for residents includes the provision of affordable prices at hotels with the state subsidizing part of the cost. The scheme aims to support local businesses which is why tourist establishments taking part in the plan can only offer breakfast. According to the Tourism Ministry, the general objective is to extend the tourist season and get Cypriots acquainted with the wonders of Cyprus. In doing so, it hopes to buffer the recession and preserve jobs in these difficult times the economy is going through due to Covid-19. The scheme will operate from September 1 to November 30. During this period tourist accommodation in September will be available at the maximum price of €80 for a double room per night with breakfast, for October it is €70 and November €60. In addition, 25% of the accommodation costs will be covered by the ministry, including the charges for children who stay in the same room as their parents. Discounted prices apply for a minimum stay of two nights.
(Financial Mirror)
Technical Olympic, the owner of the Porto Carras resort, yesterday announced that financial details of the resort’s sale to Belterra Investments, owned by Greek-Russian businessman Ivan Savvidis, will become available at the end of September for an audit by an independent consultant. The sale, provisionally agreed upon last April, is expected to be finalized in November for an estimated amount of €205-€210 million.