09.08.2022
The estimated cost of the land on which one of Limassol’s five-star hotels is built seems to be in excess of 200 million euros.
At the same time, the cost of other objects of a five-star hotel in Limassol ranges from several to several tens of millions of euros.
Most of the five-star hotels are located in the area of Agios Tychonas, on Amafoustos Avenue.
The specific data comes from the Cadastre and Survey Department’s electronic tool, which records the total appraised value of properties dated January 1, 2021. At the same time, a comparison is made with respect to the corresponding value of the property as of 01.01.2018.
It is clarified that the recorded values do not include neighboring properties, which may also belong to hotels, which in some cases are worth several million euros.
It is also emphasized that, according to a recent statement by the Department of Cadastre and Land Management, the General appraised value of the object is not equal to its market value. On the contrary, the publication of the General Assessment is the basis of the transparency of the real estate market, gives an idea of the market value and performance of real estate and guides potential sellers and buyers of real estate.
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St. _ Resort Raphael
In addition to 78 million euros, the cost of the 21,795 sq.m. plot, which houses the magnificent St. Resort Raphael. However, the neighboring plot of 30,818 sq. m, which can get into the premises of a five-star hotel, is estimated at €119.3 million , while the same site in 2018 was estimated at €115.3 million.
Parklane
The site on which the luxurious Limassol Parklane Resort & Spa is built was valued at 128 million euros as of January 1, 2021, according to the Land Registry. This is a plot of 48,358 sq.m , which was valued at €126.8 million as of January 1, 2018.
Four seasons
Approximately 111.2 million euros is estimated at the cost of the site on which the Four Seasons hotel of the Muskita hotel chain in Agios Tychonas is located. Plot 21 751 sq.m. was estimated in 2018 at 110.3 million euros.
Amathus Beach Hotel
The five-star Amathus Hotel is, as it were, divided into two main parts. Plot 12 924 sq.m. its estimated value, according to the Land Registry, was 67.2 million euros on both 1 January 2021 and 1 January 2018. The 139,045 m² plot, located in front of the sea, was valued at €58.6 million in 2021 , about the same as in 2018 (€58.5 million).
Amara
The cost of the site on which the luxurious Amara hotel of Stademos Hotels is built is estimated at 200.3 million euros. The specified plot of 22,912 sq.m. was estimated in 2018 at 199.2 million euros.
Grand Resort
The cost of the total area of 18,920 m 2 on which the Grand Resort is located is estimated at €59.6 million. The estimated cost of a particular item refers to both January 1, 2021 and January 1, 2018.
Royal Apollonia
The cost of the site on which the five-star Royal Apollonia of Louis Hotels is built reaches 60 million euros. This is a 12,246 sq. m, which in 2021 and 2018 had the same estimated value.
Columbia Beach Resort
Columbia Beach Resort, located in the Pissouri area, is built on a plot of 19,185 sq.m. The item was valued at €15.7m in 2021, up from €14.4m in 2018.
