The incident outside Michael Sotirov’s home in the village follows on from a fire that caused extensive damage last month to the New Mill bar, which he leases in Bushmills.

Mr Sotirov’s Port Caman bistro in Bushmills was also subjected to an attack in December when windows were broken.

According to the Northern Ireland Fire and Rescue Service (NIFRS), one car was set alight shortly after midnight outside an apartment block.

The fire subsequently spread to the second car.

Only two vehicles were parked outside the block and Mr Sotirov confirmed to the News Letter that he owned both of them.

The businessman lives at the apartment complex with his wife and two children.

Assistant group commander for Ballymena Harry Smyth said eight firefighters had to “force entry” to the apartments because of smoke damage throughout all three storeys emanating from the burnt-out cars.

The NIFRS said only one family was at home in the block of six apartments at the time.

The family was evacuated from the building before the Fire Service arrived and was rehoused overnight by the Northern Ireland Housing Executive.

Asked if this was a racist attack, a PSNI spokeswoman said that police “are treating it as such, though investigations are ongoing”.

However, the Ulster Unionist deputy mayor of Coleraine Borough Council, Elizabeth Johnston, said she found it hard to believe that “the arson attacks are racist as the area welcomes ethnic minorities”.

SDLP East Londonderry MLA John Dallat said: “Portballintrae is part of the Causeway coast tourist area. Foreign nationals make a massive contribution not only to the hotel and hospitality industry but in other key areas such as engineering.”

He claimed loyalist elements had welcomed British neo-Nazi groups to the district in the past.

Detectives in Coleraine are appealing for information from anyone who may have noticed suspicious activity in the area and can be contacted on 0845 600 8000.