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by **Robin Hood** » Mon Jul 06, 2009 6:09 pm

Saturday evening we decided to go out for a meal in Limassol. The restaurant we chose was Michaels Place on the main sea front drag between the Posedonia and the Mediterranean Hotels. In the hour or so we were there we witnessed a succession of very upmarket cars..............................and all of them late ‘K’ registrations.

• Bugatti Veyron – 16 cylinders and just about the most sophisticated electronics of any car on the road, I would estimate the cost, on the road in Cyprus to be getting on for something over a €1m.
• White convertible Rolls Royce, with the hood down and driven by a young man of around the middle twenties wearing a base-ball cap, his companion dressed the same.
• Two Bentleys both convertibles
• A Bright yellow Hummer – 8MPG if you are light of foot?
• A BMW X6 - didn’t even know there was such a model!

Plus of course a stream of rather common Mercedes of all models, BMW by the dozen and a whole host of Audi sports saloon’s (which seem to be the in car at the moment). Over the last week we have seen a Lamborgini, two Ferraris , several Porche Carreras and a shed full of XK something Jaguars. With the very high cost of registering expensive cars in Cyprus, most of these cars would be approaching at least say €½m on the road? I wonder how much the insurance is?

Now, in a country where the average monthly wage for ordinary working people is considered good if it gets into three figures, how in hells name do these people afford these cars? Where are the multinational, billion euro industries you would need to create this wealth? You do not make this sort of money by growing grapes, making Halloumi or bottling olive oil?

Whether the owners were Cypriots or rich Russians I have no idea but, I do know that they were not your average Cypriot...........or UK pensioners, come to that and what is so surprising is the sheer volume of up-market, very expensive motors on the Cyprus roads.

Anyone got an explanation.........................if so please let me know how they do it, coz I want one !!!!!! :twisted:

by **Sotos** » Mon Jul 06, 2009 6:25 pm

Reason 1: Agriculture in Cyprus is a tiny fraction of the economy. The main thing here is services like Banking, Shipping, Tourism etc. So Cyprus is not a poor country by any means. Reason 2: Many of those cars were bought used. Reason 3: Some people want to show off so they spend a lot of money for cars, clothes etc. They might even go into debt to buy them. Reason 4: Some of them are owned by foreign residents of Cyprus, not Cypriots. Reason 5: (related to reason 3) Those who own these cars will drive them on the coast road on the weekends so everybody can see them. So they are all concentrated there. Go in other parts of Limassol and you will not see such cars so often. I hope these are enough reasons

by **umit07** » Mon Jul 06, 2009 6:39 pm

It's all from selling land and houses to Brit's like you.

by **wyoming cowboy** » Mon Jul 06, 2009 6:48 pm

Its very simple indeed...35 years ago one could walk into limassol and buy an donum of land for approximately 300 cpounds, it didnt matter if it was overlooking the sea or not..the main industry were the british bases supporting the economy. Limassolians would rent their houses to the brits and live in a smaller shack in the back of the house. Limassol in 74 had one hotel and a few restaurants maybe 5. Nowadays one donum in limassol facing the sea costs at least 600,000 euros, and the price grows as you get closer to the water. The problem with this type of wealth is is that you arent producing anything and you can only sell once. For instance if you had 40 donums relatively close to the water which isnt unlikely, for many limassolians you could have 20-40 million euros in your pocket today. multiply that by 50 -60 people then there are your ten lambros, ferrari or whatever...I hope this answers your question

by **jas** » Mon Jul 06, 2009 6:56 pm

I love the way some Cypriots have as flashy a car as possible and live in a house/flat that I wouldn't keep a goat in, its all about impressing people, dontcha know.