Speed boats in Greece are now on sale at a discount due to the high taxation that has been imposed and Cypriots are rushing to buy them as prices are double at home.
Individuals and companies have already bought used boats from various parts of Greece at prices that are significantly below their real value and despite the financial crisis, Cypriots have been requesting information on thousands of boats sold online.
Representatives of the company Diamantides Boats based in Limassol said that in Greece boat prices are up to 50% lower than the rest of the market, while there are hundreds of models available there as opposed to just one or two in Cyprus.
"If a specific boat is on sale for €40,000 in Cyprus, the price in Greece due to competition will not exceed €20,000," the manager of Diamantides Boats revealed.
He added that boat sales in Cyprus have not dropped, noting that "people who wanted to buy a boat and still can will go ahead despite the crisis".
The registration of boats in Cyprus is fairly easy, provided that the boat is deleted from the Greek register.
Statistics show that sales on recreation boats up to six metres have dropped significantly from 5,500 boats in 2007 to 1,500 in 2013, while estimations for this year are even worse.