Superyacht sales fell 17% year-on-year in 2023, CNBC reports, citing a SuperYacht Times report.
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Superyacht market
According to it, 203 vessels were sold over the entire last year – against 245 in 2022 and a record 313 in 2021.
Analysts attribute the trend to rising wait times and prices for yachts.
According to SuperYacht Times head of analytics Ralph Dusert, a buyer placing an order for a new yacht more than 60 m long, is forced to wait three to four years. He explained the delays at the shipyards as a result of the pandemic.
The cost of yachts, according to Dusert, is increasing due to rising costs of labor and materials. Under these conditions, sales of new superyachts in 2024 will “decrease a little more,” the analyst predicted.
Read: $1 million portfolio: what wealthy Ukrainians can invest in
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Who buys yachts
According to him, sales of large superyachts over 200 meters in length have fallen the most. Last year they were purchased 40% less often than in 2022. The main reason is the departure of wealthy Russian buyers from the market who have faced Western sanctions, according to a SuperYacht Times report.
“The Russians tended to order very extravagant and very large yachts,” confirmed Duzert.
Russians are being replaced by buyers from the United States. Last year, they accounted for almost a quarter of all superyacht sales, according to SuperYacht Times. Americans tend to order smaller yachts than Middle Eastern and Russian buyers, but their vessels have recently been growing in size, the report says. According to it, the average length of a yacht owned by a citizen of Saudi Arabia is 61.6 m, by a Russian – 61 m, and by an American – 54 m.
Despite the decline in sales, the number of superyachts leaving shipyards in 2023 has increased by 31%, to 202. We are talking about ships ordered during the coronavirus pandemic, the construction of which has only now been completed, SuperYacht Times explained. According to analysts, there are now about 6,000 superyachts on the water – three times more than in 2002.
