JANUARY - MARCH (Q1) 2024 OVERVIEW
In the initial quarter of 2024, the yacht sales market experienced a decline in both new and used transactions, continuing a downward trend that commenced in Q3 2022. This resulted in a significant -43% decrease in the market compared to the same period a year ago, bringing Q1 2024 sales to their lowest figures in recent years, reminiscent of those observed in 2019. With a total of 122 yachts sold during the past three months (93 used and 29 new build deals closed), the market witnessed a decrease in global demand while supply surged. Despite lower sales figures, yacht prices remained resilient, primarily driven by sustained demand for large yachts (164'/50m+) and limited available construction slots for new builds in shipyards. The global yacht sales market generated a total transaction value of $1.1 billion, reflecting a -26% decrease on a yearly basis, while the average length and volume of yachts sold remained stable.
Looking ahead, we anticipate that sales in the first half of 2024 will not exceed 400, with approximately 200 sales deals expected in Q2. Furthermore, we foresee a continuation of new yacht entries and expect more price corrections in the coming months. Considering the prevailing market conditions influenced by external factors, we project that the sales market trend for the first half of 2024 will mirror the pace observed during the peak of 2019.
In this most recent edition of the SALES MARKET REPORT we provide an overview of the state of the sales market during the first quarter of 2024 and an outlook for the first half of the year. We take a close look at the superyacht industry and in particular at all yachts 24m (80’) and above.