“IYC’s positive trend in sales carried into June, with the company now ranking 2nd in number of yachts sold globally. The market appears to be returning to pre-pandemic levels, however with an increase in the average value of yachts newly listed on the market.” - Raphael Sauleau, IYC CEO
The global pandemic taught us that the yacht market is hugely resilient. What the first half of 2023 has shown us is that the market seems to be normalizing after a two-year high, to levels more in line with the state of the market in 2019. Following a trend that started in the third quarter of 2022, the first six months of 2023 have witnessed a -43% decrease in sales compared to the record-breaking first half of 2022.
Notably, however, the yacht market saw an increase in terms of average asking prices. The first half of 2023 saw a +6% in the value of yachts sold compared to the same period in 2022, with 381 yachts sold, generating a total transaction value of $3.4 billion. March 2023 recorded the highest value for new build sales ($274 million), while May was the strongest month in value sales for brokerage ($974 million). Overall, the average deal value (new build and used) was $11,6 million and average length 35.7 meters (117’1”).
Sales in the 164’ (50m)+ range, however, saw a jump compared to last year, accounting for 11% of all deals (vs. just 6% in 2022).
Interestingly, the European market accounted for 65% of global transactions with Italian-built yachts recording most sales, representing 46% of total yachts sold during the first six months of 2023.
Within this framework, IYC sold for a value of over $329 million in the first half of 2023, ranking #2 in yacht sales globally and #1 among LYBRA members.
In the first half of 2023, IYC sold 24 yachts and among these, standouts were 165'6" (50.42m) Turquoise ILERIA and 152’9 (46.55m) Admiral PETRATARA. Among these was also the sale of three exceptional 229'8" (70m) Admiral GC-FORCE new build orders to one delighted client, setting new standards in luxury yachting!
We are also thrilled to announce 23 yachts to enter the market with IYC in the first half of this year. Notable new CAs at IYC are 164’ (50m) Westport HOSPITALITY, 163’9” (49.90m) Benetti SEAGULL MRD, and 121’1” (37m) Benetti KOJU.
"Even though the sales market seems to have returned to pre-pandemic levels in terms of demand, what seems to have remained steady is the increase in the number of purchase requests generated online. IYC has been investing in Search Engine Optimization and digital advertising, with IYC.COM becoming a significant source of leads for the company. Travel restrictions and technology advancement drove more clients to do their primary research online, and what we are seeing is that despite slower market demand the number of leads is growing year on year." - Irini Saranti, Chief Digital Officer
Rest of Year Market Outlook:
We anticipate a stronger Q3 and Q4 in terms of sales, with more yachts continuing to enter the market and an increase in price reductions.With the end of the summer season and the upcoming yacht shows season, we anticipate more owners listing their yachts to ensure a sale before the end of the year.
As per sales records, we expect the second half of 2023 to be in line with 2019 and 2020 figures. Based on the current market environment, we anticipate 2023 to close at approximately 850 sales deals globally.
The past two years saw an unprecedented number of new build yachts sold, coupled with a current order book of 625 units over 30m in build worldwide, with deliveries scheduled for 2023 onwards. Many notable shipyards are already at high capacity, with limited slots until 2027, making new build projects for sale and newly delivered brokerage yachts a great opportunity. Over the coming months, new build yacht prices are expected to remain high driven by inflation and demand for larger vessels.
Interested in reading our full sales report or looking to buy or sell? Contact us.