JANUARY - JUNE (H1) 2024 OVERVIEW
During the first half of 2024 (H1), the global sales market experienced a significant decline, with demand for both new and pre-owned yachts decreasing compared to the previous year. This trend resulted in a 29% reduction in market activity, with a total of 366 yachts sold, including 103 new yacht transactions. The brokerage yacht market provided some stability during this period. Over the first six months of 2024, the global sales market generated a total transactions value of $3.5 billion, a decline of 12% versus a year ago. In fact throughout the first half of the year, the average value of yachts sold decreased by 25% in both the new and used sales markets.
After a slow start in Q1 2024, the global yacht sales market exhibited higher activity during the second quarter. Despite this modest recovery, overall sales reached their lowest point in recent years, with pre-owned yacht sales showing resilience while new build sales declined. This ongoing decrease in demand began in the third quarter of 2022, when the market started to normalize with supply surpassing demand, a market trend that persisted throughout 2023 and continued into H1 2024. Despite the overall decline in global sales, brokerage transactions and prices remained robust, with several significant deals involving large yachts being closed.
In this most recent edition of the SALES MARKET REPORT we provide an overview of the state of the sales market during the first half of 2024 and an outlook for the third quarter of the year. We take a close look at the superyacht industry and in particular at all yachts 24m (80’) and above.