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Sales Market Overview: Q1-Q3 2023

Sales Market Overview: Q1-Q3 2023

21st November 2023

During the first three quarters of the year, the yacht sales market recorded a decrease in both new and used sales, continuing the trend that began in the third quarter of 2022. Following a two-year high, and the extraordinary numbers seen in 2021 and 2022, the market is normalizing with figures more in line with 2019. Even though there has been a larger drop in the number of yachts sold, the average asking prices have remained strong, maintaining total sales value at a high. Below, we overview the state of the sales market in the first three quarters of (Q1-Q3) of 2023 and share an outlook for the market in the coming months. 

Yacht Sales Overview - What You Need To Know (January-September 2023)

578 yachts sold for a total value of $5.5B – +11% versus Q1-Q3 2022 despite decline in number of deals closed  

Decrease in demand after two year high -35% in the market, normalizing in line with 2019 figures

Yachts sold at a higher priceprices approximately +38% versus 2022 with ongoing demand for large, pedigree yachts and shipyards still experiencing capacity constraints for new build projects 

Strong sales increase of yachts over 164’ (50m)yachts in this size range accounted for 12% of all deals versus 8% in 2022

More yachts entering the marketEuropean sales dominate the market at 65%, with Italy being the top performing country

IYC among top brokerage firms – IYC ranks #3 in yacht sales globally and #2 among LYBRA members with a majority of sales completed in the second quarter of the year

Market Outlook (Q4 2023 - Q1 2024)

More vigorous Q4 2023 – following the sales from boat shows and the addition of new listings, we anticipate that Q4 2023 will be more active than Q3, with a final quarter expected to be similar to those of 2019 and 2020. However, developments in the Middle East could affect market performance. 

2023 buyer's market – we expect more price adjustments announced by owners looking to sell before December 2023. With the considerable amount of yachts on the market, there are attractive opportunities for buyers to negotiate a good deal. The 131' (40m)+ category, however, is expected to remain more resistant to price adjustments. 

Limited available slots for new projects – many notable shipyards are already at high capacity, with limited slots until 2028, making new build projects for sale and newly delivered brokerage yachts highly sought after. New build yacht prices are expected to remain high driven by inflation and demand for larger vessels. 

Q1 2024 expectations – it is expected that the sales market will continue at slower pace during the first quarter of 2024, with sales numbers comparable to those seen in 2019. With shifts in the target buyers, it’s important for the industry to attract new individuals to maintain the market's progression.

IYC Yacht Sales Performance in Numbers (January-September 2023)

IYC is an expert in yacht sales across all types and size segments, with a notable market share in motor yachts sold in the larger size segment. With the company significantly focusing on the promotion of its own sales fleet, the number of transactions in which IYC represented the seller or completed an in-house deal is consistently over 55%. IYC is also substantially investing in digital, resulting in the sale of two vessels worth more than $13 million over the past few months, through the company’s website. 

$433 million total sales value to date in 2023

3x Admiral GC-FORCE 70M - largest yachts sold by IYC in 2023 year to date

#3 in number of yachts sold globally in 2023 year to date

#2 in yacht sales among Leading Yacht Broker Association (LYBRA) members

30 new central sales listings in 2023 year to date - see all sales listings


Interested in reading our full sales report or looking to buy or sell? Contact us.

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