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Yachting’s robust market performance in Q1 2021

Yachting’s robust market performance in Q1 2021

22nd April 2021

If the global pandemic has taught us anything, it’s that the luxury yacht market is hugely resilient. Just one year on since the world entered lockdown and reports from Q1 2021 show that the yacht market is the strongest it’s been in four years.

The brokerage market in particular has seen an increase of 45% in the first quarter of 2021. February and March were the strongest months in terms of sales performance, with brokerage sales in March up by 152%. Buoyed by a wave of first time buyers enlightened by the benefits of yacht ownership, brokerage has also seen existing owners upsizing their yachts, as well as acquiring multiple boats in various locations around the world.

With the pandemic, yachts are the safest, best, most fun bubble for vacation and travel,” says Mark Elliott, IYC Sales & Charter Consultant. “Whether chartering or owning, people realized they can control their environment with the yacht and crew while traveling in total comfort.

A total of 242 new yachts came to market in Q1, which is 93 less than the previous year. The upshot has been fewer price reductions versus the same period in 2020, with the average price change dipping to just -€471k compared to -€517k. Out of the total 175 yachts sold worldwide, 78% were in the 24-40m category. IYC ranks #1 worldwide in number of yachts sold in the 24m+ size range with 19 sales in Q1, and ranks #2 in value of 24m+ yachts sold. A total of 63% of yachts sold by IYC were the company’s sales listings.

The yacht market is very good at the moment and IYC has benefited from a combination of having great inventory and highly qualified brokers,” says IYC Sales Broker Rob Newton.

In the larger 30m+ size range, IYC holds 15% market share in brokerage yachts sold and accounted for 30% of 50m-60m yacht sales in Q1. Among the shipyards, Sanlorenzo recorded the highest number of yachts sold with 12. A surge in demand in the coveted 40m-60m size range, however, has led to limited inventory in this size category worldwide. Owners looking to acquire a yacht of this size are advised to act swiftly to avoid disappointment, as the best deals sell fast.

The US accounted for 47% of the total number of yachts sold in Q1, followed by Europe with 41% of total sales. Popular cruising grounds, such as New England and California’s coastline, which were open when large parts of Europe remained in lockdown, have also seen an uptick in sales and charter activity. IYC, which maintains the largest charter fleet around the world and remains the only charter company in the industry to list in excess of 100 yachts, is further strengthening its global reach by opening a new California office in 2021.

For more information about IYC’s full range of services, including Sales & PurchaseCharteringYacht Management, New Construction, Charter Management, Crew Placement, Yacht Agency Services and Insurance & Claims Management contact our team.

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