The super rich are keeping their distance from superyachts — at least for the moment.
Demand for the new mega vessels, which are typically over 100 feet long, took a hit last year, declining by 17%, according to SuperYacht Times’ State of Yachting 2024 report. That was in part due to backlogged waiting lists, rising prices, and oligarch sanctions in Russia, the report said.
Only 203 superyachts were sold in 2023, the report found, a decline from the 245 sold in 2022, and the 313 sold in 2021.
Sales for the largest superyachts, which can be anywhere from 200 to 650 feet, declined the most last year, falling by 40%, the report said. That was primarily due to wealthy Russian buyers leaving the market because of the country’s invasion of Ukraine in 2022, it added.
Buyers who want to purchase a superyacht over 200 feet in length will have to wait anywhere between three to four years, according to SuperYacht Times’ head of intelligence Ralph Dazert, who said that’s partly due to backlogs caused by the pandemic. The yacht industry has also been forced to increase prices because of higher labor and material costs, he added.
With rising costs and ongoing delays, Dazert said sales for new superyachts are expected to decrease “a little bit further this year.”
More business news
United Airlines blames Boeing for costing it $200 million
Adidas is (somehow) getting a Yeezy-powered profit boost
Oreo maker Mondelez is being fined for limiting cross-border sales
Peloton ended its unlimited free app membership because it couldn’t get enough paid subscribers