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Q1 2023 YACHT SALES OVERVIEW - WHAT YOU NEED TO KNOW
‣ $1 BILLION TOTAL VALUE OF YACHTS SOLD
With a total of 145 yachts sold in Q1 2023, the global yacht sales market generated a total value of $1 billion, equal to Q1 2022.
- Average deal value (new build and used) $11,7 million and average length 35.5 meters (116’5”).
- Total value of yachts sold jumped by +111% in March, versus February 2023 even tough total number of deals were down by -32% compare to the month before.
‣ YACHT SALES AT ITS LOWEST IN 5 YEARS
During the first quarter of 2023, yacht sales experienced a decrease in both new and used sales. This follows a trend of decreasing sales from the third quarter of 2022. The market recorded -56% compared to the record-high Q1 2022, and was the slowest quarter in sales in five years.
‣ MAJORITY OF SALES CLOSINGS IN EUROPE
The European market accounted for 74% of global transactions with Italian-built yachts recording most sales, representing 42% of total yachts sold in Q1 2023.
‣ 56% OF YACHTS SOLD WERE ABOVE 30 METERS
Sales in the 30m+ size range recorded an increase versus last year accounting for 56% of all deals. The equivalent number in Q1 2022 was 46%. Sales in the 40-50m size category (13%) were similar to last year, while the 50m+ size range (12%) recorded an increase
‣ INCREASE IN VALUE OF YACHTS SOLD
The yacht market saw a rise in terms of average asking prices.
- Used yachts: $9.1 million average asking price (+47% increase vs Q1 2022 at $6.2 million).
- New yachts: $21.2 million average asking price, (+52% increase vs Q1 2022 at $13.9 million).
Demand for larger yachts continued to be robust, leading to firm selling prices, while shipyards experienced capacity constraints for new build projects.
‣ MARKET BALANCE: MORE YACHTS ENTERING THE MARKET
The trend of more yachts entering the market versus sold, which started in July 2022, persisted during Q1 2023.
- Q1 2023 recorded 145 yachts sales and 245 new sales listings, with supply surpassing the demand.
‣ IYC AMONG TOP BROKERAGE FIRMS
IYC sold 6 yachts across size segments, at a total value of over $49 million during Q1 2023. Yachts sold consisted in 6 used yacht deals in the 30-50 meter size range. Two-thirds of IYC’s deals represented the seller. The company announced 14 new central agency sales listings.