Q1 - Q3 2024: YACHTING INDUSTRY OVERVIEW IN NUMBERS
SALES MARKET OVERVIEW
TOTAL NUMBER OF YACHTS SOLD ABOVE 80' ( 24 m)
MARKET BALANCE
YACHTS SOLD BY CLOSING LOCATION AND SIZE RANGE
BROKERAGE YACHTS SOLD BY BUILDER
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The IYC team has worked hard to ensure that all facts and information printed in this report at the time of publication are correct. IYC cannot accept responsibility for any errors, omission or inaccuracies and is not responsible for or owes any duty of care to any party seeking to rely on the content of the report. Any such reliance shall be taken at the persons’ own responsibility. No
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Executive summary
Throughout the f rst three quarters of 2024 (Q1 – Q3), the global yacht sales market experienced a notable decline, with demand for both new and pre-owned yachts decreasing by -27% compared to the previous year.
The total value of yacht transactions amounted to $4.6 billion, representing a 25% yearover-year decline. Additionally, the average value of yachts sold dropped by 14% across both new and pre-owned segments during this period.
After a slow start in Q1 2024, the global yacht sales market saw increased activity in Q2. Despite this moderate rebound, overall sales reached their lowest level in recent years, with pre-owned yacht sales showing resilience while new build sales continued to decline. Q3 2022, marked the beginning of a market normalization with supply outpacing demand—a trend that persisted through 2023 and into 2024. Despite the overall decline in global sales, certain brokerage transactions and pricing remained strong, with several major deals involving large yachts successfully closed.
Looking ahead, we expect sales in Q4 2024 to align with Q4 2023 and anticipate the year to close at similar levels to 2018 and 2019.
The purpose of this report is to provide an overview of the yacht sales market during the f rst three quarters of 2024 and an outlook for Q4 2024 and Q1 2025. Our focus is speci f cally on the superyacht sector, covering vessels 80 feet (24 meters) and above. At IYC, we are actively monitoring market conditions by utilizing analytics to track industry trends and client behavior, which directly impact the overall performance of the industry.
The IYC Intelligence Team
JANUARY - SEPTEMBER (Q1 - Q3) 2024
$4.6B
$11.7M AVERAGE LAST ASKING PRICE 549 YACHT SOLD IN 2024 YTD
TOTAL VALUE OF YACHTS SOLD
54% TRANSACTIONS WERE CLOSED IN EUROPE -27% SALES VOLUME IN 2024 YTD VERSUS 2023 YTD
32% MARKET SHARE OF NEW YACHT SALES IN 2024 YTD
JANUARY - SEPTEMBER (Q1 - Q3) 2024
Yacht Sales Overview - What You Need To Know
Resilient Second quarter 2024
As projected earlier this year, the global sales market has experienced a significant decline in transaction volume over the past nine months of 2024. Both new and pre-owned yacht demand has decreased, leading to a 27% reduction in overall market activity. In total, 549 yachts were sold, including 177 new yacht transactions. The brokerage yacht market provided some stability, contributing to 68% of all completed deals so far this year. Despite a slow start in Q1 2024, the second quarter of the year showed signs of resilience, with yacht sales surpassing 2019-2020 levels. However, sales fgures for Q3 2024 reached their lowest point in recent years. Overall, the past three quarters of 2024 represent a notable decline, marking the lowest yacht sales activity in six years, with total transactions falling below the 600 mark.
Increased demand in the 131’-197’ (40-60m) size range
Despite a decline in yacht sales, market data to date shows an increased interest for yachts within the 131’-197’ (4060m) length category. This segment has shown the most signifcant growth versus last year, representing 22% of all transactions, primarily driven by heightened activity in the new yacht sector. In comparison, the corresponding market share for the frst three quarters of 2023 stood at 16%. The surge in the sales within this size range also resulted in a 7% increase in the number of deals closed compared to the same period last year.
Strong selling prices
The global yacht sales market recorded a cumulative transaction value of $4.6 billion over the past nine months, representing a 25% decline compared to the same period in 2023. This drop in total sales value is attributed to lower average selling prices, particularly within the brokerage market, driven by reduced demand. The average yacht prices decreased by 14%. Despite this, selling prices have remained relatively high compared to previous years, even though there has been an increase in both number and value of price reductions applied to listings from January to September 2024. Overall, the average last asking price for yachts sold during Q1-Q3 2024 was higher, as sellers remained reluctant to signifcantly lower prices.
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yachts entering market to date, the market exhibited an increasing between yacht supply and reaching its lowest ratio in recent years, surthe disparity seen in 2019 - 2020 period. Desupply signifcantly outdemand over the frst quarters of the year, listings have declined by compared to 2023 yearHowever, there was a 19% increase in new between Q2 and Q3 intensifying competisellers, particularly smaller yacht categories. Nevertheless, despite the curchallenging market conyachts entering the during this period saw initial asking prices rise average of 13% comthe same period last This increase in pricing attributed to the listings of and larger yachts with average volume.
Higher value of price updates
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To stimulate yacht sales in a slower market, many owners implemented limited price reductions during the first nine months of 2024. While the number of price adjustments increased by 12% compared to the same period in 2023, there was no apparent correlation between the volume of new listings and the number of transactions. On the contrary, indicators have declined compared to last year. The average price reduction amounted to $467.000, reflecting a 12% increase over the frst three quarters of 2023. However, the overall percentage of price reductions applied to sales listings in 2024 to date stands at 6.5%, which is lower than the average of 7.7% the past fve-years.
Time on Market in line with 2023 YTD
With a continued reduction in supply and firmaverage last asking prices, yachts have spent similar time on the marketbefore being sold than last year at the same period. Specifically, due to quicker transactions in the brokerage market. Conversely, new build yachts took longer to find buyers during the first nine months of 2024 compared to a year ago, likely due to lower supply and higher pricing in that segment.
Sales Consistency For IYC
IYC performed positively in sales, securing a total of 29 yacht deals over 80’ (24m), including five new orders, during the frst three quarters of 2024. The sales volume for IYC is consistent with the same period last year, positioning the company among the top brokerage frms. Additionally, the company announced 48 new central agency sales listings during Q1-Q3 2024, putting IYC in the top brokerage frms in this regard.
