Q1 - Q4 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
DISCLAIMER
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
of this report may be reproduced without the permission of IYC.
Executive summary
Throughout 2024, the global yacht sales market experienced a decline, with demand for both new and pre-owned yachts decreasing by 19% compared to the previous year.
The total value of yacht transactions amounted to $6.9 billion, re f ecting a 10% year-over year decline. However, average yacht selling prices remained stable across both new and pre-owned segments, driven by increased demand in the larger market segment, particularly within the 131’-164’ (40m-50m) size range.
Following a stronger f rst half of the year, the global yacht sales market experienced a steady decline in the latter half, reaching its lowest levels in recent years. While pre-owned yacht sales demonstrated resilience, new build sales continued to decline. Despite the overall market contraction, transactions volumes returned to more normalized levels, similar to those observed in 2019, prior to the surge in sales seen between 2021 and 2022.
Looking ahead, we anticipate yacht sales in Q1 2025 to be in line with the f rst quarter of 2024. Additionally, early projections suggest that annual sales may exceed 2018-2019 levels but remain below those recorded in 2003.
This report aims to provide a comprehensive analysis of the yacht sales market during the full year of 2024 and o fer an outlook for Q1 2025. Our primary 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 - DECEMBER (Q1 - Q4) 2024
Yachting Industry Overview In Numbers
788 YACHT SOLD IN 2024
$6.9B
TOTAL VALUE OF YACHTS SOLD -11%
NEW SALES LISTINGS VOLUME IN 2024 VERSUS 2023
60% TRANSACTIONS WERE CLOSED IN EUROPE -19% SALES VOLUME IN 2024 VERSUS 2023
34% MARKET SHARE OF NEW YACHT SALES IN 2024
JANUARY - DECEMBER (Q1 - Q4) 2024
Yacht Sales Overview - What You Need To Know
A Normalized Sales Market
As anticipated in early 2024, the global sales market faced a notable decline in transaction volume throughout the year. Demand for both new and preowned yachts was adversely affected, resulting in a 19% decrease in overall market activity compared to 2023. Over the past twelve months, close to 800 yacht deals were completed. The brokerage yacht market demonstrated relative stability, accounting for 66% of all fnalized deals during the year. Notably, Q2 2024 showed signs of resilience, with yacht sales exceeding Q2 2019 performance. However, global sales fgures for 2024 marked their lowest levels in recent years. Despite the downturn, the sales market has begun to return to the more normalized activity levels observed in 2019, prior to the pandemic and subsequent market surges.
Increased Sales Volume In The 131’-164’ (40-50m) Segment
Despite an overall decline in demand, market data indicated growing interest in yachts in the 131’-164’ (4050m) length category. This segment experienced the most notable growth in both market share and transaction volume compared to 2023. Yachts in this size range accounted for 17% of all transactions, driven primarily by increased activity in the new yacht sector. In comparison, the corresponding market share for 2023 stood at 11%. Additionally, the heightened sales activity in this category led to a 25% increase in the number of deals closed compared to the previous year.
Decreased Demand For New Build Yachts
In recent years, the global sales market has experienced a consistent decline in total number of transactions across both new and preowned yacht sectors. Market data revealed that new-build sales were disproportionately impacted by the slower market in 2024, with a signifcant 32% reduction in sales. This downturn trend in new yacht sales can be attributed to a wait-and-see attitude on the part of some buyers but also driven by higher asking prices for new builds which could divert certain buyers to opt for alternatives on the brokerage market. In contrast, pre-owned yacht transactions decreased by only 11% compared to 2023. Despite these declines, the combined sales volume of new and used yachts aligned with 2019 levels, signaling a return to more typical market conditions.
Selling Prices Strong
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The global market reported transaction over the past 10% decline which stood reduction was primarily lower average within the infuenced and a higher adjustments. average yacht by only 3% average $12.7 million million in that selling relatively previous average last yachts sold by the sale newer vessels.
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Prices Remained
global yacht sales reported a cumulative transaction value of $6.9 billion past year, refecting a decline compared to 2023, stood at $7.7 billion. This reduction in total sales value primarily attributed to average selling prices the brokerage market, uenced by reduced demand higher prevalence of price adjustments. However, the yacht price decreased 3% in 2024, with an last asking price of million from $13.1 in 2023, indicating selling prices remained relatively firm compared to years. The stable last asking price for sold in 2024 was driven sale of slightly larger and vessels.
-11% In Yachts Entering The Market
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As the number of sales declined, the total volume of new market entries followed a similar trend, leading to a 11% decrease in yacht supply between 2023 et 2024. Examining the market balance, the supply exceeded the demand with the ratio gap between yachts entering the market and those being sold widened compared to previous years. As demand slowed down in 2024, it was likely that some owners hesitated to list their yachts, opting to wait for more favorable market conditions. Conversely, this created opportunities, to a certain extent, for potential buyers seeking advantageous deals, particularly in the brokerage market, where an increased number of price adjustments were observed during the same period.
Higher Value Of Price Updates With Little Impact On Sales
To stimulate yacht sales in a challenging market, many sellers agreed to price reductions throughout 2024. However, despite an increase in the number of price adjustments, there was no signifcant impact on the volume of new market entries or the total number of transactions. The average price reduction amounted to $465.000, reflecting an 8% increase compared to 2023. Overall, percentage of price reduction applied to sales listings in 2024 remained limited and consistent with previous years, averaging 7%.
Increased Sales Volume For IYC
IYC delivered strong performance in 2024, completing 35 yacht transactions over 80’ (24m), including five new orders and seven in-house deals. The company’s sales volume remained steady compared to 2023, achieving a 6% increase and solidifying its position as one of the top-performing brokerage frms in the yachting industry. This year again, IYC maintained its leading position in yacht sales among the top brokerage firms worldwide.
Furthermore, the company introduced 58 new central agency sales listings to the market throughout 2024, a 32% increase versus previous year, placing IYC among the top three leading brokerage houses in this category.
