YA C H T S A L E S & P U R C H A S E
Market Report
JANUARY - DECEMBER 2023 OVERVIEW
T H E I N T E R N AT I O N A L YA C H T C O M PA N Y
Contents
SALES MARKET REPORT | 2
4
EXECUTIVE SUMMARY
6
2023: YACHTING INDUSTRY OVERVIEW IN NUMBERS
8
SALES MARKET OVERVIEW
10
TOTAL NUMBER OF YACHTS SOLD ABOVE 24M
12
MARKET BALANCE
14
YACHTS SOLD BY CLOSING LOCATION AND SIZE RANGE
16
BROKERAGE YACHTS SOLD BY BUILDER
18
MARKET OUTLOOK
20
IYC HISTORICAL YACHT SALES
22
IYC IN NUMBERS
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 part of this report may be reproduced without the permission of IYC.
Executive summary
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The 2023 yacht sales market experienced a decrease in both new and used deals, continuing a downward trend that began in Q3 2022. This has resulted in a drop of -29% in the market versus a year ago, bringing 2023 sales levels back to a more typical range after the extraordinary numbers seen in 2021 and 2022. With a total of 828 yachts sold these past twelve months (515 used and 313 new build deals closed), the market normalised after a two year high, and is more in line with 2019-2020 figures. Despite lower records during the past year, the 2023 sales market saw yachts prices remaining firm, with last known asking prices up by +39% for used units and +11% for new boats. This increase was a result of an ongoing demand for large yachts (164'/50m+) coupled with higher construction prices and limited available construction slots for new builds in shipyards. The global yacht sales market generated a total transaction value of $7.2 billion, in line with 2022 (+2%), despite a decline in the number of deals closed. We anticipate a slow start of the year during Q1 2024 in terms of sales, with a lower yacht supply on the market, continuing the Q4 2023 trend, but with on going price corrections. Based on the current market environment, the first quarter of 2024 is expected to be in line with Q1 2019 and Q4 2023 figures. The purpose of this report is to provide an overview of the state of the sales market in 2023 and an outlook into the first quarter of 2024. We take a close look at the superyacht industry and in particular at all yachts 80' (24m) and above. IYC is actively monitoring the sales market by utilizing analytics to track industry trends and client behavior that have a direct impact on the overall performance of the industry. The IYC Intelligence Team
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2023: Yachting Industry Overview In Numbers 828
YACHTS SOLD IN 2023
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$7.2B
TOTAL VALUE OF YACHTS SOLD
$12.5M
AVERAGE LAST ASKING PRICE
+20%
YACHTS DELIVERED IN 2023 VERSUS 2022
+10%
TOTAL YACHTS LISTED FOR SALE IN 2023 VERSUS 2022
65%
SALES TRANSACTIONS CLOSED IN EUROPE
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Yacht Sales Overview - What You Need To Know JANUARY - DECEMBER 2023
$7.2B
TOTAL VALUE OF YACHTS SOLD
LOWER DEMAND AFTER TWO YEARS HIGH
With a total of 828 yachts sold
Despite experiencing a dip in
during the past twelve months,
global sales throughout 2023,
the global yacht sales market
the market demonstrated
generated a total transaction
resilience, returning to sales
value of $7.2 billion, in line
figures in a more conventional
with 2022 (+2%), despite a
range following the extraordinary
decline in the number of deals
numbers observed in 2021 and
closed. May 2023 was the most
2022. The yacht sales industry
active month with a total of 97
witnessed an overall decline in
transactions generating just over
both new and used transactions,
$1 Billion in sales value led by
extending a downward trend
brokerage deals. March 2023
that started in Q3 2022. This
was the best performing month
resulted in a 29% contraction in
in new build sales reaching a
the market, with a total of 828
total value of $462 million.
yachts sold, including 313 new yacht transactions. All in all, the market stabilized in 2023 after a two-year peak, aligning more closely with the figures from 2019-2020.
Do you to read
YACHTS SOLD AT
HIGHER PRICE In
2023,
yacht
demonstrated
prices
remarkable
resilience despite a reduction
in the overall number of yachts sold. The market witnessed a significant surge in average asking
prices, marking a substantial increase of +32% compared to
YACHTS OV (60M)
Recent market notable surge
yachts exceedin
over the past yea experienced
uptick, represen 2022. Notably, pre-owned yachts REQUEST YOUR transactions, pr experienced the most pronounced by increased act surge in average prices, soaring by COMPLEMENTARY yacht COPY marketOF with +38% compared to the previous To put this int year. In contrast, new build sales the correspond THE SALES MARK experienced a more contained the same period increase in their average prices, 4.5%. In contrasT AND READING rising by +5%. This trend ENJOY can be size ranges rema attributed to sustained demand compared to 202 for large, high-quality yachts, coupled with a limited supply from both yacht owners and shipyards. The interplay of these factors contributed to a firm selling prices in the upper market segment.
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STRONG INCREAS
u want more?
G SALES SE OF
VER 197'
t data shows a in demand for
ng 197’ (60m) +
ar. This segment a
significant
nting 7% of all
Rrimarily PERSONAL fuelled
tivity in the used
MARKET BALANCE:
MORE YACHTS ENTERING THE MARKET Over the past year, the number of yachts entering the market registered a +10% increase. The cumulative listing value surged to $13.3 billion, reflecting a substantial +22% rise compared to 2022. Interestingly, the number of new listings (1,253), surpassed
units soldOF (828). This shift in FhinOUR LATESTtheISSUE this category. market dynamics started in the to perspective, second half of 2022. The ratio ding for KETfigure REPORT of yachts entering the market and d last year was those finding a buyer were 10:6.6 st, sales FULL in other EDITION. THE in 2023 - lower than the market ained consistent balance observed in 2019-2020. 22.
ITALIANBUILT YACHT
TRANSACTIONS LED THE GLOBAL SALES MARKET Market figures confirmed the leadership of Italian-built yacht transactions either in brokerage or new builds, accounting for more than a half of total closed deals in 2023 (53%). Ferretti Group ranked first, in terms of unit sold in both new and preowned markets, followed by the yacht builders Azimut-Benetti and
IYC AMONG TOP BROKERAGE FIRMS
With 40 yacht sales deals closed in 2023, IYC ranks #2 among LYBRA members and #3 in yacht sales globally, recording a total value of $520 million. Most sales were completed during the second quarter of the year. IYC represented sellers in two-third of the company’s transactions. During the same time period, the company announced 44 new central agency sales listings.
Sanlorenzo.
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