Market Report
Q1 2023 OVERVIEW
THE INTERNATIONAL YACHT COMPANY
Q1 2023: YACHTING INDUSTRY OVERVIEW IN NUMBERS
SALES MARKET OVERVIEW
TOTAL NUMBER OF YACHTS SOLD ABOVE 24M MARKET BALANCE
YACHTS SOLD BY CLOSING LOCATION AND SIZE RANGE
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.
CONTENTS EXECUTIVE SUMMARY
YACHTS SOLD
MARKET OUTLOOK IYC HISTORICAL YACHT SALES IYC IN NUMBERS CONTENTS 4 6 8 10 12 14 16 18 20 22
BROKERAGE
BY BUILDER
EXECUTIVE SUMMARY
Following the active 2022 yacht sales market, where 1,068 yachts were sold, the first quarter of 2023 saw a return to more normal sales levels. Q3 2022 marked the beginning of a slow-down in terms of sales and a correction in the market, with more yachts listed for sale compared to the number of yachts sold, which continued to be reflected in Q1 2023. Between January and March 2023, a total of 145 superyachts were sold: 62 new build vessels and 83 brokerage vessels, worth a total of $1 billion. This marks a decrease in the total number of superyachts sold compared to the first three months of 2022 (331), 2021 (330), 2020 (201) and 2019 (175).
It is expected that the market will remain viable in 2023 with strong demand, although at a lower rate, and more yachts entering the market. Prices are anticipated to normalize in the coming months.
The purpose of this report is to provide an overview of the state of the sales market in the first quarter (Q1) of 2023 and an outlook for the market in 2023. We take a close look at the superyacht industry and in particular at all yachts 24m (80’) and above. IYC is closely following the sales market through analytics, identifying industry trends and client behavior which are directly affecting the industry and its performance.
The IYC Intelligence Team
SALES MARKET REPORT | 5
Q1 2023: YACHTING INDUSTRY OVERVIEW IN NUMBERS
145 YACHTS SOLD IN Q1 2023
$11.7M
AVERAGE LAST ASKING PRICE OF YACHTS SOLD IN Q1 2023
$474K
AVERAGE PRICE REDUCTION IN Q1 2023
$1B
TOTAL VALUE OF YACHTS SOLD
82m
LARGEST BROKERAGE YACHT SOLD IN Q1 2023 (DEVONPORT SARAFSA)
368 GT
AVERAGE VOLUME OF USED YACHTS SOLD
SALES MARKET OVERVIEW - KEY TAKEAWAYS
Q1 2023 $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.
Q1 2023 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 CLOSING 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 superyacht industry 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 certain shipyards experienced capacity constraints for new build projects.
MARKET BALANCE
The trend of more yachts entering the market versus yachts sold, which started in July 2022, persisted during Q1 2023. The first quarter of the year recorded 145 yachts sales and 245 new sales listings, with supply surpassing demand.
SALES MARKET REPORT | 9
SALES MARKET REPORT | 10 NUMBER OF YACHTS SOLD BY DEAL TYPE Q1 2019 - Q1 2023 SLOWER ACTIVITY IN Q1 2023 FOR BOTH NEW BUILD AND PRE-OWNED YACHTS *Source: Superyacht IQ. Yachts 24 meters and above. March 31, 2023 ▶ 145 yachts sold during Q1 2023 (-56% versus Q1 2022) NUMBER OF YACHTS SOLD BY DEAL TYPE Q1 2019 - Q1 2023 YACHTS SOLD (UNITS) SOLD NEW SOLD USED Do you to read REQUEST YOUR COMPLEMENTARY COPY OF THE SALES MARKET AND ENJOY READING THE
AVERAGE VALUE AND LENGTH OF YACHTS SOLD BY DEAL TYPE
BOTH NEW BUILD AND BROKERAGE VESSELS WERE SOLD AT A HIGHER ASKING PRICE COMPARED TO PREVIOUS YEARS
AVERAGE LENGTH AND AVERAGE VALUE OF YACHTS SOLD BY DEAL TYPE
Q1 2019 - Q1 2023
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*Source: Superyacht IQ. Yachts 24 meters and above. March 31, 2023
▶ Increase in the average asking price of brokerage yacht sold versus last year (+65%)
▶ New build yachts sold during Q1 2023 were more expensive compared to Q1 2022 (+72%)
▶ The average length of yachts sold continued to increase reaching 35,5 meters
SALES MARKET REPORT | 11
BROKERAGE NEW BUILD AVERAGE LENGTH (M) you