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.