Market Report
JANUARY - JUNE 2023 (H1)
OVERVIEW
THE INTERNATIONAL YACHT COMPANY
H1 2023: YACHTING INDUSTRY OVERVIEW IN NUMBERS
SALES MARKET OVERVIEW
TOTAL NUMBER OF YACHTS SOLD ABOVE 24M
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
MARKET BALANCE
BROKERAGE YACHTS SOLD
MARKET OUTLOOK IYC HISTORICAL YACHT SALES IYC IN NUMBERS CONTENTS 4 6 8 10 12 14 16 18 20 22
BY BUILDER
EXECUTIVE SUMMARY
Sales during the first six months of 2023 were, as expected, slower than the first half of 2022, driven by a market slow down that started in Q3 2022. As predicted earlier this year, sales figures for the first half of 2023 reached close to 400 deals, in line with 2019 levels. Between January and June 2023, a total of 381 yachts were sold for a total value of $3.4 billion, including 266 used and 115 new deals closed, showing that the sales market returns to more normal sales figures following a 2 year high.
In the coming months, we anticipate a stronger sales performance than H1 2023, with more yachts continuing to enter the market, influencing more price reductions. The demand for large yachts, however, will remain high. The second half of 2023 is expected to be in line with 2019 and 2020 figures, with approximately 450 units sold. Based on the current market environment, we anticipate 2023 to close at approximately 850 sales deals globally.
The purpose of this report is to provide an overview of the state of the sales market in the first half (H1) 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 79' (24m) and above. IYC is closely following the sales market through analytics, identifying industry trends and client behaviors which are directly affecting the industry and its performance.
SALES MARKET REPORT | 5
The IYC Intelligence Team
H1 2023: YACHTING INDUSTRY OVERVIEW IN NUMBERS
381 YACHTS SOLD IN H1 2023
35.7m AVERAGE LENGTH OF YACHTS SOLD
$3.4B
TOTAL VALUE OF YACHTS SOLD
AVERAGE LAST ASKING PRICE 115m LARGEST & MOST EXPENSIVE YACHT SOLD (AHPO - 2021 LURSSEN)
AVERAGE PRICE REDUCTION
$11.6M
$418K
SALES MARKET OVERVIEW - KEY TAKEAWAYS
JANUARY - JUNE 2023
$3.4 BILLION TOTAL VALUE OF YACHTS SOLD
With a total of 381 yachts sold in the first half (H1) of 2023, the global yacht sales market generated a total transaction value of $3.4 billion, up by +6% versus H1 2022.
▶ March 2023 recorded the highest value for new build sales ($274 million), while May was the strongest month in value of sales for brokerage ($974 million).
▶ Average deal value (new build and used) was $11,6 million and average length 117'1" (35.7m).
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GLOBAL YACHT SALES NORMALISING AFTER 2 YEARS HIGH
During the first half of 2023, yacht sales saw a decline in new and used sales alike, following the trend that began in the third quarter of 2022. The market witnessed a -43% decrease, compared to the record-breaking figures of the first half of 2022. With a total of 381 yachts sold in H1 2023, the market seems to be normalizing after a two year high, and is more in line with 2019 figures.
MOST SALES CLOSINGS IN EUROPE
The European market accounted for 65% of global transactions with Italian-built yachts recording most sales, representing 46% of total yachts sold during the first six months of 2023.
STRONG SALES INCREASE OF YACHTS ABOVE 50 METERS
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Sales in the 164' (50m)+ size range recorded a jump versus last year accounting for 11% of all deals. The equivalent number in H1 2022 was 6%. Sales in the 131'-164' (40-50m) size category (13%) and the 98'-131' (30-40m) size segment held steady versus a year ago.
SALES MARKET REPORT | 8
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INCREASE IN VALUE OF YACHTS SOLD
The yacht market saw an increase in terms of average asking prices.
▶ Used yachts: $10.4 million average asking price (+48% increase vs H1 2022 at $7 million).
▶ New yachts: $17.9 million average asking price, (+24% increase vs H1 2022 at $14.4 million).
Demand for large quality yachts continued to be high, leading to firm selling prices, while shipyards experienced capacity constraints for new build projects.
MARKET BALANCE: MORE YACHTS ENTERING THE MARKET
Yachts entering the market surpassed the number of units sold driven by a market balance shift in H2 2022, which persisted during the first six months of 2023.
▶ H1 2023 recorded 381 yachts sales and 560 new sales listings, with supply surpassing demand.
▶ The ratio between yachts entering the market and those finding a buyer is 10:7.
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SALES MARKET REPORT | 9
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