Superyacht sales soar
What is really the best indicator that the financial and economic woes of the last few years are behind us? Healthy stock markets? Falling bond yields? The return of big-ticket M&A? Rising employment and GDP? All of the above? No! Look no further than superyacht sales.
The rich are back on a buying spree and have snapped up 28 superyachts worth €300m in the first two months of this year, against just seven for €60m a year ago.
The data, supplied by by Boat International’s monthly Market Intelligence Report, suggests a few people are buying bigger and more expensive yachts than ever, with two 70-metre mega-yachts among snapped up so far in 2010.Boat International said in its report: “The early part of 2009 saw the brokerage industry at its nadir as governments worldwide struggled to rescue failing financial institutions.
Certainly no bank was prepared to lend money against a superyacht purchase.”
But not everyone is bidding high. Another trend involves more cautious souls buying rights to use superyachts just part of the time, through fractional ownership. This weekend sees the launch of a superyacht designed by the architect Norman Foster in Italy called Ocean Pearl, which will be offered by fractional ownership company YachtPlus to its members.
Category: Industry
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