Yacht Sales & Purchase Market Report JANUARY - DECEMBER 2023 OVERVIEW

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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

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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

SALES MARKET REPORT | 4


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

SALES MARKET REPORT | 5


2023: Yachting Industry Overview In Numbers 828

YACHTS SOLD IN 2023

SALES MARKET REPORT | 6

$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

SALES MARKET REPORT | 7


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.

SALES MARKET REPORT | 8

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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