A water slide on Savannah, a 274-foot hybrid superyacht.Courtesy of Northrup & JohnsonA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Superyachts sales took a dive in 2023, as long waiting lists, soaring costs and oligarch sanctions hit demand, according to a new report.Sales of new superyachts (yachts over 100 feet long) fell 17% last year, according to the new SuperYacht Times’ State of Yachting report. There were 203 sales of new superyachts in 2023, down from 245 in 2022 and down from the record 313 in 2021.Ralph Dazert, head of intelligence at SuperYacht Times, said a buyer placing an order for a new yacht over 200 feet today faces wait times of three to four years due to backlogs stemming from the pandemic. Prices are also soaring due to higher labor and material costs.Dazert said he expects new superyacht sales to “go down a little bit further this year” given the continued costs and delays.[embedded content]The largest superyachts took the biggest hit, with sales of yachts over 200 meters, or roughly 650 feet, falling 40%. The main reason for the large superyacht drop is due to the fact that rich buyers from Russia are dropping out of the market following the Ukraine invasion by the country in 2022, according to the report.”The Russians were prone to ordering very extravagant and very large yachts,” he said.Americans are picking up some of the slack, accounting for nearly a quarter of all superyacht sales last year. And while Americans tend to build smaller yachts compared to Middle Eastern and Russian buyers, the American boats are getting larger.The average length of a Saudi-owned superyacht is 202 feet, com …
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[mwai_chat context=”Let’s have a discussion about this article:nnA water slide on Savannah, a 274-foot hybrid superyacht.Courtesy of Northrup & JohnsonA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Superyachts sales took a dive in 2023, as long waiting lists, soaring costs and oligarch sanctions hit demand, according to a new report.Sales of new superyachts (yachts over 100 feet long) fell 17% last year, according to the new SuperYacht Times’ State of Yachting report. There were 203 sales of new superyachts in 2023, down from 245 in 2022 and down from the record 313 in 2021.Ralph Dazert, head of intelligence at SuperYacht Times, said a buyer placing an order for a new yacht over 200 feet today faces wait times of three to four years due to backlogs stemming from the pandemic. Prices are also soaring due to higher labor and material costs.Dazert said he expects new superyacht sales to “go down a little bit further this year” given the continued costs and delays.[embedded content]The largest superyachts took the biggest hit, with sales of yachts over 200 meters, or roughly 650 feet, falling 40%. The main reason for the large superyacht drop is due to the fact that rich buyers from Russia are dropping out of the market following the Ukraine invasion by the country in 2022, according to the report.”The Russians were prone to ordering very extravagant and very large yachts,” he said.Americans are picking up some of the slack, accounting for nearly a quarter of all superyacht sales last year. And while Americans tend to build smaller yachts compared to Middle Eastern and Russian buyers, the American boats are getting larger.The average length of a Saudi-owned superyacht is 202 feet, com …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
