Challenges in Superyacht Market Lead to Decrease in Sales
Wednesday, 17 April 2024, 11:00
Superyacht Sales Decline in 2023
Sales of superyachts took a substantial hit in 2023 as a result of various challenges plaguing the industry. The prolonged waiting lists and escalating costs have deterred potential buyers, while the sanctions imposed on Russian oligarchs have further exacerbated the situation.
Market Reactions
- Wait Times: Growing wait times for new superyacht orders have discouraged interested buyers.
- Russian Oligarchs: The withdrawal of Russian oligarchs from the market following sanctions has significantly impacted demand.
- Soaring Costs: Escalating prices of superyachts have further hindered sales.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.