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.
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. 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.Americans are picking up some of the slack, accounting for nearly a quarter of all superyacht sales last year.
Even as new sales declined, yacht completions were up. That data represents yachts ordered during the frenzy of the pandemic that are just now being launched. The number of completions surged 31% in 2023 to 202 superyachts.