Industry Intel: The Middle East Yacht Market
When you think of luxury motor yachts, what area of the world immediately comes to mind? The Caribbean? Australia? Right here in South Florida? To be sure, all of these are major “yachting hubs,” but, did you know that the Middle East is home to almost a third of the largest yachts in the world, including Azzam, currently the largest superyacht, on the planet, owned by Sheikh Khalifa Bin Zayed Al Nahyan.
According to a new report entitled Studying the Middle East Yacht Market 2017, the yachting market in the Middle East for both the building and purchase of new yachts, as well as for the booking of yacht charters, is large and expanding. According to the just published report, created by industry analysts, Smart Research Insights, “the Middle East yacht market has been experiencing an approximate annual growth of 5-10%.”
The report went on to say that key players in the emerging Middle Eastern yacht market will be well-known luxury yacht manufacturers such as: Sunseeker International, Ferretti Group, Azimut, and Princess Yachts International.
The report went on to conclude that, “the affluence of the Middle East is shifting the industry dynamics towards this region, owing to the larger share of wealthy clientele.”
Middle Eastern Yacht Builders
While the Insights report identified many global yacht builders becoming key players in the burgeoning Mideast yacht market, the area has been growing as a shipbuilding hub in its own right. The UAE, in particular, now ranks among the major manufacturing nations for super-yachts. Erwin Bamps, CEO of Gulf Craft — an Emirates-based company with shipyards in UAE and Maldives has said, “UAE is one of the best yachting hubs in the world. Dubai appreciates the leisure marine sector. There is a strong demand from local buyers for yachts and boats of any size, from relatively modest cruisers and sport boats, to the most luxurious private yachts.”
The UAE is home to the world-renowned Dubai International Boat Show, the 2017 edition of which, just wrapped up a few weeks ago on March 4th.
Prices Reduced on Pre-Owned Luxury Yachts!
As we reported back in February, industry wide, 2017 has started off well in total yacht sales. The fact that there is such growth in emerging global markets, also bodes well for the yachting industry.
The fact that the year is starting off so well, means prices are likely to continue to rise. So, if you are in the market for a luxury motor yacht, in the Mideast or anywhere else, now is a great time to take advantage of some of our current price reductions.
Check out: Ti Punch, the incredible, recently reduced, Outer Reef that is unlike any Outer Reef yacht you have ever seen before, Big E, a prime example of Ocean Yachts’ reputation for beauty and power, and one of our latest listings, Checkmate, an 85 foot Burger Yacht that combines the classic elegance of a yacht built in 1999, with modern upgrades that make her truly timeless.
Deciding on the new or pre-owned luxury yacht that is right for you, can be quite complex. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our Sales Specialists, or call us at 954-900-9988.