Monaco Yacht Show opens to unprecedented demand
The Monaco Yacht Show opened today to welcome and industry witnessing unprecedented demand for superyachts.
Double the usual number of superyachts will be sold this year, predicted Sam Tucker, head of Superyachts, VesselsValue yesterday (September 21) at the Marine Money, Superyacht Finance Forum at the Cafe de Paris in the principality.
“We expect about 900 deals to be completed this year,” said Tucker. “That’s double the sales closed in a normal year.”
The surge is superyacht sales was partly due to the desire of Ultra High Net Worth Individuals (UHNWI) and High Net Worth Individuals (HNWI) to seek floating sanctuary with their families during the global pandemic. But even more important factors were a wider recognition of among prospective buyers of their personal mortality and the impact of strengthening stock markets, Tucker told forum attendees.
“In reality, two reasons account for the increase in sales. The first is a lot of wealth creation. Stock markets are increasing at all-time highs. The second reason is that the global pandemic has reminded us [prospective yacht purchasers] to enjoy today and that life is precious.”
Tucker concluded with the hope that “new owners who rushed into the superyacht market, won’t be equally quick to rush out of the market”.
Opening the forum, Hugo Modderman MD Dolfinance, described the impact of soaring demand for superyachts on availability. “The market [availability of superyachts] has dried up,” he said. “There are only ‘shelf-warmers’ or over-priced yachts ready for sale. High quality yards are fully backed up until 2026.”
Meanwhile, watch out for more reports from the Monaco Yacht Show later this week.