This month, SuperYacht Times is interviewing a range of industry leaders in the brokerage sector to find out their views on the 2018 superyacht market. Today we hear from Michel Chryssicopoulos, Managing Partner at IYC, a company whose notable sales in 2018 included that of the 57.9-metre Trinity Skyfall in February and the much-talked-about 81.4-metre Palmer Johnson yacht PJ World which is now back on the market after also having been sold in February.
In 2017, 284 30+ metre used yachts were sold. Similarly, in 2018, around 280 (to be confirmed) used yachts were sold. How does your sentiment of the market compare? Do you see that the market is stable or growing?
Although approximately the same number of pre-owned yachts were sold in 2017 and 2018, the market sentiment was definitely more positive in 2018 with IYC alone selling 21 yachts above 30 metres. The market seems stable in terms of overall sales but is definitely growing with a steady stream of new yacht deliveries.
Have you seen a shift in clients in the past year? For example, in nationality, age, gender or occupation - or any other observations you have noticed.
The US market has been solid; the European market is also getting healthier. We have noticed that younger clients are buying larger displacement yachts (ie classic Feadships) whereas traditionally they preferred more sporty “sexy” yachts.What is your view on the pricing of yachts? Are there fewer reductions in price or are yachts sold closer to their asking prices?
In most cases in today’s market, the asking prices are at realistic levels. There are fewer “drastic” price reductions with yachts sold closer to their asking prices. The buyers have also adapted their expectations accordingly in the past couple of years, knowing fewer distress sales are to be found.
Do you see a particular market that is very popular right now? For example, yachts of a certain size, certain builder or age?
We have noticed that recent, mid-range (40-50m) steel displacement yachts are increasingly popular, whereas there is a reduced inventory for such yachts. In 2018 we also noticed a growing interest in entry-point yachts and a rise in the numbers of clients making the move into superyacht ownership for the first time.What are your expectations and predictions for the superyacht market in 2019? What are you looking forward to?
We are cautiously optimistic for 2019. Global stock market turmoil and geopolitical events could affect the market’s confidence, however, the fundamentals are strong and we do expect a similar level of sales and an even healthier level of charter activity. We are looking forward to further developing IYC’s market position and continuing our expansion plans.
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