UAE luxury yacht market remains buoyant

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By Sarah Algethami, Staff Reporter  www.gulfnews.com

Dubai: Image Credit: Gulf news archives Visitors tour a superyacht on display at the Dubai International Boat Show at the Dubai International Marina Club Mina Seyahi.

The market for superyachts, which are more than 30 metres in length, has bounced back from the 2008 financial crisis. “We see a consistent growth in the [boating] market rather than a boom,” said Erwin Bamps, chief executive of Gulf Craft, an Ajman-based yacht and boat maker.

Demand is rising as prices of newbuild superyachts become more sensible compared to numbers six years ago, according to Francesco Pitea, chief executive of SF Yachts, a Dubai-based company offering yacht brokerage services. He added that the cost of a typical superyacht is “at least $15 million (Dh55.09 million)”.

According to data from Boat International Media, 361 superyachts have been sold globally so far this year compared to 355 in 2013. More info