As wait times increase, superyacht sales decline, and Russian oligarchs exit the market.

In 2023, the demand for superyachts decreased due to long waiting lists, high costs, and the impact of Russian oligarch sanctions on the market.
Due to pandemic-related backlogs, a buyer looking to purchase a new yacht over 200 feet may have to wait three to four years for delivery.
Sales of superyachts over 200 meters decreased by 40%.

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In 2023, the demand for superyachts decreased due to long waiting lists, high costs, and oligarch sanctions, as reported.

The sales of new superyachts (yachts over 100 feet long) decreased by 17% in 2023, according to the SuperYacht Times' State of Yachting report. In 2023, there were 203 sales of new superyachts, which is lower than the previous year's 245 sales and the record 313 sales in 2021.

According to Ralph Dazert, head of intelligence at SuperYacht Times, a buyer looking to purchase a new yacht over 200 feet today can expect wait times of three to four years due to pandemic-related backlogs. Additionally, prices are increasing due to the impact of higher labor and material costs.

Dazert anticipates a slight decline in new superyacht sales this year due to ongoing expenses and delays.

Sales of superyachts over 200 meters have fallen by 40%, with the main reason being the withdrawal of wealthy Russian buyers from the market after the 2022 Ukraine invasion.

He stated that the Russians were known for purchasing extremely lavish and massive yachts.

Nearly a quarter of all superyacht sales last year were made by Americans, despite their tendency to build smaller yachts compared to Middle Eastern and Russian buyers. However, American boats are becoming larger.

According to the report, the average length of a superyacht owned by Saudis is 202 feet, which is longer than the 200 feet of Russian buyers and the 177 feet of Americans.

Despite a decline in new sales, the number of yacht completions increased by 31% in 2023, reaching a total of 202 superyachts.

The increasing number of superyachts is driving a surge in demand for the entire yacht economy, including builders, brokers, marina slips, and crew, with over 6,000 superyachts currently in operation, more than triple the number in 2002, as reported by SuperYacht Times.

The yachting economy is expected to continue to rise as wealthy buyers who entered the market during Covid continue to use their yachts and upgrade.

"The pool of customers has expanded permanently," he said.