This is the first time in the past few years that we are entering a seller’s market, where the inventory for good-quality and well-maintained yachts is increasingly becoming rare. There’s greater competition among brokers to have good listings and attract more buyers. This trend will continue to rise further as the international market picks up.
This is the first time in the past few years that we are entering a seller’s market, where the inventory for good-quality and well-maintained yachts is increasingly becoming rare.
The UAE is a hub for yachting business in terms of all existing demands and the major growth drivers in the market. There is also an increasing demand for leisure activities throughout the Gulf region. Considering the number of super yacht owners in the Middle East, especially the UAE, the demand for boats and leisure marine activities will rise further. So, we have a positive outlook for this market.
It’s the right time for owners to sell their yachts. It is becoming a popular practice for yacht owners to properly maintain their boats and offer a reasonable price. This allows them to sell their boats quickly, with new buyers entering the market.
The Middle East is a key marketplace for wealthy yacht owners, with 216 registered super yachts in this region. This number is anticipated to rise significantly over the next few years.
In today’s market, nearly 90 per cent of the research by the client occurs online through social media and search engines. It is now essential for brokers to present honest and clear information using the most advanced technologies for the client to access.
Over the past few years, investments of dealers in brand-new yachts have come down due to a recession in the market. However, growth in the sales from local boat builders such as Majesty shows that it’s essential for the brokers in today’s market to have the updated information on shipyard activities to fulfil a client’s need for customisation, and guide them on new boat-building projects.
The online world is growing very fast in terms of virtual experiences. Now, we have websites on which clients can watch videos and even walk through yachts. Owners now have the benefits of this online inventories of pre-owned boats, which need to be managed by professional brokers.
These online inventories allow buyers to find the specifications they desire. Owners also get the chance to showcase their boats to more buyers.
Supporting this trend, MBC Yachts is trying to achieve these goals through a growing digital approach and out-of-the-box advertising ideas to help bridge the gap between buyers and sellers.
— The writer is CEO and Founder of MBC Yachts