As we hurtle through the last of the autumn into winter, yachts are still selling in all Berthon offices. The main trends for this month are consistent through our markets in Northern Europe, the Mediterranean and East Coast of the USA and we are also seeing these play out in markets that we cover in other areas internationally.
The motor yacht market is for sure the busiest, which is unusual as the end of the cruising season more normally heralds a slow-down in interest in this segment. This extends from sports boats to displacement yachts and all iterations between.
As the season closes and the need to service and store yachts for the winter is upon us, owners are being more realistic about their expectation on price.
Getting a yacht that you are buying insured has been an issue for a while and this is most certainly not getting easier. We recommend to buyers that they do not leave this to the last moment and that they ensure that they can get the insurance cover that they need early in the sales process.
Larger yachts from 60 feet upwards are attracting good levels of interest and viewings. However, the conversion rate is low, as potential buyers pause and consider their options and they are not in a hurry in this market.
There is a lot of external turmoil of which we are all aware, and this is making buyers cautious, but this is being tempered with lowering interest rates and inflation on both sides of the Atlantic.
The autumn boat shows were well attended and we met buyers who are qualified at all the shows at which we exhibited, both in the USA and Europe. However, again, these buyers are not in a hurry and we expect that the boot Düsseldorf show in early 2024 to be a key show for the market internationally. Buyers are prepared to forego early build slots to order the yacht that suits them best.
Location remains a key ingredient in achieving a timely sale and owners with yachts in exotic places are beginning to realise that placing their yacht within the market place is key.