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With the financial crisis receding into the past the international luxury yacht market is staging a comeback. Whereas the past decade had seen both luxury yacht rentals and purchase come under pressure due to the credit crunch today it is slowly but surely reaching levels last seen in the 1980’s. While many traditional buyers and rental client markets were stagnating (although now recovering) new entrants of both buyers and renters are helping to buoy the market. Increasing levels of affluence among Asian consumers and a new sense of optimism in certain Middle Eastern markets (amongst these Dubai where the property market is an excellent indicator of increased enthusiasm) have meant that large numbers of aspirant buyers are now bringing new excitement to the activities of yacht brokers. Many of these buyers have not been exposed to the yachting lifestyle and also have a desire to explore regions that were previously not part of their leisure and holiday planning. These aspirant buyers (and those who wish to rent yachts) are now ready to explore traditional yachting destinations such as the Caribbean and the Pacific, as well as the immense beauty of destinations closer to home such as the islands that can be found in the Andaman Sea.
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The resurgence of the global economy has a lot to do with the rising popularity of holidaying on luxury yachts. Whereas the past decade has seen many high net worth individuals come under increased financial pressure the global economic gloom and doom seems to be a thing of the past. This has powered the increasing numbers of new yachts that are being designed and purchased. Yacht builders are seeing more yachts being ordered and yacht designers are seeing an uptick in business. But this is by no means the whole story. The world is changing and increasing numbers of consumers with larger amounts of disposable income are realising that super yachts and other yacht variants provide an exceptional opportunity to enjoy leisure time far from the pressures of the modern world wrapped in a package of luxury and especially privacy – something that is becoming more and more precious in our increasingly connected world. Many of these consumers are from countries that are rapidly developing such as China and India where a yacht broker, a yacht builder or those who design yacht interiors are seeing more and more business flowing in.
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Also powering the increasing success of yacht charter is the fact that previously unexplored areas are opening up to yachts. In regions like Southeast Asia for instance yachts are now plying the waterways off countries like Vietnam which until very recently did not boast infrastructure that could service the larger super and mega yachts. The increasing amount of infrastructure development and the availability of berths now means that not only the mega yachts, but also smaller variants that are available for charter can now explore the beauty and splendour of these new waters. Of course the traditional destinations in the Andaman Sea such as Phuket remain evergreen destinations, while the Pacific and North Atlantic (where Islands such as Bermuda can be found) remain some of the most popular destinations for those who want to enjoy the sheer pleasure of life aboard a yacht – whether it is a charter yacht or a one purchased for personal enjoyment. Other destinations such as the islands in the Mediterranean or the Caribbean continue to attract holidaymakers aboard luxury yachts in enormous numbers. However, even the increasing numbers of those who choose luxury yachts cannot change one simple fact – the seas and oceans offer the opportunity to get far from the crowds and enjoy a lifestyle second to none.
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However, for those who want to venture off the beaten track there are now numerous options around regions that are only now opening their arms to a new breed of yacht charter aficionados. Destinations such as the islands off Vietnam or other Southeast or Asian locations now reward the avid explorer with new experiences and brand new infrastructure that can today be compared with the best that the world has to offer. These countries in this fascinating region are fast gaining a reputation for unspoiled natural beauty and friendly people. This is attracting more and more yacht charter operators to the potential of new markets. This is especially important due to the increasing spending power of consumers from countries such as India and China. For generations only the very top earners in these countries would have the ability to spend on a yacht charter – however today increasing levels of affluence have changed that picture.
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Unlike a resort or a beach house a yacht allows those who own or charter it unlimited freedom. Once you set sail the only limitation that you will experience is just how far you can travel during your chosen sailing hours. The freedom to simply drop anchor and dive off the side of the yacht into crystal clear waters and then enjoy an excursion to an island which might only ever have seen the presence of human beings once or twice is exhilarating. This is where you can be the master of your own destiny. Whether you want to barbecue fresh seafood in the setting sun or dive on a pristine reef, or even simply unwind from the stresses and strains of modern life then you owe it to yourself to explore the possibilities of the yachting lifestyle.