Superyacht Sales Decline Amid Rising Costs and Russian Sanctions

Sales of luxury superyachts fell by 17% in 2023, with further decreases expected due to ongoing economic pressures and geopolitical tensions.

Superyacht sales dropped to 203 units in 2023, a significant decline from 245 in 2022 and 313 in 2021.
The largest superyachts, over 200 feet in length, experienced the sharpest sales drop of 40%, largely due to the exodus of wealthy Russian buyers.
Extended wait times of up to four years for new superyachts are attributed to pandemic-induced backlogs and escalating production costs.
Seizures of Russian-owned superyachts, including the Amadea and Tango, highlight the impact of international sanctions following Russia's invasion of Ukraine.
Despite the downturn, the overall superyacht market continues to expand, with a growing number of completions and a rising demand across the yacht economy.