Results of the 2024 Summer Yachting Season

Summer is a great marker of current and future trends in yachting. Interparus will tell you about the state of the yachting industry and what to expect from the coming season.

The Mediterranean conquers the hearts of yachtsmen

One of the main and most noticeable trends was the growing interest in the Mediterranean among yachtsmen from all over the world. Turkey, Greece and Croatia were especially interesting for boat and charter owners. Interestingly, for a long time Greece was considered a relatively niche destination that was not so popular. The 2023-24 season has changed the previous idea of Hellas.

There is a trend towards longer charter trips. Yachtsmen are particularly interested in the quiet islands of Croatia and the southern coast of Turkey. The reason for this interest is quite simple: despite the popularity of the destinations, there are still many quiet backwaters and bays where you can relax in peace.

In addition, Greece has slightly reduced taxes, which has added to the popularity of this destination. As in the case of Croatia and Turkey, Greece has enough little-explored and deserted locations that become the object of attention of yachtsmen.

Interestingly, the Canaries are also experiencing a new surge in popularity. This is made possible by direct flights from Europe. By the end of the season, according to Yachting.com, the Canaries “really blossom” due to the decline in tourist numbers.

Unexpected Yachting Destinations in 2024

The Powerboat.world portal shared other interesting results of surveys among yachtsmen. It turned out that in addition to well-known and popular destinations, yachtsmen began to show more interest in more exotic places. According to Denison Charter broker Jennifer Saii, interest has increased in such destinations as:

Faroe Islands
Norway
Iceland
Seychelles
Galapagos

Another broker, Nadia Martinez, shared that there was an increase in demand for last-minute yacht bookings. For some reason, many yachtsmen were eager to get to the British Virgin Islands, remote corners of the Caribbean and the New England coast. In previous years, yachtsmen were heading primarily to the Bahamas.

The reason yachtsmen are ready for more risky trips to remote regions is, oddly enough, Starlink. Thanks to reliable and relatively cheap communication, yachtsmen can now stay “online” even at a very large distance from civilization.

How did yachtsmen behave in 2024?

Specialized publications have not ignored the approaches of yachtsmen to planning trips. Analysis of the behavior of yachtsmen when booking boats for charter revealed the following interesting aspects.

It is better to book a yacht in advance

In 2024, yachtsmen still prefer to book a yacht in advance, especially when it comes to peak season or popular destinations. Here, everything remains the same - the more crowded it is during the peak season, the more profitable it is to book a boat in advance. This approach to vacation planning has remained unchanged for the Mediterranean region.

However, as mentioned above, the trend for one-time booking of a yacht right on the spot is growing. Interestingly, such behavior has become prevalent especially among experienced yachtsmen and for yachtsmen who prefer to vacation in the off-season. Also, "instant booking" has taken place in less popular destinations, where there is less excitement, and there are always plenty of free yachts.

Yacht insurance

Yacht and boat insurance has become more popular in 2024. The reason for this was the hurricanes that swept through the Caribbean and the East Coast of the United States last summer. Also indicative was severe storm in ibiza.

The following observations are interesting during the summer season of 2024:

In 2024, an increase in the cost of insurance premiums is noted, which is associated with the rise in prices for yachts and the increasing complexity of their equipment.
There is growing awareness of environmental responsibility issues. Yachtsmen are increasingly insuring themselves against possible environmental consequences, such as fuel leaks.
For charter yachts, insurance includes renter protection, which helps reduce risks when renting yachts for a short period.

The cost of insurance policies is expected to increase in the future due to growing demands for coverage for a wider range of risks.

Unexpected September

September 2024 suddenly stood out. The number of charter bookings somehow, if not breaking records, was certainly impressive. The reason for this "boom" has not yet been found, but it is probably all about "last minute" offers and generally good weather conditions in all directions.

Prices and expectations for the 2025 season

Yacht prices in 2024 showed different trends and a strong dependence on the boat size. Thus, new boats and yachts on average decreased in price by 2-3%, which in the realities of today's market can be described by the phrase "did not become more expensive". Prices on average remained the same, without significant changes.

At the same time, used boats have increased in price by 4.5-5%. This indicator indicates popularity among buyers, but the overall demand for used boats has fallen – by as much as 12%. This is reported by BoatsGroup.com

Boat maintenance has not become cheaper either. Many owners are facing rising costs for servicing and maintaining their yachts, especially in countries with high inflation. However, increasing competition among shipyards and service centers can sometimes reduce these costs, especially for new boat owners who sign long-term service contracts when they buy.

What will 2025 be like?

Experts assess the state of the yachting industry in a key of cautious optimism. After a surge in 2021-2022, 2023 has become a year of decline in interest, especially in the large yacht sector. The small boat sector (up to 20 meters) is stable even in these difficult times. In 2025, a strengthening of positions is expected and a slight increase in the popularity of yachting is expected.

Particular attention is paid to the development of charter, namely the creation of the necessary infrastructure and expansion of travel geography. An important aspect is electrification, which, as practice has shown, is not going to stop.

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