Yacht Sales and Ownership in Asia Following Travel Easing TrendSome Pandemic-era yacht Owners Returning to Land as Restrictions Lift, Boosting Brokerage Activity while Demand for New Buildings Remains High, according to Industry Experts. Cultural and lifestyle factors along with Infrastructure shortcomings continue to hamper Growth in Asia’s Yacht Market despite the Region being viewed as a Frontier for Global growth due to rising Wealth levels & warm island Nations, resulting in Some Wealthy Asians opting for Upgrades instead of Sales while Flexible Subscription Models and Fractional Ownership gain popularity Down Under. The International Council of Marine Industry Associations Addresses issues like Sustainable Propulsion & Marina Infrastructure Shortages in High-potential Countries such as Indonesia, the Philippines, and Vietnam ahead of Singapore Yacht Show as Simpson marine Forecasts $46.5bn Global Marine Leisure Market by 2027 with Job Creation & Tourism Revenue benefiting Local Economies through Thousands of Employment Opportunities in Boat Building & Support Services.

Some pandemic-era yacht owners are returning to land as travel restrictions ease, according to industry experts Richard Allen and Paolo Casani. The surge in sales during the pandemic has led to an increase in brokerage activity with boats being sold, they said. While enthusiasm for yachting remains high, prices have begun falling slightly from pandemic-era heights but there is still demand that will keep reducing until 2024, according to Casani. Allen noted that some wealthy Asians are upgrading their vessels rather than selling as the continent’s boating industry grows at a slower pace due to cultural and lifestyle factors, lack of infrastructure and red tape in terms of import taxes and visa requirements for foreign crews. The International Council of Marine Industry Associations hosted a conference ahead of Singapore Yacht Show addressing issues including sustainable propulsion and insufficient marina facilities in high-potential countries such as Indonesia, the Philippines and Vietnam. Simpson Marine estimates that by 2027, the global marine leisure market will reach $46.5 billion with job creation and tourism revenue benefiting local economies through thousands of employment opportunities in boat building and support services. Flexible subscription models are becoming increasingly popular as they offer a cheaper alternative to ownership for those who do not want all the hassle that comes with it, said Allen, while fractional or syndicated ownership is gaining popularity Down Under where owners buy shares of yachts instead.