The boating industry may have had a few rough years since the days of 2007 and 2008, when banks loaned money more freely, but there’s one place where the luxury yachts continue to grow more super.
The BBC reports that Dubai, currently hosting the Middle East’s biggest boat show, has seen an increase in the type of boats that are selling – small boats and super yachts. In fact, the average size of super yachts -- luxury yachts that are privately owned and professionally crewed -- has increased to 150 feet from 143 in 2009.
“We’ve never sold as many super yachts as in the last three years,” Erwin Bamps, chief operating officer of Gulf Craft told the BBC. Gulf Craft, which got its start in 1982 building small boats for the coast guard and for fishermen, is the largest yacht maker in the region. “We’ve moved resources to the smaller craft and to the bigger yachts.”
These luxury yachts sell for millions of dollars -- a four-year-old Gulf Craft yacht is currently selling for $7.3 million. They are different from regular yachts because of their size.
Michael Howorth, technical editor of Superyacht World, told the BBC there are fewer people now who can afford such large yachts -- several years ago, more could buy them because of easier access to capital.
“Yachting is about enjoying it,” Howarth told the BBC. “It’s about the lifestyle."
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