High Seas Real Estate Sales Up

Mohamed Masaau/Unsplash

We all seem to have learnt one significant thing from the pandemic - life is fragile and postponing is not an option anymore. 

Nevertheless, while we had to postpone our post Diwali get together at the watering hole due to lack of green, billionaires have increased their floating budgets manifold. 

Sales Of Luxury Vessels Up

Per Reuters, superyachts are enjoying a post pandemic tailwind as the rich seek zen at sea. 

No kidding, these floating mansions - ranging from $10 million apiece second hand, to $600 million brand new - have witnessed an 8% spike in sales when compared to 2019. 

While 200 new yachts sailed for the first time this year until September, up from 165 in the same period last year, another 330 yachts have been ordered to be delivered before 2023.

Yacht Builders Hear Ka-Ching

Ferretti, an Italian yacht builder has received orders in excess of 900 million euros ($1.04 billion) in January-September, meaning that by the year-end, sales in 2021 could reach 2X of 2019's 691 million euros. 

At Azimut Benetti, another Italian yacht builder, the order book was up 3X to 1.2 billion euros by August when compared to 2020. 

🎙 "The real boom started last spring," said its chief executive Marco Valle, adding that clients are also buying larger boats than before.

A Lasting Trend

Experts believe that this phenomenon is going to last for a few years. 

And why not? With the number of billionaires soaring to 2,755 - 660 more than a year ago per Forbes - there is clearly money floating around the high seas.