How much does a superyacht cost?
Owning a superyacht is the ultimate sign of success, but how much does it cost to buy a yacht?
A mark of prestige, few things match the experience of joining the superyacht set. With the freedom to explore the world's hidden gems in unrivalled luxury, superyacht ownership offers an adventure unlike any other. Before diving headfirst in to the nautical playground of the rich and famous, a complete understanding of the costs and benefits of buying and owning a yacht should be recognised.
According to data from the Global Order Book (GOB), which assesses the state of the superyacht industry each year, in 2019 some 830 superyachts measuring 24m or more were either under construction or on order, with hull numbers and/or deposits at shipyards around the world.
A total of 440 superyachts were sold in 2019, with a value of €3.65b. The most expensive yacht sold last year was EQUANIMITY (now TRANQUILITY), with an asking price of $130m, while this year, ODYSSEY II (now LADY JORGIA) topped the list, whose latest asking price was €82.5m.
Many clients prefer to charter a yacht, as this provides variety for each time that they set sail. However, owning a superyacht certainly has its benefits over chartering each year, allowing you to completely tailor the yacht to your needs and offering the utmost privacy and an incomparable cruising experience.
Read on as we break down for you how much it costs to buy and run a yacht and you could be shopping for a marina berth in no time. And don’t forget to use a trusted yacht broker, such as Edmiston, to get you the best deal and find the perfect superyacht for you.
How much is a yacht?
If you are looking to buy a superyacht, the average asking price in 2019-2020 was €8.1m -although it all depends on the size and type of yacht you are buying: older, smaller superyachts (anything under 24m) can start from as little as €150,000, but costs can go up to as much as €175,000,000.
Generally, the smaller the yacht, the lower the price, with superyachts of 24m or more usually attracting asking prices of over $1m, going up to an average €11.42m in the 40m-50m category, €24.15m in the 50m-70m category and an average of €81.2m for yachts of 70m+. Specification also plays a huge part when it comes to price too, with semi-custom yachts invariably less expensive than fully customised mega yachts.
Motor yachts also tend to go for more than sailing yachts, with an average price of motor yachts sold in 2019 of €8.6m, and an average asking price of sailing yachts sold in 2019 of €5.23m. However, this is largely due to the fact that a lot of sailing yachts on the market are older – a brand-new pedigree sailing yacht will still attract a high price.
If you are looking to buy a classic sailing yacht, then you might want to consider MOONBEAM OF FIFE III, a regatta circuit regular, built in 1903, which offers comfortable long-distance cruising with all the amenities of a modern yacht for an asking price of €1,495,000.
Meanwhile, the semi-displacement Sanlorenzo motor yacht TAKARA is a good mid-range yacht with exterior design by Francesco Paszkowski and nods to the Transatlantic liners of the thirties throughout. TAKARA has been extensively customised by the current Owner with an impressive extras list for an asking price of €9,500,000.
For out and out luxury (and no shortage of wow factor), the 85m Oceano-built motor yacht SUNRAYS is the type of superyacht that will leave your marina neighbours green with envy. With accommodation for 22 guests, including an Owner’s suite with private terrace and Jacuzzi, an outstanding sun deck and a helipad, it attracts an asking price of €129,000,000.
Cost of upkeep
You can expect to pay around 10% of the yacht’s value in costs each year on general upkeep, maintenance, and other fees.
Depending on how much you take her out, and how far you plan to travel, fuel is likely to be one of your biggest outgoings each year, with research from Towergate Insurance suggesting that an Owner of a yacht of 71m would pay around €338,000 in fuel costs each year.
Marina fees are also a consideration, which comes in just under the fuel costs, at around, on average, €295,000 per year – again, depending on the size of your superyacht.
Crew salaries vary depending on the level of support you’re looking for. As an example, Luxury Yacht Group sets out the price for a Senior Master (with over 10 years’ Captain experience) of a 52m-61m vessel at between €10,100-€21,000 per month.
And finally, your yacht will not stay in peak condition without a regular routine of repairs and maintenance. Simon Goldsworthy, sales broker at Edmiston, says it all depends on how much an Owner uses their yacht. “In broad brush figures, a 30m yacht costs around €300-500k in upkeep each year, a 40m yacht €500k-1m, rising to €1.3m-2.5m for a 50m yacht and €2m-3.5m for a 60m yacht,” he says, “but this does not include the cost of any major refits or refurbishments that you might undertake.”
Benefits of owning a yacht
Nothing beats the feeling of owning your own superyacht. There’s simply no better way to holiday in complete privacy than on your own yacht.
Yacht ownership also gives you freedom of movement – you can relocate to the most peaceful and secluded bays on a whim or sit in front of Pampelonne beach on a Saturday night in July if you suddenly find yourself with a free weekend.
With busy lives and careers, we all cherish quality and genuine family time and with the flexibility and expertise of your bespoke crew – from top chefs to water sports instructors – as well as a rich list of onboard features, such as water toys, pools, Jacuzzis, and helipads, you can enjoy this away from prying eyes.
Added to that, with low traffic on board and the highest level of hygiene, you can enjoy all of the above in the safest of environments. It is simply easier to be flexible and to have a sense of total relaxation and freedom when the yacht you are sailing is your own.
Benefits of buying vs chartering
How does owning a superyacht compare with chartering? Though charter yachts offer a high-level of privacy, nothing can beat the discretion of your own crew.
You can also cruise with the assurance of total exclusivity (presuming you keep your yacht in private use), while the whole experience will be tailored to you and you may even find your crew know what you want before you do.
There’s also the added flexibility. If your yacht is always on standby, then you can come and go as you please with minimal notice. It also offers a no compromise set up. You will be able to take your yacht anywhere in the world that you choose, without the additional issues that might be faced with a charter yacht, such as compromising on the availability or location of the yacht. Owning your own yacht means that these elements are entirely within your control, so that you can have the perfect yachting experience tailored to your own needs.
Goldsworthy says the crucial benefits of owning a yacht over chartering are flexibility and control. He says: “It’s a genuinely bespoke 6-star experience which you curate yourself and will never find in a hotel or charter yacht. Charter certainly means less responsibility, but it can be a bit more hit and miss and is always by its nature less spontaneous. You’re renting someone else’s dream boat, not your own.”
Benefits of using a broker
With their unrivalled knowledge and on-the ground (and water) contacts, brokers are invaluable when it comes to choosing the best superyacht for you.
Their in-depth knowledge of each and every superyacht means they can find the best one for you. There’s also the additional reassurance that your charter will be safe and secure, with brokers keen to protect their clients’ interests.
At Edmiston, we are proud that our brokers benefit from supreme knowledge of both the industry and the yachts we offer, and their expertise makes the whole process so much easier for guests thanks to their transparency and availability.
* Based on the average last asking price of the 440 yachts sold in 2019.
27th October 2020 |