Gulf Craft highlights opportunity in chartering yachts for higher ROI
Gulf Craft, a boat and yacht manufacturer, is underscoring the growing opportunity in the Middle East for customers to charter their yachts, adding return on investment (ROI) to the list of benefits of yacht ownership.
This also underpins the value of purchasing yachts as a long-term and viable investment to generate sustained returns.
According to the Global Yacht Charter Market 2020-2027 report by Allied Market Research, the global yacht charter market is expected to grow at a Compound Annual Growth Rate of 15% and is expected to be valued at about USD28 billion, almost double the value of USD15 billion in 2015. The demand for chartering yachts with luxurious amenities backed by superb performance are driven by both vacation and corporate segments.
The yacht charter market is also driven by young marine enthusiasts, according to a report by Future Market Insights, highlighting that a growing number of high-net-worth individuals are turning to chartering large luxury yachts for events including destination weddings and family gatherings – a trend that has gained strength during the pandemic.
This has also translated to increased demand for luxury vessels. A report by Superyacht Group observes that the sale of luxury vessels longer than 30m increased by 8% in the first nine months of 2021 compared to the same period in 2019.
Yacht chartering has long been popular, and continues to grow in demand, in Europe, and that trend is gaining traction in the GCC region. Chartering offers a remarkable opportunity for yacht owners to gain stronger, long-term returns on investment, making the purchase of a yacht as significant and valuable a proposition as investing in other assets.
With five brands in their portfolio, Gulf Craft is ideally suited to meet the diverse needs for chartering – from smaller yachts for fishing and family outings to mega yachts for adventure and luxury cruises.
According to one Gulf Craft customer, the net profit from chartering his yacht earned over 384,000 Euros in just five weeks. The customer noticed demand of chartering yachts recorded considerable growth last year in Europe with an advance booking period of about three to four months earning him a weekly revenue of EUR110,000 during the peak months – July and August.
The GCC region is witnessing a similar growth in demand for chartering services. In the UAE, Dubai has made great strides in becoming a worldwide yachting phenomena with its state-of-the-art infrastructure and picturesque coastline.
Gulf Craft recently expanded its presence into Dubai with the opening of its Client Experience Centre in the city’s home port, Mina Rashid, to further boost its product and service offering to local and international customers. Saudi Arabia’s Red Sea Coast is another popular destination for divers to experience its thriving marine life whilst the Al Mouj Al Marina in the Sultanate of Oman offers multiple activities for water sport enthusiasts to engage with.
Gulf Craft is supporting customers in benefiting from the growing popularity of chartering by providing market information and ensuring that its broad range of yachts manufactured at its shipyard meet the diverse requirements of the yacht charter market.