Global sales of superyachts have fallen due to sanctions against Russian oligarchs

In 2023, sales of superyachts dropped sharply. This was influenced by long construction queues, rising prices, as well as sanctions against Russian oligarchs, who are usually the whitest buyers.

Sales of new superyachts (those over 100 feet long) fell 17% last year, according to a new report from SuperYacht Times. A total of 203 new superyachts were sold, compared to 245 units the year before. If we compare with 2021, the difference becomes even greater, because then 313 superyachts were sold.

The market of large superyachts, the length of which is more than 200 meters, was the most affected: in this case, the total drop was 40%. The main reason for this is Russia’s full-scale invasion of Ukraine and sanctions against Russians.

The head of the SuperYacht Times analytical department, Ralph Dazert, noted that the Russians tended to “order not just big yachts, but very extravagant and very large yachts.”

The waiting time for yachts has also increased – currently, a buyer who decides to place an order for a superyacht will face a wait of three to four years.

Previously, USM analyzed how much all the confiscated yachts of Russians and collaborators are worth – and what can be bought with them.