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5 things you need to know about the superyacht market in September

5 things you need to know about the superyacht market in September

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Price cuts are motivating the market

It’s not unusual to see brokers reducing the asking price of a yacht for sale; however, the past month has seen several seven-figure price cuts. Key examples in recent weeks include a $5m price drop on Benetti motor yacht Swan and a €6m price drop on superyacht Icon. Looking even further back, the Lürssen superyacht TV (pictured above) received a €38m price cut in July.

These reductions seem to be motivating the market, as Denison Yacht Sales reported last month that the average time on market dropped to 265 days, down four days compared with the figure for 2015. Miriam Cain from Camper & Nicholsons International says that the market as a whole has seen 68 price reductions on brokerage yachts so far this year, compared with 58 in the first nine months of 2015.

However, YPI has only seen one major price drop this summer. “There are only two reasons for price drops,” director of sales Russell Crump explains. “Either an over-zealous broker has overpriced the yacht, or changing personal or market conditions have resulted in the owner deciding it’s really time to sell his yacht sooner rather than later.”

Fotilas adds: “Overall we see selling prices to be stable and these to be closer to final last asking prices. Our advice to our own clients is to set the correct asking price from day one.”

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