Larger yachts are doing well in the superyacht market with Middle East buyers leading the charge, according to leading players from the local and international yachting industry.

Top superyacht industry players are taking part in the third Abu Dhabi Yacht Show (ADYS) which runs until March 26 at Yas Marina.

Speaking at the Middle East Superyacht Briefing which launched the ADYS show schedule on Thursday morning, Erwin Bamps, COO of the UAE-based Gulf Craft, said the global order book for 2011 indicates the greatest demand for superyachts is in the 70-100ft category which saw a 34 per cent increase in the number of orders in 2011 versus 2007, a year with a very similar number of global yacht orders.

Comparisons show that the superyacht segment has come out of the global economic slump in a much stronger position, showing only a 25 per cent decrease in order numbers from a 2009 peak, as opposed to a 60 per cent drop in smaller yachts in the 45-70ft category, he said.

According to Bamps, the move from smaller yachts to increasingly larger sized vessels in the region – moving from 40 footers up to 50 to 70 footers and above – “represents a natural trend to upgrade among superyacht owners in the Middle East, and this presents a huge opportunity for the region’s superyacht market.”

Bamps continued: “Gulf Craft’s new yacht concepts, such as the Majesty 123 and Majesty 135 were developed keeping in mind this shifting demand for larger sized yachts. The market is clearly headed in this direction and we are investing in the capacity to build larger sized vessels.”

Constantinos Constantinou, president and CEO, Art Marine agreed that data on recent sale transactions supports the claim that bigger yachts are more in demand.

The high concentration of wealth in the Middle East continues to place this region in the spotlight in terms of potential superyacht buyers.  “Seven of the top 10 superyachts in the world currently belong to Middle East owners, almost all of whom are private owners or members of royalty,” said Constantinou.

“More importantly, 28 out of the top 100 largest superyachts are owned by Middle Eastern customers. This is a tremendous indication of the concentration of wealth in this region. We are starting to see a broadening in the region’s yacht owners’ market beyond the realm of royalty, which is a positive indicator of the regional industry’s future,” he said. – TradeArabia News Service