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5 Dec, 2014

UAE luxury yacht market remains buoyant | GulfNews.com

Dubai: Superyachts in the UAE have caught a wave of fresh interest over the last year from residents of the Arabian Gulf, Russian and European tourists.

The market for superyachts, which are more than 30 metres in length, has bounced back from the 2008 financial crisis. “We see a consistent growth in the [boating] market rather than a boom,” said Erwin Bamps, chief executive of Gulf Craft, an Ajman-based yacht and boat maker.

Demand is rising as prices of newbuild superyachts become more sensible compared to numbers six years ago, according to Francesco Pitea, chief executive of SF Yachts, a Dubai-based company offering yacht brokerage services. He added that the cost of a typical superyacht is “at least $15 million (Dh55.09 million)”.

Read the rest: UAE luxury yacht market remains buoyant | GulfNews.com.