Q1 macro analysis of the superyacht market:

What we can learn from the BOAT International global order book statistics.

Last month, BOAT International released their global order book live presentation, a data-nerd’s dream deep-dive into the latest developments and statistics shaping global superyacht construction.

The data shows a market that is normalising, concentrating and shifting pricing power back toward informed buyers. 2026 will be the best time to buy a yacht in the last 4 years, so the questions buyers should be asking are what, from where, and at what price.

Although the analysis only covers boats currently under construction over 24m, the downstream effects within the brokerage market can be easier to predict once understanding the activity of the shipyards.

What we learned from the data:

·      1,093 yachts over 24m in build. Down 4% YoY and down 9% from 2023 highs

·      Average length and GT both rising. Fewer yachts in build, but materially larger

·      31.8% of projects are speculative (unsold)

·      Turkey increasingly exposed, while Netherlands pricing remains sticky

·      499GT remains the dominant commercial and demand sweet spot

This confirms what we already knew, the industry is past the peak-cycle exuberance of the post-covid rampage.

But this signals a normalisation, rather than a collapse.

1,093 is a substantial number indicating a very healthy industry. One that is materially healthier than the pre-covid levels.

Average length is up 0.8m YoY with GT also increasing. This indicates a structural demand shift in the industry, buyers are likely moving up-market, not out of the game, as well as larger yacht demand remaining stable at the top-end of affordability.

This convergence around larger yachts follows the trend of lower-affordability demand dropping out in times of political uncertainty, economical strain or geopolitical risk; of which 2024/25 had plenty!

Another indication of this demand shift comes when we look at the flagship builds; 49 shipyards are building their largest yacht ever.

This is risk-taking behaviour by the yards which simply wouldn’t happen without strong buyer appetite.

Yachts being build speculatively

Interestingly, speculative builds are still a large portion of the order book, sitting at 31.8% of all projects.

This is perhaps the key metric used to analyse the state of the market and predict what kind of pricing pressures we are going to experience 12 months from now.

30%+ is considerable and means that inventory risk will exist for builders.

Time unsold works against the yards and for the buyer, adding leverage on pricing whilst competing directly with late-model brokerage options.

Spec stats also tell us which yards are more aggressive with their strategy. NEXT Yacht Group (Maiora and AB) are 73.7% unsold – showing a very intentional growth strategy and faith in the marketplace.

Turkey with 141 yachts in build, are 41.8% unsold - so we can expect to see discounting and creative deal structures / trade-ins in the future.

This is the opposite of the Netherlands where 77% of the projects are already sold – showing us that pedigree is still paramount and Dutch pricing remains sticky!

What this means for buyers of brand-new yachts?

The signs point to opportunity for buyers. Number of yachts are only slightly down but number of yachts being built on spec is very high, this must result in a downward buy-side pressure.

Shipyards will be more motivated to offload which results in better commercial conversations and more willingness to sharpen terms – all great for buyers.

The masses of speculative builds also benefits timelines, with much more near-term availability versus a full custom order with a 2-5+ year build window.

However, as a global business we are still very geography dependent – so there are no blanket rules which cover the whole industry.

The inflation crisis in Turkey (currently sat at 31%?!) means that it’s likely demand will cool there due to increased build costs, putting pressure on their reputation of being a ‘cheap’ alternative to Northern European shipyards.

What does this mean for interested buyers? Fewer irrational premiums from the big yards, and fewer bidding wars for slots / projects. But a lack of crazy bargains as build-costs remain high.

What does this mean for sellers of used yachts?

You are competing against a lot of shiny new options. Hell of a lot, in fact.

Buyers are going to favour things that are turnkey, ready to go, with a clear refit history, predictable running costs and of course, properly priced.

Condition and readiness become a non-negotiable.

Sanity and common sense will always prevail. I am seeing numerous production yachts, only a few years old, being marketed at prices higher than what shipyards are currently accepting for brand-new models with a 2027 delivery. At those levels, they simply aren’t going to sell.

Of the 932 yachts being built under 500GT, a massive 156 of them are targeting a 499GT – this tells us categorically where the demand lies and where the profit sweet-spot is for shipyards.

Therefore, used boats close to 500GT but with a large interior feel will remain liquid. Buyers should be cautious of yachts awkwardly above 500GT that do not deliver the obvious volume benefits, these boats will likely face a little bit more market resistance.

What will happen to the price of used yachts in 2026?

Right now, I expect the brokerage pricing to remain broadly flat in 2026 but with a clear divergence: well-refit and well-maintained pedigree yachts will remain liquid, while tired, non-pedigree assets will require some price discovery – a buying opportunity for the savvy.

So, is 2026 a good time to buy a superyacht?

Yes. Well, depending on what you’re buying.

2026 looks better for buyers than the peak years we have recently experienced.

The fact there are over 1000 superyachts in build, with a massive proportion being built unsold, suggests plenty of stock coming to attention with a much higher chance of negotiation.

Of course, buying a yacht in 2026 still might not feel cheap. New build costs have risen dramatically the last few years. Pedigree orderbooks are still largely sold. Demand does still exist. Well-priced yachts are selling daily.   

Best buying approach in 2026

As always, use an industry expert to guide you to motivated sellers. Time pressure, interior fatigue, upcoming surveys, personal circumstance, large fleets – they all influence a seller’s expectations. Buyers benefit greatly from inside knowledge.

For any yachts needing a refit, ensure this is priced correctly. You should receive numerous quotes from a variety of global refit facilities.

Also, important when negotiating is using the new-build inventory as a bargaining chip. Ensure your broker knows the true (not advertised) cost of the new-build option. How much would this cost to build new is a question you should be always be asking.

If you’re considering a purchase or sale in 2026, the most important variable is understanding where pricing power sits. Get in touch to discuss deals, pricing, valuation or strategy.

josh@charterandchase.com