Cash strapped yacht owners are keeping the second hand boat market busy as they look to recover some of their investment. Many who bought their yachts during better economic times are now trying to free up cash by selling their boats. Rashid, who owns a property company in Dubai, purchased a new 50 foot luxury yacht over two years ago for Dh10 million (US$2.72m). At the time Rashid had the funds to maintain the expensive boat, but now he is willing to let it go for only a third of its original value.
Michael Derret, a market research consultant specializing in business planning for the maritime leisure industry said “In the short term it’s very tough for the industry.” Derret explained that marina developments depend on property developments in part, because they increase the property value and create a lifestyle. When property values increase again, marina projects will also grow.
