Demand for used boats on the rise
The market for private pleasure boats may have become quite choppy in the wake of the recession, but industry insiders believe they have now drifted into much calmer waters, with demand on the rise across the UAE this year.
Mustafa Al Hashimi, Club Manager of Dubai Creek Golf and Yacht Club, believes there’s such a strong appetite for boats in the current economy that he’s hosting the region’s first show of used boats next month.
“There are plenty of people in the UAE who own a boat some of whom would like to sell and upgrade to a newer model and others who wish to sell. In all situations we have found that there is a demand in the market,” he tells Emirates247.com via email.
“Since our initial announcement of intent to host the show we have received over 50 registrations for pre-owned boats to go on sale. We’ve also had strong interest from the across the GCC enquiring about the types of vessels that will be on sale. The interest to-date underpins the market appetite,” he adds.
The Dubai Pre-Owned Boat Show runs from November 4 to 6 at the Dubai Creek Marina. Organisers promise a carnival atmosphere, with daily prizes and a special zone for children, so anyone can pop on down for a Facebook picture of the glamorous life.
But for the serious buyers, Al Hashimi says most prices haven’t been finalised yet, but punters can expect them to start around the Dh100,000 mark.
For those people who’re finding that sort of money hard to come by, firms such as Gulf Finance will be on site with suitable deals, while Islamic insurer Meethaq Takaful will offer alternative forms of insurance.
“So really, customers looking to purchase a pre-owned vessel are in a position to buy it and sail it on the same day,” says Al Hashimi.
A surge of interest in boats was reported earlier this year, too, when the Dubai International Boat Show moved millions of dollars worth of new product in March. Of the 700 companies present, firms such as Al Yousuf, ART Marine, Mercedes, Sun Marina and Sunseeker reported strong sales, while a Dh72 million Sunseeker 38 Metre special edition superyacht was purchased on the first morning of the show by a GCC buyer.
Francesco Pitea, General Manager, Sunseeker Middle East called it the firm’s best-ever result at the show and said that he had seen buyers from across the region coming in to place orders.
Thirty of the top 100 of the world’s largest superyachts belong to residents of the Middle East, including Saudi Arabia, Qatar and the UAE, DIBS organisers said.
But Al Hashimi and his colleagues are targeting buyers further down the value chain, hoping perhaps that this surface activity will help a boating culture grow. “With the recent recession there are plenty of people looking to sell their boats, whilst there are also new customers in the market looking for affordable luxury.
The Dubai Pre-Owned Boat show was born from the idea that there are a number of individuals residing in the UAE and GCC who could benefit from an event matching the needs of consumers in this market,” Al Hashimi says.“It is an excellent opportunity for residents of the UAE and GCC region to come down and purchase an affordable vessel,” adds Jassim AlBastaki, Director General at show sponsors Midex Airlines. “Yachting is not an activity reserved for an elite few. Being out on the water is a simple pleasure that should be available to all individuals.”
But one businessman we spoke to said he didn’t think he would buy a boat here despite having owned one in Europe before. “The climate just isn’t suitable,” shrugged Klaus Winter, a German expatriate living in Dubai. “It’s only a status thing here, not a pleasure. I don’t need that kind of lifestyle accessory.”
Al Hashimi is unfazed. “We’ve also had strong interest from the across the GCC enquiring about the types of vessels that will be on sale,” he says. “The interest to date underpins the market appetite.”
The Dubai Pre-Owned Boat Show runs from November 4 to 6 at the Dubai Creek Marina. Entry is free. Display details are available on emailing marina@dubaigolf.com