Luxury yacht sales are recovering say International Boat Show attendees

Global Business

The 55th annual Fort Lauderdale International Boat Show was held in the U.S. Oct 30-Nov. 3 and attracted more than 100,000 marine professional and enthusiasts from around the world. CCTV America’s Nitza Soledad Perez reported this story from Florida.

Industry leaders said the boat market is recovering from the economic downturn in 2008.

“Since 2009, that market has rebounded, and now we are going to see about a 23,000 unit market this year. That is a stout growth from the bottom point, but it is still 45 percent from where it was in 2005. So the market has yet to recover to even half way of where it was. There is a lot of future growth,” said Huw Bower, president of Boston Whaler Group, a boat dealer.

With more than $4 billion in marine-industry products on display, attendees displayed everything from inflatables to super yachts, and even exotic cars.

One luxury yacht, had a master bedroom, two other rooms, and space to entertain guests, was priced at $5 million. But if that is too hefty a commitment, enthusiasts can rent the yacht for $140,000 a week.

“If you are a foreigner buying in the United States and you have residency in the U.S., you can get funding. If you are a foreigner that has collateral in the United States, then you can get funding. If you have nothing in the United states, it is a bit challenging,” said Antonio Maldonado, president of The Advantaged Yacht Charter and Sales.

Luxury yacht sales are recovering say International Boat Show attendees

The 55th annual Fort Lauderdale International Boat Show was held in the U.S. Oct 30-Nov. 3 and attracted more than 100,000 marine professional and enthusiasts from around the world. CCTV America's Nitza Soledad Perez reported this story from Florida.

CCTV America’s Nitza Perez interviewed Jonathan Beckett, the chief executive of yacht brokerage firm Burgess about increasing demand for luxury yachts and recovering boat industry.

Jonathan Beckett of yacht brokerage Burgess discusses demand for luxury boats

To find out more about the demand for luxury yachts and recovering boat industry, CCTV America's Nitza Perez talked with Jonathan Beckett, the chief executive of yacht brokerage firm Burgess.