Boat sales rise despite the Coronavirus pandemic
Boat sales have increased during the pandemic!
Despite the pandemic, interest in boating has been growing steadily.
Once stay-at-home orders started to be relaxed, buyers started frantically trying to buy up anything that floats, from powerboats, to sailboats, to luxurious multi-hull catamarans. Many websites have been overrun with interest, and many dealers have sold out. Some are buying to vacation, others to live on, and some are planning for their futures- setting up their new boats to be entered into a charter-fleet when not in use.
According to a report issued by the boats group, after an initial drop of 56% in the first quarter of the year, by the end of the second quarter there were record numbers of sailors and landlubbers alike browsing the boat market, including a 75% increase in the number of women shopping for boats!
In the wake of the pandemic, sailors are deciding to alter how they spend their free time, swapping large gatherings and events for the peaceful seclusion that can be found on the sea- it seems that people have been choosing new ways to vacation.
Plus, it’s a great way to travel while still social-distancing.
According to a study by the MRAA, 84% of yacht brokerages reported an increase in retail growth in July 2020, after the initial slump in March, it’s apparent that the boating industry has definitely bounced back.
How has Coronavirus affected boat sales in the BVI?
Frustrations may be high worldwide as a result of the pandemic, but sailors are flocking to the seas, and boats are actively selling despite the novel Coronavirus. Sailing is more than just a hobby- it’s a lifestyle, and one that many are taking advantage of in the current climate. The British Virgin Islands may have been closed to tourists for months, but that hasn’t stopped us from selling our yachts!
Even through the months when we have been required to work remotely, in a country no-one can enter, our emails haven’t stopped pinging, nor have our phones ringing.
Our boats are selling as fast as we can list them.
While boat sales in the Caribbean have dropped by 13%, we at BVI Yacht Sales have increased our yearly sales by 20% year-to-date, and remain the leading Caribbean yacht brokerage, selling more than double the number of boats as the next leading brokerage! Our brokers are highly experienced, and have managed to come up with new, efficient ways of getting sales done- but don’t just take our word for it, have a look at just some of our latest buyers reviews here!
In 2019, through August inclusive, there were 55 brokerages actively selling boats in the Caribbean, with a total of 215 boats sold in this time frame. There’s no doubt that 2020 has been incredibly hard on businesses across the globe, with the effects of the pandemic hitting some harder than others. So far this year, the number of Caribbean yacht brokerages has dropped to 47, with some having to close their doors.
What does this mean for you?
If your boat has found itself sat unused this season, now is the time to consider selling. The adventurous spirit of the sailor continues to thrive, regardless of what 2020 throws our way. Whether it’s your own personal leisure boat, or if it’s a charter yacht that’s been stuck costing you money, we can help you get the right price.
If you’re considering selling your yacht, contact us today for a free, no obligation valuation – there’s a reason we consistently top the market for Caribbean yacht sales. We can be reached through email at [email protected] or you can contact any of our brokers directly here!