Economic Crisis and the Yachting Industry: Opportunities and Challenges

The economic crisis in Turkey is negatively impacting yacht owners and the yacht sector in a multifaceted way. High interest rates, increasing costs, fluctuations in exchange rates, and the shortage of space in marinas are causing a significant contraction in the sector.

Decline in Sales and Impact on the Middle Class

The economic slowdown has caused a notable decrease in sales of boats measuring 5 to 10 meters, which primarily target the middle-income group. Due to high interest rates, the middle class is reluctant to make purchases through loans or instalments, leading them to withdraw from the market. Moreover, instead of buying a boat, those who deposit 5 million TRY in banks can earn returns ranging from 150,000 to 200,000 TRY per month.

On the other hand, demand remains relatively strong for luxury yachts over 25 meters, although prices are rising rapidly even in this segment.

Marina and Berth Crisis

One of the biggest problems faced by yacht owners is the lack of available space in marinas. Due to inadequate marina infrastructure in Turkey, thousands of boat owners cannot find suitable berthing places. Especially in the Mediterranean and Aegean regions, marinas are full, forcing owners to take their boats to neighbouring countries like Greece. The annual berthing costs, which can reach as high as 500,000 TRY, also place a heavy burden on yacht owners.

Impact on Manufacturers and Exports

The economic crisis has led to postponements in new boat and yacht orders. This situation causes a decline in the business volume and employment within manufacturing firms. In addition, there is a significant contraction in exports; compared to 2024, a 25% decrease in exports is projected for 2025. Difficulties in accessing raw materials and rising costs have caused Turkey to lose its price advantage against competing countries, a trend expected to continue for some time.

Shifting Demand in the Luxury Segment

In the upper segment of the market, demand for yachts costing over a million euros is relatively strong. It is believed that customers with foreign currency income and high budgets dominate this segment. Nevertheless, it should not be overlooked that overall sales volumes have weakened.

The Effect of the Second-Hand Market on Yacht Owners

High credit and financing costs have restricted second-hand yacht purchases as well. Owners in the middle and lower segments have turned to the second-hand market as their ability to purchase new yachts has decreased. This has been a factor driving up prices in the second-hand market. The market is particularly challenging for buyers, and due to price increases, it has nearly come to a standstill.

These developments have caused current yacht owners to postpone plans for replacing or renewing their yachts. Furthermore, increases in maintenance and operating costs are important factors restricting activity in the second-hand yacht market.

The economic crisis imposes both cost pressures and structural infrastructure challenges on yacht owners. While the middle class is withdrawing from the market, the luxury segment is less affected. However, order postponements for new boats and yachts, along with the deepening berth crisis in marinas, have led to a general slowdown in the sector.