A total of 160 boats were sold or ordered for a total of 50 million euros during the 35th International Istanbul Boat Show on Oct. 6-11.
Small sailboats and motor yachts, sold for between 64,000 and 150,000 euros, were the most popular products at the fair, which was held at the Pendik Marintürk Istanbul City Port.
Numerous yachts, motor yachts and ultra-luxurious boats, worth around 250 million euros, were exhibited at the 2015 edition of the International Istanbul Boat Show, which was visited by over 15,000 people.
Around $450 million worth of yachts are sold in Turkey annually. The total volume of the sector is estimated at around $5.5 billion in Turkey, which ranks third world-wide in mega-yacht production, according to sector representatives. There are 62 yacht marinas in the country with a docking capacity of 17,500 units, much lower than another Mediterranean country, Italy, which has the capacity of 178,000 docking spaces.
Around 1 million yachts cruise in the Mediterranean Sea annually.
The global yacht charter market has made a steady recovery since the financial crisis, and a new report by Future Market Insights (FMI) estimates it to amplify at a compound annual growth rate of 6.5 percent through 2020. According to the report, titled “Yacht Charter Market: Global Industry Analysis and Opportunity Assessment 2015-2020,” Eastern Europe (including Russia and Turkey), the rest of Europe (north, south and west) and North America are the most lucrative regions for the yacht market. FMI’s analysis found these three regions collectively accounted for nearly 75 percent of the market share in 2014.
The yacht charter market in Eastern Europe is projected to witness 7.2 percent growth through 2020, according to the report. FMI estimated the Eastern Europe yacht charter market to be worth $13.6 billion by 2020. Turkey is the most popular charter destination in Eastern Europe, according to the report.