After a year-long superyacht depression during the virus pandemic, economies and borders are reopening, and it appears the wealthiest are mooring their yachts in Greece.
According to Bloomberg, at least 194 superyachts are moored off the county’s shores as of June 25. That’s an increase of more than 80 last month as the Mediterranean Sea summer season begins.
In yellow are superyacht positions with clusters throughout the Mediterranean. Many are spotted across the coast of Italy, bordering the Ligurian and Tyrrhenian seas. There’s also a bunch in the Adriatic Sea, along with a massive cluster off Greece.
Vessel tracking data shows some notable billionaires are anchored off the coast of Greece, including David Geffen, Abdullah al Futtaim, and Ernesto Bertarelli.
Superyacht traffic is increasing off Greece’s coast because the country reopened its borders to foreign tourists on May 14 with no quarantined required. Just show a negative COVID test or proof of vaccination.
Where are the superyachts?
We noted in the early days of the virus pandemic, the superyacht industry hit rough waters as countries’ borders closed and anyone and everyone was forced into lockdown. Some of the most exclusive harbors for billionaires experienced depressionary yacht activity, but this year’s season is on fire.
Besides activity in the Mediterranean, superyacht sales are “roaring” this year as the Federal Reserve and federal government chose to inflate asset prices, allowing those who own assets, like stocks, bonds, and real estate, such as the wealthy, to rake in records amounts of gains in such a short period. This increased the demand for new superyachts and resulted in the second-hand market becoming absolutely red hot.
How long until Jeff Bezos sails his 417-foot long megayacht into the Mediterranean? Or is he too busy preparing to go to space?