The luxury yacht market has experienced steady and impressive growth in recent years, primarily driven by High Net Worth Individuals (HNWIs) and a significant rise in demand for unique travel experiences.
Blessed with an enviable climate, pristine waters, a sun-drenched coastline and sophisticated maritime infrastructure, Cyprus is riding the wave, attracting a growing number of adventurers from around the world seeking extraordinary experiences immersed in natural beauty and rich history.
Luxury yachting: A growing trend
Yachting enables access to secluded beaches, islands and coastlines that even luxury resorts cannot provide. As tourism rebounds post-pandemic, the appeal of private yachts for luxury travel has accelerated and the luxury yachting market has seen significant growth. According to ‘Yacht Sourcing’ the global yachting market was valued at approximately US$47.5 billion in 2021. It is projected to reach nearly US$54 billion in 2024, indicating a promising future for luxury yachting.
“The growth in the global yachting market is primarily driven by the increasing number of HNWIs and their desire for exclusive experiences. People are looking for unique ways to enjoy their leisure time and yachting offers an unparalleled blend of luxury and adventure,” points out Constantinos Papaloucas, Founder of Pedalion Yachting, headquartered at Ayia Napa Marina.
He suggests that technological advancements in yacht design and sustainability have also made yachting more appealing. Moreover, Papaloucas emphasises that, “The expanding yacht charter market, a rise in tourism overall, and increased disposable income have made yachting accessible to more people, contributing to overall market growth.”
The splendour of Cyprus
While emerging yachting destinations in Asia and the Middle East have recently prioritized development along their coasts to tap into this lucrative tourism segment, the Mediterranean still remains the epicentre of the yachting world.
Cyprus holds a unique allure and boasts over 600 kilometres of coastline, dotted with picturesque harbours, historical sites, secluded coves and vibrant marinas. The island's temperate climate ensures year-round sailing opportunities, while its crystal-clear waters and diverse marine life make it a paradise for divers and snorkellers. “Cyprus’ mild weather year-round makes it an ideal destination for yachting any time of the year for Northern Europeans, but also for Southern Europeans because of the long sailing season,” Papaloucas explains.
From the busy seaside hubs of Limassol and Larnaca to the peaceful anchorages of the Akamas Peninsula and the stunning bays of Ayia Napa and Protaras, Cyprus offers diverse experiences for every seafarer. Pedalion Yachting specializes in providing a curated selection of the finest vessels on the market to suit all budgets and styles from renowned brands including Apreamare, Dominator Superyachts, Comitti and Lilybaeum.
“For adventure lovers who enjoy exploring the Cyprus coastline, we recommend the sporty and agile yachts from Comitti and Lilybaeum…they are perfect for short trips and quick getaways,” says Papaloucas. “For those interested in longer, more comfortable coast-to-coast journeys and island-hopping around the Mediterranean, our custom-made yachts from Apreamare provide the luxury and amenities needed for extended travel, offering a perfect blend of comfort, performance and Mediterranean authenticity!”
The impressive superyacht category – they measure over 25 metres – also has an extravagant appeal while the Pedalion portfolio also includes a wide range of sailing yachts, including catamarans, made by renowned European shipyards.
Smooth sailing
A luxury yacht typically operates in an exclusive and intricate environment, yet this operation must remain seamless. As such, yacht owners and charterers are leveraging the latest navigation and communication tools to enhance convenience on the water. The industry has also witnessed an increasing demand for advanced entertainment systems, sustainable and eco-friendly technologies, high-speed internet connectivity and personalized services. These features ensure an unparalleled yachting experience, catering to guests' desires for luxury, comfort and sustainability. Yachting companies and charterers today are also prioritising comprehensive safety and security measures to protect vessels and their passengers.
Pedalion Yachting, recognized as the ‘Best Luxury Yacht Management Company in Cyprus’ for 2023 at the New York Luxury Lifestyle Awards, offers yachters security by seamlessly overseeing every facet of yacht sales and management. It also specialises in luxury private charters, providing themed and signature experiences.
“We aim to provide a seamless experience for those purchasing a boat with us, offering comprehensive support both during and after the sale,” says Papaloucas. “Often, the complexities of owning a new boat can be discouraging. We strive to alleviate these concerns by managing all aspects of boat ownership, from routine cleaning and preparation to crew management and maintenance. Additionally, we offer short-term leasing options so owners can enjoy income when their boats are not in use, ensuring peace of mind and a hassle-free experience.”
Riding the waves of change
The development of world-class marinas in Limassol, Ayia Napa and Paralimni has positioned the island as a luxurious yachting hub. These marinas offer stunning facilities, such as high-end restaurants and shopping boutiques, and comprehensive yacht services, attracting superyachts from across the globe.
As technological advancements revolutionise the boating and yachting experience worldwide, Cyprus is keeping pace with these innovations, integrating cutting-edge technologies into its new infrastructure. Advanced security systems, automated docking and other high-tech amenities are enhancing the island’s appeal and propellling it into a new era in its maritime history.
Papaloucas points out that the development of new marinas in Cyprus and respective investments in maritime infrastructure have significantly transformed the country's yachting landscape. These improvements have not only made docking and maintenance more convenient and attractive for yacht owners but have also led to an increase in high-end yachts and maritime tourism in both Ayia Napa and Limassol. This upward trend is expected to continue, promising further growth in the industry.
“Looking ahead, continued investment in other cities will likely position Cyprus as a premier yachting destination, attracting more international visitors and further boosting the local economy,” Papaloucas points out. “For this to happen, though, we must revive our nautical heritage, remember that we are islanders, and reconnect with the sea.”
This interview was first published in the first edition of MHV Group’s special publication MHV Moments. To view it, click here. To read the entire publication, click here.
