How much does it cost to own a yacht in Dubai?
The true cost of owning a yacht is an area of concern for many would-be yacht owners. Maintenance costs, development costs, and value compared to yacht charter, we explain in this article the costs including hidden costs to consider before buying your first yacht!
We also provide you with several solutions to ease your investment and reduce the cost of yacht ownership.
The True Price of Yacht Owning: Beware of Hidden Costs
Of course, when we consider yacht ownership in terms of the purchase price and lease interest, we sometimes know very little about the recurring costs of maintenance, storage and operation, and other ancillary costs.
Yacht use and operating costs
Using your yacht always costs money. Part of this is included in your
when you charter a yacht. If you own a yacht, you still have these costs, but you have to still apply, but you will have to pay directly for them.
In Operating Costs you will find:
Fuel: its cost depends on the type of ship, fuel consumption, region and distance traveled;
Mooring fees, which depend on the area and also on the size of the boat;
Crew, if you need it. The cost depends on the frequency and number of shifts;
food and beverage supply;
All expenses related to your leisure activities.
Yachts maintenance costs
Owning your yacht still costs, even outside of business hours! Your boat requires ongoing maintenance. Prices depend inter alia on the type (engine, sails, etc.) and the size of the vessel.
Maintenance fees include:
Regular maintenance of certain equipment such as engines, propellers, sails, rigging, safety equipment, and hull (fairings)…;
Occasional maintenance in the event of failure or damage;
Cleaning and special care products (teak, leather, etc.).
Of course, the cost of repair and maintenance is not the same if you do it yourself or hire an expert.
Taxes and insurance premiums of a yacht
Consider the different taxes (at the time of purchase and annually) and the annual yacht insurance you will have to pay. The value of a professional insurance policy is typically 0.8% to 1.2% of the boat purchase price per annum.
Yearly harbor fees
Another annual expense that should not be overlooked is port and/or wintering fees. Depending on your region, you may need to “dry dock” your boat, which involves handling, shipping and storage, which can be very expensive.
If you can keep your yacht in the water all year round, you need to opt for a Harbor Ring concession. Depending on the marina and its infrastructure, the region, and the size of the vessel, costs can vary widely, ranging from a few hundred dollars to thousands of dollars per month. However, once you have decided that you want to charter a yacht, it is easy to get this information from the marina.
The depreciation price of a yacht
Yachts lose value like cars. Depreciation is difficult to estimate as it depends on economic conditions, exchange rates, new price inflation, vessel type, and shipyard.
However, it is reasonable to estimate a minimum depreciation of 10% in the first year and 7% in subsequent years. Depreciation tends to slow down from the fifth year onwards. On the other hand, operating costs increase.
A summary of the most important yacht operating and maintenance costs
So how much does it cost to own a yacht? This very much depends on the type of yacht you have and your location. However, common yacht maintenance and operating costs include:
- Insurance premiums
- Harbor fees
Are you worried don’t want. Fortunately, there are many ways to reduce the overall cost of yacht ownership while still enjoying sailing the way it should be. Contact Nanje Marine Service for Yacht for Sale Dubai
For those who love to enjoy water sports, renting a yacht is an ideal option. The main attraction of a yacht is its spacious interior and luxurious amenities. A yacht is a fast and stable vessel that can travel at great speeds. A yacht can also carry a crew of up to twelve people. Aboard a yacht, one can have a wonderful time with friends and family. Contact Nanje Yachts Rental Dubai