A recent study on the growth of South Africa’s luxury market by Property 24 revealed Durban is a key growth point, with foreigners snapping up SA property. Further luxury market studies reveal that the luxury homes market in Durban rebounded the strongest in value in 2013. It is also well-known for it’s manufacturing of luxury goods, boasting one of the world’s most expensive yachts, the Indian Empress.
“We have seen a trend of young individuals who’ve studied offshore, returning to secure a local career with an earning capacity higher than previous generations enabling them to spend on luxury goods for both lifestyle and status reasons,” says Derrick Levy, MD of Boating World, a leader in the luxury motor yacht sector in Sub-Saharan Africa for some 11 years now.
This fourth generation boating and marine business has been keeping an eye on the African market particularly around luxury spending trends. “This can only mean we will see more and more luxury brands flooding our shores,” says Levy, renowned powerhouse and visionary in the marine industry.
“In this time of global economic crisis, emerging countries are driving growth in the luxury sector, and Africa is suddenly being noticed as a strong contender, which makes us as Africans feel like we’re finally becoming part of the global luxury industry,” Levy shares.
Though not the most expensive yacht to be sold into Africa, a recent sale of the R25million 65 Fairline squadron yacht by Boating World, as exclusive agents for the prestigious British-based Fairline luxury yacht brand, is testimony to this.
This is very interesting new trend has also highlighted Cape Town as the new hub of luxury purchases of hobbies and toys for the rich and famous in Africa (many of them 'energy' billionaires) from countries like Nigeria, Angola and the DRC. Yachts are not the only purchases on the rise, it is a well-known fact that most of the high-end property sales in Camps Bay and Clifton were to Nigerian buyers during 2013, and now this trend is expanding into other asset classes like luxury boats and jets.
This historical purchase is not only great for our economy, but also brings us in closer contact with some of our 'wealthy neighbouring countries', assisting in the African 'Renaissance' that is on everyone's lips at the moment!
The first of its kind sold through South Africa into Angola, the S65 yacht is fitted with 5 cabins (bedrooms), and twin Caterpillar C18’s ensuring she performed extremely well, cutting through the slight chop and reaching up to 35-knots.
Squadron flybridge yachts offer customers security of well-proven design features and sophisticated advances in marine engineering. Every part of the yacht has to be carefully considered. Every luxury accounted for. To this end, each Squadron offers opulent comfort and timeless grace. Where generous living spaces flow freely from one area to the next to create an exquisite ambience in which to relax, explore and entertain.
The most recent to join the Boating World pool of luxury is the 2015 Fairline Targa 48 (sleeping 4-7), due on South African shores from September. IPS drives make skippering her a cinch even for beginners. She comes with stunning interior colours with leather seating, teak-laid cockpit floor and side-decks, powered hydraulic swim platform and moonlighting, underwater lights, skylight to saloon and convertible sofa bed to master cabin.
Boating World, is a family-owned business with a 4-generation history that offers both after-care maintenance and marine insurance. Boating World is the exclusive South African agent for the prestigious Fairline and Riviera brands and is a leading boating brokers, exporters and importers specializing in the medium to large luxury motor-yacht market in Sub-Shaharan Africa. Boating World is synonymous with top-drawer luxury and meticulous attention to detail concerning even the most basic necessity.