This summer it has become cheaper to rent a yacht in the Mediterranean

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Yacht companies are offering discounts and special offers on charter trips in the Mediterranean this summer, as geopolitical conflicts cool demand.

Yacht brokers say summer rentals in the Mediterranean are down 20% to 30% from last year, with a growing number of yachts offering special discounts for the rest of July and August. The flexibility has also led to more last-minute bookings by charter customers looking for deals.

Jonathan Beckett, CEO of luxury yacht brokerage Burgess, said American bookings for charter yachts in the Mediterranean this summer started strong at the start of the year but slowed after the outbreak of the Iran war.

“In December, January and February, the market caught fire,” he added. “Then the war started.”

Beckett estimates that the summer rental season in the Mediterranean could be 30% lower. Many Americans make last-minute reservations in hopes of finding deals. While charter customers typically reserve boats months or even a year in advance, this summer they are looking for quick turnarounds.

“People are booking a large yacht on Monday for a holiday starting on Friday,” said Anders Curtin, CEO of Fraser Yachts.

Some customers call to make a last-minute offer only to find the boats are already rented, said Kevin Merrigan of Northrop & Johnson.

“There are a lot of last-minute charters this year and deals to be made,” he said. “But people who wait until the last minute to book also discover that the yacht has just been chartered or that a deal is already on the table.”

However, brokers said there was a flurry of deals and discounts in mid-summer. Club M, which is 130 feet long, has offered a special price of 210,000 euros ($239,000) for the third week of July, down from the usual price of 250,000 euros. Other yachts offer ‘rare availability’ in late July and August.

Demand for larger boats – those more than 70 meters in length – is strongest, Beckett said. Although summer interest may be slow, he said bookings for September are already up from last year.

“People are postponing their vacations until the end of the summer in the hope of reaching a solution in the Middle East,” he said.