Denison Yachting evaluates euro to dollar reaches record low. How the yachting industry is affected?

Denison Yachting evaluates euro to dollar reaches record low. How the yachting industry is affected? © Denison Yachting

The Euro recently reached a 20-year low—and has dropped even lower since—currently being valued at just $1.0073.

Since the beginning of 2022, the Euro's value compared to the dollar has decreased by more than nine percent, while the dollar has remained strong in comparison—especially with the recent onslaught of interest rate increases and other financial circumstances—according to a report by CNBC.

With the Euro nearing the value of the dollar, the almost one-to-one ratio may provide an extremely rare and beneficial opportunity to those in the market to buy big-ticket items, like, for example, a yacht.

So how does this translate to the yachting industry? Well, yacht buyers may be able to save a boat load of money when buying a yacht priced in Euros. In simpler terms, since the dollar is currently quite strong against the Euro, buyers' dollars can go much further. Buyers purchasing a yacht with US dollars can get a lot more bang for their buck.

For instance, a superyacht with a sticker price of €10,000,000—so, possibly valuing in at around $11,094,020 six months ago—is now only $10,073,000. That is hundreds of thousands of dollars' worth of savings. The more expensive the yacht, the more the relative savings will be as a result of the exchange rate.

Purchasing a yacht in Euros can prove to be a real opportunity with the current conversion rates from EUR to USD. The best part is that Denison now offers a currency change feature, where prices can be viewed in Euros. On the Denison website, you can view yachts for sale with a Euro price tag by simply clicking on the "Price Range" filter, choosing "EUR", and hitting "Apply". It's that easy.

The record low euro-to-dollar ratio affects the yacht charter side of things, as well. Just as with the purchase of a yacht, paying for a yacht charter in Euros can mean huge savings. With many charters currently stationed in the Mediterranean for the summer months, now is the perfect time (and place) to take advantage of the situation.

So, what's holding you back? Speak to a Denison yacht broker today to get more information about purchasing a new yacht, or to a charter specialist to learn more about chartering your next vacation.