Italy’s yacht leasing market looks promising for next year, experts believe.
A study undertaken by Monte dei Paschi banking group and its leasing subsidiary MPS Leasing specifically mentioned yacht leasing as an area which should grow in 2010.
This is partly because of a tax amnesty which was granted by the Italian government in mid-2009 and which is expected to result in more investments in luxurious goods, of which up to €200 million could go to yachts.
Sardaleasing’s MD Stefano Esposito said that a document issued in July 2009 by the country’s tax authorities has also clarified the contents of confusing legislation introduced a few years ago, making it easier for people to understand how much VAT they will have to pay when leasing a yacht.
He added that as boatyards have become full with stock, prices have decreased by up to 35 percent, which will translate into a higher number of sales next year.
But Rosario Corso, chairman of Italy’s leasing association Assilea, has warned that yacht leasing remains a “niche sector” with no more than 6 percent of overall leasing volumes and that the upturn also needs to be “driven by the revival of its most traditional assets, such as real estate and equipment”.
Lessors, he added, are still waiting for signs of a turnaround in leasing – what is happening in orders and industrial production – hoping a revival of investments from SMEs will soon follow.