Hong Kong's yachting industry surges with Skytopia marina project

Hong Kong's leisure-boat ownership is rapidly increasing, outpacing other Asian markets. This growth is driven by younger consumers prioritizing experiences and the resurgence of travel post-pandemic. Government policies are in place to attract yacht sales and travelers, potentially establishing Hong Kong as a central hub for the industry. The global leisure yacht market is projected to reach US$43 billion by 2032, with a 5% annual growth rate. Hong Kong has seen a significant rise in licensed pleasure vessels, more than doubling since 2007 to over 12,000. To address berth limitations, Chief Executive John Lee Ka-chiu introduced initiatives to boost yacht tourism. A major project is the Skytopia yacht bay near the airport, proposed by Airport Authority Hong Kong (AAHK), which would feature 500 berths. Skytopia aims to attract yacht owners and art enthusiasts with its combination of sea, land, and air access. The project includes a marine resort, luxury hotel, and other amenities. AAHK plans to seek private sector funding for the marina development, with strong interest from mainland China, Indonesia, Singapore, and the Middle East. Industry experts believe Skytopia will attract more yachts to Asia and activate the Greater Bay Area. Hong Kong's lower taxes compared to mainland China make it an attractive location for yacht purchases and berthing. The tariff war between the US and China has not affected the demand for unique luxury travel experiences. Marco Valle, CEO of Azimut Benetti Group, considers Hong Kong a strategic market and gateway to Asia. He believes Skytopia will strengthen Hong Kong's infrastructure and role as an international yachting hub.