Travelers who fantasize about owning a superyacht may be able to turn their dreams into reality — at a much lower price.

Residential yachts, as they are called, are essentially apartment buildings at sea. Buyers purchase apartments on massive yachts, rather than own and operate their own smaller vessels.

Once most of the apartments are sold, the yachts function much like a luxury cruise line, traveling around the globe with onboard staff and access to restaurants, spas, wine cellars and gyms.

The price tag?

One residential yacht is Somnio, a 728-foot-long superyacht currently being built by the Norwegian shipbuilder Vard. It will be the world’s largest yacht once it’s completed in 2024, according to Vard’s website.

Somnio has 39 apartments, and prices start at 9.5 million euros ($11 million), said Erik Bredhe, Somnio’s co-founder and captain. Prices depend on the apartment’s size and location, with higher units costing more, he said.

While $11 million is more than enough to purchase a private yacht, it doesn’t get close to the cost of a superyacht.

Apartment vs. private yacht

Total privacy isn’t necessarily what every yacht buyer wants, according to Bredhe. He said a major selling point of residential yachts is the ability to “mix with like-minded community members.”

“The single biggest factor is an intimate community with whom to share a truly global itinerary” said Bredhe, adding that “the beauty of owning your own apartment is that you don’t have the worry of maintenance and planning that comes with your own yacht.”

The yacht’s staff will handle maintenance, repairs, fuel and food supplies, as well as shore tours, according to Somnio. Staff will also plan journey routes, though residents can recommend destinations too, according to the company’s website.

These don’t come free though. Buyers must pay an annual charge, which covers expenses related to maintenance, fuel, food and personal services. There is, however, a “no tipping policy” on Somnio, said Bredhe, which can range from 15% to 20% of yacht charter costs.

Ownership on the boat is by invitation only. Some buyers have directly approached the company while others have come from personal recommendations.

An appreciable asset?

Unlike most boats, residential yacht apartments may rise in value over time. This is true for another residential yacht named The World, which launched in 2002.

“Owners cannot, however, make money by renting out their apartments, though family members and guests can use the apartment if the owner is not onboard”, Bredhe said.

Source: europeanlifemedia