Over the past decade, Turkey has emerged as an increasingly attractive location for 30-metres plus superyacht refits among owners worldwide. This surge in popularity can be attributed to a number of things, such as the cost-effectiveness of its refit works, facilitated by historically lower labour costs and favourable foreign currency exchange rates.
Furthermore, the appeal of Turkey is heightened by the saturation of many European refit yards each season, coupled with ongoing developments in Turkey’s marina infrastructure and the growing allure of its coastline as a travel destination.
Burak Nergiz from KRM explained that the significant transformation observed in the Turkish refit sector over the past decade can be attributed to the development of refit infrastructure and a strategic shift in refit approach, enabling an increased capacity for yachts. Nergiz notes that “before 2010, many refit yards were part of shipyard manufacturers, and there was no dedicated company solely focused on refits until the establishment of KRM.” Moreover, in 2018, as evidence of the growing demand for refits, KRM expanded its capabilities by acquiring a 300-ton travel lift, thereby enhancing the capacity for refitting yachts up to 45-metres in size.
Source: https://www.superyachttimes.com/yacht-news/turkey-refit-market
