Colibri Aircraft, a broker in the marketing, resale and purchase of pre-owned private aircraft, has announced surge in the price of private jets despite the COVID-19 pandemic.
There is no doubt that the pandemic has disrupted the global economy barely affected private jet acquisition in 2020 and 2021.
Data released by Aircraft showed that an increase in demand is causing an unexpected shortage of private jets with the number currently for sale at its lowest point on record.
The surging competition for pre-owned jets and charter memberships is a direct result of the Covid-19 pandemic as travelers look to avoid the risks and uncertainty that commercial flight now brings.
The data also showed that in June 2021, less than 5% of the global private jet fleet was for sale, the lowest level since records began almost 40 years ago.
According to the company, there are around 2,444 pre-owned private jets registered in Western Europe. There were 2,414 in 2020 and 2,344 in 2019.
Germany has the largest fleet of registered private jets with 485; the United Kingdom (UK), including the Isle of Man, Guernsey and Jersey, has 453 (157, 241, 54 and 1 respectively).
Austria – 222, Malta – 214, France 169, Portugal – 128, Switzerland – 99, Italy – 74, Spain – 72, Czech Republic – 66 and Luxembourg – 65.
Oliver Stone, Managing Director, Colibri Aircraft, said the private jet market has held up extremely well despite the coronavirus crisis.
Stone cited the “well documented troubles” in the commercial aviation sector, including cancelled flights.
According to him, “Existing owners of aircraft are keeping hold of them. The market has seen new companies and people looking to buy their first jets.
“There’s been a huge number of first-time people coming into this space that have never been involved in ownership before, so hopefully long term, it’s a positive.
“We’ve found that people who’ve owned them for years are very comfortable with the economics, and are much more likely to do it again.”
Reported also stated that it’s not just jet sales that are seeing the impact of this heightened demand, jet membership and charter companies are also seeing increases.
In the first half of the year, VistaJet reported that the number of new annual subscription hours saw a 67% rise from its 2020 level, and was 41% higher than the 2019 level.