Pricey waterfront real estate is nothing new, but a rise in boat ownership is now driving developers to create mixed-use marinas.
In China, the number of mixed-use marina projects planned has increased significantly, as have home prices. Coastal areas in Malaysia, the Middle East and Spain are also seeing the same trend, according to the New York Times.
“Sailing is becoming more popular, and boat owners need places that offer facilities for maintenance,” James Price, an agent on the international development team of the London-based property firm Knight Frank, told the Times. “But they also want somewhere with increased lifestyle experiences, like an accessible location, good infrastructure, residential options and quality on-site leisure services, restaurants and retail.”
Not only has boat ownership risen sharply over the last decade, but orders for yachts longer than 250 feet have increased by 25 percent over the previous year. There was also a record number of orders for boats in excess of 328 feet.
“There is a shortage of, and high demand for, space in which marina and residential are combined,” Eamonn Feeney, managing director of marina planning specialist, MDL Consultancy, said. [NYT] – Christopher Cameron