Luxury-jet market perks up as new buyers turn to private flying

SourceGulf Business
SectorTourism
CountryMiddle east

A rebound in the luxury-jet market is gaining steam as more well-heeled customers turn to private flying because of the coronavirus pandemic, said the bankers who cater to buyers of business aircraft. A pick up in demand for used planes in the second half of 2020 is carrying over into this year, powered in part by first-time purchasers, said executives from Credit Suisse Group, BNP Paribas SA and other lenders. New gains are likely later this year as vaccination efforts spur corporate demand, bolstering the outlook for an industry that was bracing for the worst less than a year ago. “Looking back we had a very good year and much, much better than expected,” Werner Slavik, chief of aviation for the equipment-finance unit of Societe Generale, said at a virtual Corporate Jet Investor conference last week. “We saw, especially in the smaller jet market, quite strong demand.” Travel restrictions have reduced the need for larger jets that can cross oceans. Meanwhile, an uptick of...read more...