Flying by private jet for many has long been deemed as an A-list celebrity luxury, however with the influx of shared travel, membership schemes, and pay-for-fly providers, it is now more accessible than ever.
In light of the cross-border closures, whether it be an Emirates, Boeing 747, or a Gulfstream G700, fewer flights are taking to the skies, crippling both commercial and private aviation industries. Many stationed aircraft need weekly engineering checks and runway tests regardless of their movements, and staff on the ground are busier than ever, navigating turnaround storage facilities and performing around the clock security for aircraft hangers. Meanwhile, pilots and airline staff jobs have been axed because of reports and losses provided by aviation companies such as Singapore Airlines that showed a catastrophic $148 million annual net loss and Ryanair reporting a cut of 3,000 global employees.
Over the last few weeks, we have been rewarded with the harmonious news that countries such as the UAE, Europe, and America are now open for business and have begun to welcome tourists (with certain restrictions). A combined sense of relief that the end may be in sight, intermingled with fear that social distancing orders are not being met, have pushed many families and business travelers to private aviation for the first time.
With the unique facility of providing a speedy in-and-out service, private jets are not only the safest and best contagion free option, but they are more financially accessible now more than ever. Competing with over 60 European transatlantic providers, the market for shared ownership, one-way rates, and yearly flying hour commitments are soaring.
So, how does the market look for jet ownership?… A buyers one.
With many CEO and business magnate owners clipped at the wings, they are looking for a get-out clause and quickly, with the average price of ground servicing alone racking up anywhere between £700,000-£4,000,000 per year it is certainly a costly toy. Many owners are considering offering shared ownerships and chartering, whereby previously just used for personal use. Private jet purchase and sales usually take around six months to complete, with regulatory checks and country provisioning needed, however many buyers and sellers are turning to cutting out the middle man and liaising directly with their end customer. The ever-prominent elephant that remains in the room is the lack of a confirmed Covid-19 vaccine. For the here and now, private travel seems no longer be an exuberant binge, but a reduced risk and infection-free measure.
About the Writer:
Meet Chantelle Browne, owner of CB Lifestyle Digital, a luxury consultancy dedicated to servicing the world’s finest lifestyle brands. Based between London and Dubai, Chantelle is recognized over the web for her efforts and dedication to digital marketing and her enviable client list.