SOMNIO RESIDENCE: WORLD'S MOST EXCLUSIVE ADDRESS

Residential superyachts like Somnio grant the perks of yacht ownership without much responsibility.

CREDIT:SOMNIO

Travelers who fantasize about owning a superyacht might be a step closer to turn their dreams into reality at lower prices in foreseeable future.

Residential yachts are essentially apartment buildings at sea. Buyers purchase apartments on superyachts, rather than own and operate their own smaller boats or yachts.

Once most of the apartments are sold, the yachts function much like a luxury cruise line, traveling around the globe with onboard staff and access to restaurants, spas, wine cellars and gyms.

Somnio superyatcht, a 728-foot-long superyacht currently being built by the Norwegian shipbuilder Vard. It will be the world’s largest yacht once it’s completed in 2024, according to Vard’s website.

Somnio has 39 apartments, and prices start at 9.5 million euros ($11 million), said Erik Bredhe, Somnio’s co-founder and captain in a recent interview. Prices depend on the apartment’s size and location, with higher units costing more.

"The beauty of owning your own apartment is that you don’t have the worry of maintenance and planning.

Erik Bredhe SOMNIO, CO-FOUNDER

WHY A YACHT FOR A RESIDENCE?

Total privacy isn’t necessarily what every yacht buyer wants, according to Bredhe. Major selling point of residential yachts is the ability to “mix with like-minded community members.”

“The single biggest factor is an intimate community with whom to share a truly global itinerary,” he stated, adding that “the beauty of owning your own apartment is that you don’t have the worry of maintenance and planning that comes with your own yacht.”

The yacht’s staff will handle maintenance, repairs, fuel and food supplies, as well as shore tours, according to Somnio. Staff will also plan journey routes, though residents can recommend destinations too, according to the company’s website.

Unlike most boats, residential yacht apartments may rise in value over time. This is true for another residential yacht named The World, which launched in 2002.

Condo owners cannot rent their property but can allow family members and guests use the apartment if the owner is not onboard. At 644 feet long, The World has more than four times as many apartments as Somnio. It has studios as well as one- to three-bedroom apartments ranging from $2 million to $15 million, a small number of which are currently for sale.

For all inquiries visit Somnio Superyachts