It is still too early to predict the outcome of the yacht “market” in North Korea, despite of all of the relaxed measures and exemptions that have allowed a slight rise in this private sector of the economy. Their economy, nonetheless, remains a planned economic system, which, in turn, does not allow for any enrichment of the middleclass whatsoever.
Yachts and boats in North Korea are owned by the government elite. A regular citizen is permitted to own small boats used for fishing purposes. Within the tourist regions, which are only beginning to appear, there are yachts that can be rented. The same, however, can’t be said about purchasing a yacht. The “market” is basically non-existent, and the local demand is absent entirely. The state of things in this country could be very different; this country has big potential and reserves for growth. It is in desperate need of a change in political climate. It should be noted, that if you are seeking to purchase a yacht in Korea, it is worth visiting the neighboring country of South Korea. South Korea has an immense range of yacht choices, both new and pre-owned. It is the place where they make their own engines, parts and electronics of all kinds.
Yachting near the North Korean shore requires passage of some very stringent legal procedures. The country is well-armed, has its own militant and aggressive navy and, approaching its shores without advance notification and clearance is nothing short of risky and dangerous. Nevertheless, complying with all required procedures will be worth the while, because you will be permitted to come ashore and jump head-first into the socialists’ past.
If you have genuine interest in North Korean vessels, it may be in your best interest to try your luck with a yacht broker. Now and then, the DPRK’s market does have some yachts and boats for sale, and a broker will assist you in a timely acquisition and purchase. The delivery will not be a problem, especially if you live near the Far East. In just a few days, you would be able to pick up your boat. Yacht buyers from European countries and residents of South and North America will have to wait a bit longer - it will take several weeks to get there.
