Steve Varsano, founder of London-based business jet sales brokerage The Jet Business, is optimistic about the industry these days. Keeping things in perspective, he said that there are now 35 percent more business jets in the fleet since the recession took hold in 2007. “That’s 5,000 more jets flying today than just six years ago, which is pretty good when you think about it,” he pointed out.
Over the past two months Varsano has seen an uptick in pre-owned business jet sales activity at his firm, “with lots of clients making offers.” And with two weeks until the close of the first half of the year, he said The Jet Business has already met its revenue projections for all of 2013. Because of this, he is nearly doubling his revenue goal for the entire year.
Varsano is seeing growing sales activity from emerging markets, which he said were the industry’s savior during the economic downturn. He is especially bullish on the business jet market in Africa, noting that he sees at least one walk-in client from Nigeria about every two weeks in his aircraft retail outlet in London’s exclusive Hyde Park Corner.
According to Varsano, Africa has the potential to be the fastest-growing market for business jets in the near-term, given that the continent is rich in energy sources and other natural resources. He also said that Africa–unlike other emerging markets such as China and India–has good aviation infrastructure already in place, as well as no airspace restrictions.
