Demand for business jet ownership has grown considerably across the continent of Africa, as seen in countries such as Angola, Uganda, and Ghana, with increased inquiries coming from countries like the Democratic Republic of the Congo, Nigeria, and Kenya, amongst others, a Jetcraft official has told AIN.
Jetcraft’s five-year Pre-Owned Business Jet Market Forecast, released in September 2022, shows that the proportion of younger buyers entering the pre-owned market is steadily increasing. In the Middle East and Africa, the share of buyers under 45 accounts for 38.5 percent of the region’s overall transactions; this trend is forecasted to continue its upward trajectory over the next five years, in line with the growing ultra-high-net-worth individual (UHNWI) population.
“Additionally, our forecast explored the average purchase price in U.S. dollars in each region across the globe,” v-p of sales in Africa, Danie Joubert, said. “In the Middle East and Africa, the average forecasted price from 2021-2026 is $20.8 million, the second highest figure in comparison to alternative regions. This is indicative of buyers investing more money in their private jet purchases, particularly in larger jets which are required to travel over longer distances across the African continent.”
The demands of obligatory business travel for large corporations, especially for those in the mining, infrastructure development, property, oil and gas, and related industries, coupled with the persistent lack of suitable airline connections on key routes, continue to fuel the necessity for business aircraft.
Commercial airline connections often involve multiple stopovers which lengthen journeys by a considerable amount, resulting in an increase of travelers turning to business aviation to save time, decreasing a 12–20-hour trip to 4-6 hours through private-jet use. In addition to travel time, finding a suitable airline solution at short notice is often problematic due to limited availability, whereas business aviation offers a concrete and flexible solution to this challenge.
“Business aviation in Africa is becoming increasingly popular and we are seeing more availability of FBO service providers,” he said. “The rise in demand for business aircraft comes with the necessity to educate first-time buyers, not only on aircraft options, but also how the market works, helping them to understand aircraft values, the different capabilities of jets in each segment, and the responsibilities and implications of ownership.”
Demand for long-range and larger cabin jets is continuing, Joubert said. In addition to the major centers of South Africa and Nigeria, there is consistent growth across the continent, with the entirety of West Africa and regions of East Africa having seen a distinct increase in inquiries. Demand for smaller jets in certain regions on the Continent, such as the Learjet 45, also remains high, he believes.
“In 2021, we previously forecasted that post-pandemic momentum would be shaped by stable and manageable growth,” he said. “Our 2022 Pre-Owned Forecast reflects the accuracy of this statement, with many first-time users realizing the advantages of flying privately. The industry is beginning to return to pre-pandemic normality alongside heightened demand and increased access to business aviation.”
He said regulators in Africa typically followed international trends and introduced changes as the situation demanded. “Reputable aircraft brokers and sellers will ensure all aircraft buyers are fully up to speed with regulations, and how to operate and manage their aircraft in a way that will not affect its resale value in a non-African environment,” he said.
The increase in interest for larger business jets may in turn come with increased demand for infrastructure to maintain and operate jets from larger airports with dedicated FBO handling facilities. “Jetcraft’s global network of experienced sales experts have knowledge and market intel for every key region,” he said. “Sales representatives can refer buyers to aircraft management and handling companies, and well-qualified maintenance facilities, with a support infrastructure that is present across Africa and beyond.”