Private jet prices double in Russia following World Cup
France has already emerged victorious from FIFA's 2018 World Cup held all over Russia, yet, business jet prices remain abnormally high throughout the country, which still has many high net worth individuals visiting following the final. On average, renting a jet out of Russia is now twice as expensive as it normally is.
Vnukovo, one of Europe's most used airports for international flights, serves shy of 20,000 business jet flights per year, with another 10,000 landing in Moscow's other airports. Yet, despite this high traffic and empty leg potential, reaching Moscow from Nice, for example, now costs over €40,000 - €50,000 on a Challenger 850, as opposed to the typical €20,000 operator price.
"It's crazy with the World Cup, everything is double the price." one private jet broker told BEAM. "Finding a slot to take off and land in smaller airports is even a challenge now."
Price hikes for same-day, multi-leg business jet flights were, however, expected by analysts during this tournament that saw VIP packages being sold at €50,000 per person for hospitality packages during the France - Croatia final. Yet, most expected this craze to end with the World Cup, with a drop off of requests for flights into the country.
Indeed, requests for business jet flights into Russia are now down over 50% according to data compiled by BEAM's jet cost saving program, BEAM VIP. However, prices for jets are higher than during the World Cup. Indeed, many multimillionaires haven't left Russia yet, deciding to explore its capital and St Petersburg after the final, leading to a strong demand for flights out of Russia. And with no one coming for the World Cup to Russia anymore, there are very few empty legs out of Russia.
Instead of a regular set up where operators can send their business jet in and out of Moscow, filling up both legs, planes now need to fly often empty to Moscow, to pick tourists up and fly them back to Europe, leading to price hikes out of Russia and better pricing into the country.