Rich people stuck in the Middle East amid the ongoing conflict between the US and Iran have started turning to their deep pockets to buy flights out of the region.
According to reports from Business Insider and the Associated Press, demand to leave the region began to surge last week, with private flight operators saying “there has been a significant increase in inquiries since Friday.”
This demand has now increased the cost of chartering private flights, especially with the declining availability of such flights due to continued airstrikes and the possibility of escalation.
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“There is an increasingly limited number of aircraft willing and able to fly in and out of the area,” Glenn Phillips, PR and advertising manager for global charter company Air Charter Services, told Business Insider, highlighting how a surge in demand and a supply crunch are contributing to the exorbitant prices of private flights.
“The demand is huge and we are not able to supply enough planes to respond to the demand,” Altay Kula, CEO of French private jet broker JET-VIP, told the AP, echoing Phillips.
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Rich flyers paying over $200,000
Due to the lack of private flights available, travelers are paying up to $235,000 for private flights from the Middle East.
Most of the demand for private flights from the region is in financial hotspots such as Dubai and Abu Dhabi, cities that have earned a reputation over the past few years as safe and luxury destinations for many tourists and Western expats.
While a private charter flight for 16 passengers from Riyadh, Saudi Arabia to Porto, Portugal used to cost around $115,000, prices have now risen to $200,000 even for short-haul flights from Dubai to Istanbul, Cairo and the Maldives.
Flights to Europe and other far-flung destinations have started to cost even more — Ameerh Naran, CEO of Vimana Private Jets, told Business Insider that the company is now pricing those flights between $175,000 and $235,000.
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“There was a clear emphasis on speed and certainty of departure, with many clients prioritizing the first feasible route over specific aircraft types or traditional preferences,” Naran said, adding: “We also saw increased demand for coordinated ground support to facilitate access to airports where open airspace remains.”
“This cost increase reflects aircraft shortages, as well as relocation costs and operator risk assessment. So these are not speculative prices,” JET-VIP CEO Kula said of the price increase, according to the AP.
Many of these flights, such as those operated by Air Charter Services, are operated from Muscat, Oman, and cater mainly to wealthy fliers who want to leave Dubai, the publication added, explaining that the journeys also involve a five-hour drive and another three to four hours of waiting at the Hatta border crossing.
Demand for luxury chauffeur services has also increased due to the difficulty of travel and the required waiting time.
Mike D’Souza, operations coordinator for Dubai-based chauffeur service Indus Chauffeurs, told Business Insider that “demand appears to be driven by caution rather than panic.”
