The pandemic has rekindled the interest of high-income investors in buying or renting islands offered in popular destinations around the world.
Worldwide, 688 private islands are currently for sale through the largest broker based in the USA. Many of these are suitable for the development of hotel complexes or villas, and some have already secured building permits.
In more detail, in Europe there are 36 islands for sale, in Africa 7, in Asia 43, in Canada 154, in the Caribbean 116, in Central America 117, in South America 20, in the South Pacific 54 and in the US 141.
50% of the islands offered in Europe are located in Greece. In fact, in the last 4 years the number of islands for sale in Greece has doubled, reaching 18. However, some of these islands remain on the market for several years, such as the island of Agios Thomas in the Diapores Islands and Strongyli in the Dodecanese. According to analyses by real estate experts, in most cases the procedures for the purchase of islands in Greece do not proceed because it is considered difficult or impossible to use them.
The prices of the islands are provided upon request; however, a good example to get an idea is Spalathronisi of about 260 acres in Chalkidiki, whose price is $11.1 million. The development possibilities as mentioned include a main use tourist complex of up to 4,000 sq. meters and ancillary space of over 1,950 sq. metres, 2 residences of about 150 sq. meters each or a single residence of about 300 sq. meters.
Internationally, and particularly in the Bahamas, private islands sell for prices ranging from $495,000 to $62 million depending on size, location and amenities.
For example, the island of Spectabilis, covering an area of about 4,600 acres, is being sold for $62 million. At the opposite end of the spectrum, the 34-acre Golding Cay Island is priced at $800,000. Recently, the sale of four small islands in the cluster, ranging from 4 to 14 acres, was completed at prices ranging from $500,000 to $1,350,000. As it turns out, there is a clear preference for the smaller islands, where sales have skyrocketed, at least in the last 14 months. For this reason, there have been further developed companies which undertake the construction and installation of properties, heliports and marinas anywhere in the world, with the possibility of transferring the facility if the owner decides to move to another island.
As far as private island rentals are concerned, there are currently 253 islands offered worldwide, as follows:
In Europe, there are 31 islands for rent, in Africa 23, in Asia 42, in Canada 9, in the Caribbean 28, in Central America 31, in South America 9, in the South Pacific 58 and in the USA 22 islands in total.
In Greece in particular, there are 2 islands for rent, Silver Island and Villa Faros, near Evia and Lesvos respectively. For the last 55 years, Silver Island has been owned by the Christie family and has been transformed into an eco-yoga retreat. On the other hand, Villa Faros offers its residents everything they desire from nature, such as fresh vegetables, fruits and seafood, but also absolute tranquillity. The rental prices vary according to the duration of the stay.
It is worth noting that recently the Ministry of Tourism in the Maldives launched the process of leasing 16 uninhabited islands for 50 years. One of the main conditions of the lease is that investors must build a hotel with at least 100 beds on each island.
