Five private islands off the coast of Greece are now up for grabs at prices that rival those of luxury apartments in upscale areas like the Athens Riviera.
The news has sparked excitement among the estimated 150 island owners across Greece who are considering selling their properties, as demand for developable land surges, particularly for the construction of high-end hotel resorts.
However, successful island sales have been rare, with notable exceptions including Grivalia's €250 million investment in the Petal cluster's largest island and Russian tycoon Dmitry Rybolovlev's ambitious resort project on Skorpios.
Real estate experts caution that despite the seemingly attractive prices, investing in private islands is not without its challenges. While some islands are now priced lower than single-family homes or luxury apartments in prestigious areas like Vouliagmeni or Kavouri, navigating the intricacies of island ownership can be complex.
For instance, coastal properties in Greece typically range from €11,000 to €15,000 per square metre, with luxury homes in Vouliagmeni commanding prices as high as €20,000 per square meter.
One standout offer includes Agios Athanasios, a petite island near Itea in the Corinthian Gulf, listed at €2.2 million. Despite its modest size of just 11,000 square metres, the island boasts scenic olive and pine trees and a small sandy beach, accessible by boat from the nearby town of Itea.
Another enticing option is Fidonisi or Xeronisi, located in Nea Irakleitsa, Kavala, with an area of approximately 143,000 square metres. While Greek ads list the island at €3.5 million, foreign real estate companies offer it for €3 million.
Agios Panteleimon, situated a stone's throw from Oinousses, is available for €4 million, offering ample space for development up to 200 square meters, along with three small chapels and basic utilities.
In the Ionian Sea, a private island near Preveza spanning 17,530 square metres is on the market for €3.75 million, complete with a building permit for two independent houses and a swimming pool.
Meanwhile, Kouneli or Makropoula, an uninhabited island adjacent to Makri, is listed for €4 million. Once rumoured to attract interest from high-profile figures like Brad Pitt and Angelina Jolie, the island remains available, despite past speculation surrounding potential buyers.
While these offerings present unique opportunities for investors, the complexities of island ownership and development suggest that acquiring a slice of Greek paradise requires careful consideration and expertise.
(Source: To Vima)
