Five private islands off the coast of Greece are vying, among the largest real estate investors with luxury apartments in the most exclusive areas of the world, as is the case of Ibiza.
The news of the sale of these islands has awakened a great enthusiasm among investors who are considering selling their properties, as demand for developable land increases, particularly for the construction of high-end hotel complexes.
Real estate experts warn that in spite of the seemingly attractive pricesinvesting 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 such as Ibiza, navigating the complexities of island ownership can be complex.
For example, some islands in Greece typically range from €11,000 to €15,000 per square meter, and luxury apartments in Ibiza cost €20,000 a meter, according to a recently published report, the The Wealth Report 2024. With a million dollars in your hand in Ibiza you can buy a luxury home of, maximum, 50 square meters. The same amount of money will buy 101 square meters in Marbella, 110 in Barcelona and 143 in Barbados.
The cheapest islands
One of the private islands for sale in Greece is Agios Athanasios, a small island near Itea in the Gulf of Corinth, listed at €2.2 million. Despite its modest size of only 11.000 square metersthe island has picturesque olive and pine trees and a small sandy beach, accessible by boat from the nearby town of Itea.
Another attractive option is Fidonisi or Xeronisi, located in Nea Irakleitsa, Kavala, with an area of approximately 143,000 square meters. While Greek advertisements quote the island at €3.5 million, foreign real estate companies offer it for €3 million.
Agios Panteleimon, located a stone’s throw from Oinousses, is available for 4 million euros and offers ample space to develop up to 200 square meters, along with three small chapels and basic services.
For the full article, please visit Diario de Ibiza website here.