Real Estate: Investment Interest in Private Islands in Greece - Economic Greek Postman - ot.gr

In recent years, interest in the sale of private islands in Greece has significantly increased. This has been driven by a growing demand for land that can be used for the construction of luxury hotels. Currently, 13 Greek islands are listed for sale on the website of the international company Private Islands Inc., including islands such as Vouvalos in the Amvrakikos Gulf, Saint John, Saint Thomas, and Tragonisi in the Saronic Gulf, as well as Sofia Island in the Ionian Sea and Spalatonisi in Sithonia. Additionally, the website spitogatos also features listings for islands for sale. It is worth noting that there are private islands that are also for sale but without public listings; for example, information about the sale of Skirgupula Island was obtained from reliable sources.

We should not forget about the hundreds of islets that are state-owned, which again raises the discussion about the potential sale of national treasures. This fact only adds interest to private islands as investment objects. Despite this, it is worth noting that only a few deals have been successfully concluded. One such case is the investment of 250 million euros in the largest island of the Petalioi group by Grivalia, as well as the project of the famous Russian businessman Dmitry Rybolovlev on Scorpios Island, which will be used to create a resort for millionaires.

However, according to real estate market experts, buying a private island is not an easy task.Lefteris PotamianosThe president of the Realtors Association noted that completing a transaction requires obtaining 32 permits and approvals from four ministries. Nevertheless, he emphasizes that there is significant interest from investors.

One of the sold islands is Saint Trinity, located near Eretria. Founded by Farhad Vladi, the company Vladi Private Islands reports that this island has been sold. The island was previously owned by the Papanikolaou family since 1958. During this time, it has been considered a profitable investment. Information about the sale remains scarce, as several transactions are still not finalized, and the rights to the islands need to be registered in the cadastre.

One of the islands available for sale is Saint Athanasius in the Corinthian Gulf.

Among the many islands offered is Stergulo, located near Patmos. This uninhabited rock is situated 250 meters above sea level, and its price is only 2.5 million euros, while international real estate companies value it significantly higher. Previously, in 2015, Kristen Lina listed it for sale at 4.2 million euros, but the deal ended without success.

Dulichium Island in the Ionian Sea, the largest of those offered for sale, is also attracting interest. Currently, it is being compared as a potential site for a luxury resort. This location annually draws the attention of businessmen at various levels.

It is also worth mentioning that the information about the sale of the private island of Fidonisi near the city of Kavala varies from 3 to 3.5 million euros. It is located just one kilometer from the shore and has enough space for various constructions.

Located near Lavrio, the island of Patroklos has been on the market for over three decades, but there are legal difficulties regarding its potential sale due to archaeological findings.

Not far from Oinousses, the island of Saint Panteleimon will cost 4 million euros with the possibility of building up to 200 square meters. Its potential for development makes it promising for real investments.

In the Preveza region, an island covering 17,530 square meters is also up for sale with building permission. Its price is 3.75 million euros, making it attractive to potential buyers.

In addition to all this, there is an interesting case with Kouneli Island, which, although uninhabited, gained its fame due to a rumored deal with Hollywood stars. However, no deal has taken place so far, and the island remains ownerless. Meanwhile, investment activity on the Greek islands continues to grow, and the market offers numerous opportunities for investors.