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

Against the backdrop of a noticeable increase in interest in developed tourist destinations, the number of private islands for sale in Greece has risen. In recent years, the owners of 150 islands that could potentially be sold are recalling their hopes. On one hand, this is related to the growing demand for luxury resorts, and on the other hand, it raises concerns about the possible "sale of national heritage," considering the islands owned by the state.

In particular, the official website of the international company Private Islands Inc. features 13 listings for the sale of Greek islands, including properties such as the islands of Bouvalos, Saint John, Saint Thomas, and Tragonisi in the Saronic Gulf, as well as the island of Safia in the Ionian Sea and the island of Spalatonisi in Sithonia. There are also mentions of private offers that are not listed on public platforms — such as the ongoing rumors about the sale of the island of Skiropoula.

Five private islands are available on the market at prices comparable to housing in the city. Considering the hundreds of other islands and rocks that are state-owned, these so-called "real estate paradises" add even more scale.

“The process of buying a private island is quite complicated,” says Lefteris Potamianos, president of the Athens Real Estate Agents Association, emphasizing that completing the transaction requires gathering32 licensesand approvalfourVarious ministries. However, both Potamianos and Mike Vasiliou, the managing director of Realty International, note a high level of interest from investors.

Successful sales of private islands

Among the successful sales, we highlight the island of Saint Trinity, located near Eretria, as reported by Vladi Private Islands. This island, also known as Ethereal, has been owned by the Papanikolaou family since 1958 and was purchased for a small amount from a family of shepherds who needed money for their daughter's wedding.

Another accessible island is Saint Athanasius, located near Itea in the Corinthian Gulf. It is for sale for2.2 million euros— the previous price in 2012 was1.6 million eurosThis is a small island with an area of only11 thousand square metersaccessible by boat from the nearest shore, surrounded by olive and pine trees, with a small sandy beach on the northwest side.

It is also worth mentioning the island of Strogghilo, located west of Patmos, which is an uninhabited rock between the islands of Agreloussa and Marathos. This island was involved in legal proceedings with the Greek government, as its previous owners disputed ownership of it. Currently, it is up for sale at a price2.5 million eurosHowever, in various international announcements, the price varies up to4.5 million euros.

Other suggested islands

• Dulihio— the largest private island for sale in Greece, rising 250 meters above sea level, surrounded by 4,000 olive trees.
• FidonisiKseronisi — a remote object with an area of about143,000 square meters, it is proposed for3.5 million euros.
• Patroclus— with a beautiful view of the Sunion coast, is on the list of properties for sale, 850 meters from the shore.
• Saint Panteleimon— an island just a few meters from Oinouassa, offered for4 million eurosits area is about40 acres.
• A small private island property in Preveza with an area of17,530 square meters, offered for3.75 million euros.
• KuneliMacropulia is an island with an area of93 acresis sold for4 million euros.

Thus, the active market for private islands in Greece offers a variety of opportunities for investors, but each potential deal is a real puzzle.