While Greece’s economic struggles are causing havoc for its citizens and the European Union, the situation might benefit those looking to snag their own private getaway.
According to global real estate consultancy firm, Knight Frank, the economic turmoil in Greece could soon result in a number of Greek islands hitting the market.
The firm’s latest Island Review Report highlights the European nation’s island stocks as an attractive destination for those looking for a “bargain” island.
“Buyers’ motives will continue to vary from island to island… bargain hunters will head to Greece,” the report says.
“As the long-term ramifications of Greece’s financial bailout play out more fire-sales of Greek islands are expected.”
While Greece’s islands might be considered on the bargain end of the price scale, buying one is still likely to set you back at least seven figures.
Private Islands Online currently has 17 Greek islands listed for sale, ranging in price from $4.7 million - $63.6 million.
$4.7 million will buy you the Isle of Gaia, a 17.4 hectare island in the Ionian Sea described as a “perfect millionaire’s playground.”
The Isle of Gaia. Pictures: Private Islands Online
The island comes with clear ownership papers and approval to build six villas and permission to subdivide into six plots.
For an additional $1 million you can get your hands on the 54 hectare Stroggilo Island in the Aegean Sea.
With its pristine 110 metre long beach, Stroggilo would be the perfect private getaway, though it’s location in proximity to the populated Patmos Island means it has potential as a tourist site.
At the pricier end of the scale is the $63.6 million Omfori Island.
Spanning just over 450 hectare, Omfori Island is described as the “essence of Greek perfection” thanks to its beaches and turquoise waters.
There is currently one small building on the island with permissions in place to build on 20% of Omfori.
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out