Island life for sale after Greek financial woes

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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.

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. 

Do you have more than $200k in your super fund? You could use your super to buy property - Find out how

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