For the privileged few who can afford it, a private island offers an ultra-luxury getaway that’s both secluded and exotic. These slivers of land are home to everything from a dazzling array of water activities to gourmet cuisine, sublime spas and pristine beaches. A few of these dreamy retreats have even been the wedding site for celebrities like billionaire Richard Branson and Google co-founder Larry Page.
The Coronavirus pandemic has slowed leisure travel, but those whose penchant for seclusion is still as strong as ever are exploring their options with renewed fervor. “Inquiries about buying islands have gone up significantly,” says Chris Krolow, CEO of the Ontario real estate company Private Islands, which rents and sells more than 800 islands. He notes that his firm now receives about 150 inquiries a day, compared to fewer than 100 before the pandemic began. Luxury travel advisories also report an uptick in private island rental inquires and bookings.
Purchasing your own island is no small feat, but it’s certainly not impossible. According to Elite Traveler, a plot of land in Nova Scotia could be purchased for as little as $60,000. This price doesn’t include construction costs, however, and you’ll likely end up with only a few acres of sand, rock, scrub, grasses and trees.
Owning a fully developed private island, on the other hand, can cost several million dollars or more. These inhabited paradises typically come complete with accommodation, running water and electricity, and other infrastructure. The most expensive private island ever sold was Lanai, which Oracle owner Larry Ellison bought for $300 million in 2012.
Aside from the cost of purchasing and developing an inhabited island, there are other expenses to consider. For example, most private islands are governed by the laws of a sovereign country, meaning that you’ll probably be responsible for paying taxes. In addition, you’ll likely need to hire a team of experts to help you maintain your property and oversee its operations.
Despite the cost, it’s still possible to find affordable private islands around the world. Some of the most popular spots for purchasing and renting an island include the Caribbean, Greece and South America. The Bahamas, for instance, are teeming with these exclusive destinations; the country’s most expensive private island, Necker Island, was the wedding destination for British actress Kate Winslet and her husband, actor and producer Simon Pegg. Other islands, such as the privately owned Green Island in Okatie, South Carolina, offer a more budget-friendly experience by offering a combination of luxury accommodations and eco-initiatives. This includes a solar farm and a regenerative oyster garden.