Private Island Living
If you’ve ever dreamed of escaping the hectic hustle and bustle of the modern world, owning your own island might be the ultimate fantasy. After all, the private islands of rich people, from business magnates to celebrities — including Richard Branson and magician David Copperfield – offer the ideal combination of privacy, luxurious waterfront homes, and advanced infrastructure. As a result, these islands have become a popular second-home destination for high-net-worth individuals, with the Cayman Islands leading the pack thanks to its ease of access, proliferating luxury villas, and well-developed infrastructure.
But even for those with the means, buying and living on an island comes with its own set of challenges. For one, there’s the price tag. Typically, these islands are in tropical locales and require expensive upkeep. And living on a private island is not as serene and idyllic as it sounds in the media, especially during storm season.
The fact is, island living requires a unique mentality, which can be tough for some people to get used to. “You have to be very disciplined, which is why I don’t recommend it for everyone,” says Greenwood, whose clients often struggle with the reality of their island home.
He adds that it takes a lot of planning, which can be especially challenging during the coronavirus pandemic, to ensure that the island is prepared when the weather turns nasty and that guests have everything they need for a seamless and enjoyable visit. That includes ensuring there’s enough staff on hand to handle things like cooking, cleaning, and providing security.
For those who have the proper mindset, an island can be a calming refuge during stressful times. It’s also a great place to spend a romantic getaway or celebrate a milestone, like a wedding anniversary or retirement.
But even though demand is high, many potential island buyers are holding off for now. Those who want to buy still have plenty of options. For example, the CEO of Private Islands Inc which owns real estate website Private Islands Online and hosts HGTV’s Island Hunters, Chris Krolow, reports that his company has seen a surge in interest for whole islands that can be hired exclusively for rental during holiday periods.
Krolow notes that these individuals tend to be from North America and Europe, and are interested in Caribbean islands. He cites the spike in bookings for Gladden, his personal island in Belize’s Barrier Reef as evidence of the trend. However, most inquiries are for rentals that allow a small group to stay on the island, with all the services of a private resort, including a chef and a concierge. For those that cannot afford to purchase an entire island, Krolow says he is seeing more interest for smaller islands in the Caribbean and Central America. They are easier to reach than the more remote locations in Asia.