Have you ever dreamed of owning your own secluded island? It may seem like a fantasy reserved for the super-rich, but thanks to improved technology and a shift in lifestyles, it’s more realistic than you might think.
Whether you want a full-service resort, a private vacation spot or somewhere to raise a family, there’s an island for everyone—and it can cost much less than you might expect. We spoke with several real estate agents and island brokers to get the lowdown on this unique property type.
There are typically three types of island buyers: developers looking for a flagship property to develop into a resort, buyers who are looking for an island specifically (typically because they already own waterfront property in the same region), and those who just want a secluded getaway. The average price of an island is about $4 million, but there are some available for far less than that.
Some islands are in crowded areas near busy cities, while others are in isolated spots in lakes or at sea. Some have houses on them, while others are bare. One thing they all have in common is that they offer more privacy than mainland waterfront property, and often the view can be awe-inspiring. They also have higher rental-income potential than mainland waterfront properties, and the cost is generally less than that of a city apartment.
Most island buyers are celebrities or high net worth individuals who take their privacy seriously. Many don’t even tell anyone what they are buying or where it is located, which means that finding a good real estate agent who specializes in island sales is essential. They can help you navigate the complex, oftentimes opaque, process of buying an island.
In the past, owning an island was a mark of true wealth. But as prices come down and people realize that they don’t need to be billionaires to own their own slice of paradise, the trend has gone mainstream. Celebrities such as Leonardo DiCaprio, Steven Spielberg and Sir Richard Branson have all invested in an island.
Aside from the cost, there are a lot of other things to consider. The logistics of getting to and from an island can be a challenge, as are the issues associated with running water, electricity and the general upkeep of a home on a remote island. Getting permits to do development work can take years, and red tape can strangle the Robinson Crusoe fantasies of even the most optimistic buyer.
But for those who are willing to work through the difficulties, an island can be a life-changing purchase. Whether it’s a place to relax and recharge, to raise a family or to start a business, an island offers a rare opportunity to be fully independent and in control of your own destiny. It’s no wonder that so many people dream of owning their own piece of paradise.