Having a Private Island
The idea of retreating to your own tropical island—or at least a private piece of water-bound real estate—is the stuff of dreams. It’s no wonder the notion appeals to celebrities and other high-net-worth individuals. Leonardo DiCaprio has a 140-acre Belize island, Oracle CEO Larry Ellison owns Lanai in Hawaii, and Virgin founder Richard Branson has several islands in the British Virgin Islands. But even if you’re not in the ranks of movie stars and billionaires, it’s still possible to purchase your own island. Just be prepared for a lot of expense.
And that’s not just for the property itself, which can be pricey if you want a full-service vacation rental or something more luxurious than your average waterfront home. There are also high insurance and maintenance costs. And, unlike a condo in the city, an island’s distance from shops and other services means you won’t be able to run into your local Home Depot when you need supplies.
Nonetheless, despite all the hurdles, some people are willing to invest a fortune in their very own piece of paradise. Jacques Menahem, a French Polynesia Sotheby’s International Realty agent, says he usually gets two emails a week from buyers interested in islands. Since March, that number has jumped to 10 a day. “The demand has never been higher,” he says. “People are looking for a place to escape from the world.”
While the cost of buying an island is high, the market can vary considerably. The first step is determining a budget, and there are online tools that can help you find options within your range. You’ll also need to consider the region and weather, whether you prefer a developed island or one that’s undeveloped, how close neighbors are, and the ease of travel.
Once you’ve got a budget in mind, visit websites that specialize in private islands and use filters to show only those that fall within your price range. Then start the research, which may involve talking to locals on neighboring islands or asking for recommendations from a trusted island broker. If you’re considering an undeveloped island, check to see if it has the necessary environmental assessments and permit applications completed and if there are any development plans in the works.
Then you’ll need to consider the amount of time you plan on spending on your island, the activities you plan on pursuing there, and how much you’re willing to spend on a caretaker or other staff. And then there are the logistics, including the challenge of getting to your island (which will likely require a boat or jet) and the fact that you’ll have to deal with storms, hurricanes, and other environmental issues. But, if you can overcome the challenges, owning your own island can be a truly amazing experience. Just be sure to pack a snorkel. You’ll need it. Especially as Covid-19 continues to hamper travel, the dream of escaping to your own private island is an everlasting desire.