Despite a growing global population, the private island market is still relatively untapped. But the pandemic is already changing the buying market, with more Americans wanting to buy an island for a more remote location. This is good news for buyers of private islands – it may spur an even greater demand for these islands in the coming years. According to John Christie, the President of H.G. Christie Ltd., he receives up to 10 e-mails a day from buyers.
The recent pandemic has impacted countries around the world and disrupted the lives of people of all ages, including ultrarich island buyers. Before the pandemic hit, most island purchases were purely vanity purchases, a way to make a splash after other luxurious purchases had worn off. But now, with the virus taking hold of the world, the market for private islands is expected to continue to grow.
One of the most appealing regions to buy an island is the South Pacific. The Pacific Ocean surrounds these islands, and they are also close to major infrastructure. While tropical island buying may be appealing, it may not be feasible for most people. Fortunately, there are still plenty of islands available for sale in the Southern Hemisphere. For those who wish to avoid the tropical weather, buying a private island in New Zealand is a good option.
While a private island is not a liquid asset, there are a number of opportunities. The average island buyer wants to plant a flag and retire there, and most potential buyers are Americans. However, if you’re looking to buy a private island, you should be aware that island prices can fluctuate. One in ten private island purchases is sold in a year. It is important to research the market before you decide to buy.
The influx of superyachts has forced the sale of many islands. As a result, island prices have increased dramatically over the past decade. This is why many islands now are sold to wealthy individuals. The price tag can vary widely, but in general, it’s around $7 million to $1.83 billion. Ultimately, the demand for private islands has been fueled by high-profile people and wealthy investors.
While private islands are generally not for the rich, they aren’t out of reach for many people. A few islands are cheaper than a house, and others cost considerably more. The median price of a single family home is about $300,000, so it makes sense to consider buying a private island if you have a budget of under $300,000. If you’re thinking about purchasing a private island, it’s important to understand what lifestyle factors you’d like to have on your island.
Many private islands in the Bahamas are becoming more accessible to tourists. The upscale travel advisories are seeing an increased demand for private island rentals. In some cases, you’ll even get a chance to stay on the island. A four-week charter on Little Pipe Cay can fetch up to $80,000. If you’re looking for a private island to purchase, this may be the time to act. Just be sure to keep in mind that there are plenty of other options.