Private Island Life
For those in the privileged few with the means to do so, buying an island is more than just a dream – it’s a real thing that can be done. While leisure travel remains paused in the wake of the coronavirus pandemic, brokers say that prospective buyers and renters are exploring their options with newfound fervor. But it’s important to weigh the pros and cons before you make the leap.
The main advantage, of course, is the feeling of complete isolation and seclusion that a private island can provide. However, there are also practical advantages. For instance, you can build exactly the kind of home you want on an island – whether that’s one that’s designed for luxury vacationing or is intended to be your primary residence. Moreover, since there are no neighbors to deal with, you can choose whether or not to host lively parties, and nobody will complain about your noise levels.
There’s a definite sense of prestige and exclusivity that comes with owning your own island, and it can serve as a great investment. A recent study by the consultancy group PwC found that a privately owned Caribbean island could sell for as much as $1.7 million, which is more than the price of a luxury home in most cities.
But there’s also the issue of maintenance costs and the difficulty of getting workers and supplies to the island, which can quickly add up. Additionally, many islands require extensive infrastructure in order to function, including power plants, water systems and sewage treatment, as well as complying with environmental regulations.
Another issue is that it can be difficult to maintain privacy when living on an island. Like in a small town or village, news can quickly spread if something personal happens, and the fact that you’re always surrounded by water can be stressful for some people.
Lastly, it can be challenging to keep up with work when living on an island. The good news is that improved technology makes it possible to work from almost anywhere, and some savvy entrepreneurs have set up their own offices on the beach. But there’s no escaping the fact that working from an island can be less productive than working in the office – there are simply too many distractions.
That said, even if you’re not ready to invest in an entire island, you can still get the feeling of seclusion and privacy with a stay at a resort like Niyama in the Maldives. While the resort only has four suites, they all offer plenty of luxury and the staff will go out of their way to give you a memorable experience. You can stay at the hotel with Chase Sapphire Preferred or Chase Sapphire Reserve credit cards, and you’ll get a great value thanks to the property’s all-inclusive model.