The idea of owning your very own private island may seem like a fantasy. But the reality is that it’s not only possible — but much more affordable than you may imagine. In fact, according to a new report by luxury travel advisers, an entire private island can be purchased for far less than the price of a typical city apartment.
The reason for the burgeoning interest in island ownership is multifaceted, according to real estate agents who specialize in island properties: affluent clients are seeking the ultimate hideaway that can serve as a unique venue for entertaining and relaxing – all in the most serene of settings. The perks are numerous: secluded beaches, lagoons, mountains, waterfalls, volcanoes and a wealth of high-tech water sports equipment. But most of all, owning an island offers a level of exclusivity that is simply unobtainable with the typical vacation.
But a private island can come with its own set of challenges and unexpected expenses. For starters, getting to the property isn’t always easy, and the island must be fully equipped with a host of necessities — from electricity, telecommunications and water supply to the ability to handle emergency situations. In addition to hefty purchase costs, adding roads and developing the infrastructure can be a significant additional expense.
For some buyers, the best option may be to purchase a smaller island that is already in good condition with a full range of amenities and facilities. A recent listing by Luxury Portfolio International offers an example: a $29 million island in the Exuma Cays of the Bahamas, which includes a large home with eight bedrooms, staff cottages and long stretches of beach.
And that’s just one of the many islands for sale around the world that offer a unique lifestyle for those with the money to spare. In fact, the report notes that some island owners — from families to celebrities — have even taken the step of renting out their entire properties to guests for an exclusive getaway experience.
But it’s also important to remember that buying an island doesn’t actually mean owning a brand-new country with unique rules and structures. Instead, a private island is the ultimate trophy asset that offers a secluded retreat and an opportunity to shape a world of one’s own creation.