Private islands have always been notoriously difficult to purchase but now it is easier than ever to join the ranks of celebrities such as Johnny Depp, Leonardo DiCaprio and Steven Spielberg and own your own private coastal getaway.
Unlike other real estate sectors which have experienced tremendous increases in supply from construction booms over the last 5 years, the number of natural islands have stayed constant. With demand for habitable islands reaching record levels, this small supply pool will drive prices higher and higher.
Private islands are attractive investment properties with many financial planners advising their clients to invest in private islands as a trophy property. Islands are extremely safe investments since prices are the first to rebound after an economic downturn and rises faster than any other type of property. It can also be used to make more money by renting it out to travellers or moviemakers.
Culture of the uber rich
It is often the lifestyle that comes with owning a private island that makes it so alluring. The absolute solitude amidst beautiful beaches and perfect weather offers the perfect, millionaire-only getaway.
“An island is not necessarily a practical purchase; it’s not something one needs, but it’s the ultimate trophy prize,” says John Christie, managing broker of H.G. Christie Ltd.