On LuxuryRealEstate.com, visitors can search for multimillion-dollar properties in more than two dozen categories, including Golf Course, Ski, Waterfront and Wine Country. Yet as alluring as these alternatives are, there’s no question which category inspires the most wistful daydreaming among browsers: Private Island. "Getting away from it all has always been a popular fantasy," remarks Bill Otto of David Jones Real Estate, a Virgin Islands-based brokerage. "A private island allows one to essentially disappear."
The demand for private islands is on the rise, with prices increasing approximately 10 to 20 percent per year, according to Farhad Vladi of Vladi Private Islands, a specialist agency based in that has worked with celebrities including Diana Ross, Tony Curtis and Claudia Schiffer. Farhad attributes the upswing in part to buyers who regard owning their own island as an escape from the stresses of modern-day living. "Increasing environmental problems, inflated property prices, frustration in the workplace and overpopulation have made owning an island even more desirable," he says. "Nearly all island owners are after the same experience—a place to recharge their batteries before returning to civilization."
If you’re one of the many who longs to steal away to a secluded hideaway but have dismissed the idea of island ownership as being only for billionaires and castaways, buying a private island may not be as outrageous as you think. There are thousands of islands for sale all over the world, from the Caribbean to Central America. And while prices are going up, many islands still have a price tag under a million dollars. Following are the steps to getting your own piece of paradise.
Narrow Your Search
To identify the ideal private island, start by browsing for-sale islands on the Internet to get an idea of where you want to buy. While many buyers seek the quintessential tropical island complete with palm trees, sandy beaches and warm water and limit their search to sun-streaked locales, such as the Florida Keys, you may be surprised by the range of options available. While weather is important, it shouldn’t be the only consideration. "In my experience, buyers first and foremost want islands in areas that are politically and socially stable," says Bill.
The most popular area to buy at the moment, according to Farhad, is North America—particularly Nova Scotia. Recent North American listings including Backman Island on Mahone Bay in Nova Scotia, a 49-acre property with a sandy beach priced at $780,000 USD and Lighthouse Island on Lake Huron in Michigan , a historic property with three log cabins priced at $1.9 million USD.
But you don’t have to limit your search to North America. There are private islands available in politically and socially secure areas all over the world. Vladi Private Islands divides their listings into 10 regions, including Europe, The Caribbean, Central America, South America, Pacific Ocean and Indian Ocean.
Recent international listings include Seal Island on Mullet Peninsula in Ireland, a 177-acre property with a cluster of old stone houses in the center priced at $1.2 million USD and Sultan Island near Singapore, a 93-acre slice of paradise priced at $27.5 million USD that was named one of Forbes.com’s Most Expensive Homes in the World 2005.
Find a Broker
Once you have narrowed your search, contact a broker in the area where you’re interested in buying and see what he or she has to offer. A visit to LuxuryRealEstate.com can put you in touch with a top broker almost anywhere in the world. Or ask a local real estate broker that you know and trust; most brokers can recommend a qualified colleague in a wide range of locales. When in doubt, ask for references; a qualified broker will be happy to provide them.
Plan a Visit
According to Farhad, a great way to try out island ownership is to start by renting an island. "I encourage clients to sample island living to strip away any false illusions they may have of islands as ‘paradise,’" he says. Farhad’s rental service, Vladi Island Travel, represents islands in more than 40 destinations, from to , priced between $75 and $7,500 USD a day. Rental islands range from those with luxurious resorts to undeveloped Robinson Crusoe-style isles where visitors pitch their own tents and organize their own meals.
Even if you don’t go the rental route, it is essential to visit any island you are thinking of buying, agree Farhad and Bill. "It is very important to plan a visit, as that is the only way to form a complete picture of an island, its development possibilities, its environment and the people who live in the area," remarks Farhad. Adds Bill, "When buyers visit an island, we walk around as much as possible to get a true ‘feel’ for the grounds and to note any interesting findings, such as plants, birds and old settlement sites or ruins." Ask your broker to accompany you on the trip so you can benefit from the broker’s knowledge and experience.
Before You Sign
Another factor to consider before signing the ownership papers is how much time you plan to spend on the island and what you need to do to make it habitable. Many islands already have an infrastructure in place, while others do not. "As a rule, the more remote the island, the more difficult and expensive it is to develop an infrastructure due to the logistics of building and transporting materials and workers," says Bill.
Fortunately, advances in technology, such as solar energy and prefabricated houses, have made turning a deserted island into a comfortable oasis much easier than in the past. "Nowadays, within a time period of approximately three months, a house, electricity, phone and water can be made available on almost any island with no problem," says Farhad. "We also assist the client in making the necessary applications post-purchase, including providing contact details of construction companies and boat dealers." He continues, "Other services we provide are giving a client recommendations if the client decides to rent the island to third parties and offering to manage the island in the circumstance that the client needs someone trustworthy to maintain the property in his or her absence."
