In recent years, there has been growing interest in private island tourism, particularly among wealthy travelers seeking exclusivity and privacy. As destinations like Venice, Lisbon, and Barcelona struggle with overtourism, private island holidays have emerged as a luxurious alternative. Several international companies, including Private Islands Inc., now offer hundreds of islands for sale or lease, including 14 in Greece. This trend is attracting both individual buyers and large tourism companies aiming to create isolated luxury resorts.
The Appeal of Private Island Tourism
Private islands offer a unique travel experience that stands in stark contrast to the crowded streets and beaches of popular European destinations. With the rise of overtourism in cities such as Venice, Barcelona, and Lisbon, many travelers are seeking more secluded alternatives. Luxury tourism companies are positioning private islands as an exclusive getaway, providing tourists with a sense of privacy and tranquility that can’t be found in busy metropolitan areas.
Growing Interest in Greece’s Private Islands
In Greece, approximately 150 private islands are estimated to be available for sale. Since 2019, interest in these islands has surged, fueled by demand for luxury hospitality developments. Among the most prominent listings are 14 Greek islands currently featured by Private Islands Inc., ranging in price and size. These islands offer a wide variety of investment opportunities, from small, charming retreats to larger islands capable of hosting high-end resorts.
Examples of Greek Private Islands for Sale
Some of the most notable islands currently on the market include:
- Agios Athanasios: Located in the Gulf of Corinth and available for €2.5 million, this small 11,000 square meter island has remained unsold since 2012.
- Agios Thomas: A larger island in the Saronic Gulf, listed for $16.7 million, featuring 300 acres and proximity to major urban centers like Athens.
- Fidonisi: Situated near Kavala, this island covers 143,000 square meters and is priced at €3 million.
These islands, with their pristine environments and potential for development, are drawing attention from international investors, including both individuals and tourism companies.
Challenges in Private Island Investment
Despite the growing demand, investing in a private island is no easy task. Acquiring one requires navigating a complex regulatory framework, including obtaining up to 32 permits from multiple ministries. This bureaucratic process can deter potential investors, making it difficult to finalize transactions quickly.
In Greece, only a few successful private island investments have materialized, such as the development on Scorpios Island by Russian businessman Dmitry Rybolovlev and Grivalia’s €250 million project on the Petali Islands. These ventures, however, remain the exception rather than the rule.
The rise of private island tourism presents an innovative solution to overtourism in Europe’s most popular cities. For Greece, the sale of private islands could offer new avenues for luxury tourism development, bringing in high-end travelers seeking privacy and unique experiences. However, the complexities of purchasing and developing these islands mean that only a few investors are likely to succeed in transforming these hidden gems into world-class destinations.