Private islands are the latest item on real estate shopping lists for ultrawealthy investors
Private pieces of tropical paradise are available for purchase or rent around the globe, offering the ultimate in privacy, luxury and eco-tourism
How times have changed in the world of real estate: in 1626, the island of Manhattan, then called "New Netherland", according to the Dutch National Archives, sold for a measly 60 guilders - about HK$264 today. In more recent years, royalty, the wealthy and celebrities have been paying small fortunes to procure their own islands as symbols of power, places in which to conserve nature, and as luxury hideaways for tropical fun and relaxation.
Private islands are having their moment in the sun, as they are easier to obtain than ever before. The surge of interest in this niche luxury market is reflected in dedicated real estate brokers and television shows devoted to the subject, while ultrarich Chinese are reportedly shopping around.
Chris Krolow, CEO of Private Islands, says: "The prices of islands took a little bit longer to stabilise after the recession as opposed to mainland real estate, so that could account for why we're seeing more sales now." He believes that reports of actor Leonardo DiCaprio's island-buying trips, software billionaire Larry Ellison's 98 per cent share of the Hawaiian island of Lanai that was recently purchased for US$500 million, and singer Beyonce's shopping spree around Greece are good signs that the industry is booming.
Following the trend, Christie's real estate will soon offer a luxury real estate opportunity called Amirallah Private Islands, aimed at those who are looking to buy their own eco-friendly island. They will be customisable in size, shape and style, and totally portable.
Rory Hunter, co-founder and CEO of Song Saa Hotels and Resorts, believes the private island trend has to do with privacy. He says: "Our lives are so rushed and overwhelming these days, people are seeking a certain escape and solitude - a destination unto itself where others can do the thinking for them so they can fully relax." And that is how private islands trump the amenities of a five-star tropical resort.
Perhaps the most famous example is Necker Island, which has been owned by Virgin founder Richard Branson since 1978. With 30 hectares of picturesque bliss including turquoise waters and stunning coral reefs, the destination in the British Virgin Islands offers the tycoon's guests a place where anything is possible, nothing is ever too much and privacy is a given.
"Necker is run like a home, not a hotel, and operates with the sole aim of creating amazing experiences for our guests," says general manager Kenton Jones.
