Where the Streets Have No Name

By Samira Sheth
What’s New, Dubai
April 2005

Page 2

… own island, says the man who specializes in selling dreams.

So, if a few million aren’t easy to come by, don’t despair. You can still buy in on the island dream. Once considered the exclusive realm of the seriously wealthy, buying your own slice of heaven seems considerably more feasible today.

“Islands often seem like a pipe dream, available only to the Onassis’s of the world,” says Renee Redmond, Director of Operations at Private Islands Online.

“However,” she continues, “Some tropical private islands cost as little as $20,000 and if you’re willing to forgo a sandy beach for a mountain vista and pine trees, Canada with its extensive coastline and million lakes has more islands than any other nation. This abundance of choice is reflected in island prices. It’s not unusual to find a Canadian island selling for one third the price of its American equivalent or one tenth the price of a similarly sized Caribbean property. When choosing a private island, don’t rule out islands which are located somewhat off the beaten path - you’ll spend a bit more in transportation costs to get there, but you’ll save a fortune in the long run.

“During the last ten years, island prices in the Caribbean have increased by about 300%. It’s hard to say where the market’s going, but if the property you buy isn’t over valued, then you’re likely to see a good return on your investment. Good islands aren’t cheap, but if you’re lucky enough to find a diamond in the rough, the potential for return on investment is quite good. After all, islands are the market’s most limited real estate commodity. The Internet is also driving the price of islands up merely by making the supply more available and accessible,” explains Renee.

Indeed, without the Internet, a market wouldn’t exist for some islands. After all, almost nobody would see a “For Sale” sign put up on a secluded property, would they?

Private Islands Online and Vladi Private Islands are two of the major players in the online listings game. Both feature top dollar properties as well as more reasonable ones.

“We want to make islands a possibility for everyone,” says Renee. “That is why we don’t discriminate about which properties we include on the site. We’ll list the smallest island in the world right next to the largest and most expensive one available. Islands aren’t always synonymous with the rich and famous; the intrigue and romance of islands should be available to everyone.”

But, before taking off into the sunset to hang up your hammock, heed this advice.

“Believe it or not, writing a cheque for 6, 7, or even 8 figures is the easiest part of owning an island. Get ready to dig deeper to make your island livable,” advises Renee.

“If you spend $300,000 on an island, be prepared to spend another $150,000 on a modest house. An owner will probably have to spend another $100,000 for a septic system, water system and a generator (solar and wind power are other alternatives) for electricity - if these necessities do not already exist on your island. Maintenance and spare parts are a continual expense - expect to spend an average of $10,000 per year for the latter.

“As with all real estate, location is a key factor,” Renee continues. “Far and away, the most popular and idyllic islands are in the Caribbean, where the tropical climate and proximity to the US make the islands there extremely alluring. The Bahamas is definitely one of the world’s most desirable locations, but even the tiniest speck of dry land starts at $1 million. White sand and tax-free living must be weighed against the frequent political …

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