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Island life? - 14 August 2007

Most of us have spent a happy afternoon or more whiling away time dreaming of life on your own private island paradise. While for most people this remains the stuff of daydreams in the midst of gloomy commuter hell, there are opportunities to own your own independent island.

In many cases it is fair to say that this kind of overseas property beyond the reach of the majority of overseas property buyers. Take, for example, the case of Leaf Cay in the Bahamas. This idyllic paradise on the edge of one of the most exclusive areas in the world went to auction last month at a starting price of US$12 million, but failed to find a buyer. Over a month has now passed and the auctioneers are still marketing the 15-acre island heavily – there is not even any talk of a price reduction as yet.

Auctioneer Louis "Benny" Fisher has confidence that there is enough interest in the market to keep the original asking price, and says there have been new enquiries from investors in America and Europe. He also said that some potential buyers needed time to make their assets liquid for the purchase, which they will only do if they are virtually ready to sign on the dotted line.

Should you not be one of Fisher’s European prospects, and unfortunately not closely related to Sir Richard Branson or Sir Philip Green, you may feel that an island is well out of your reach in searching for a property overseas.

In fact, there are plenty of opportunities to pick up your own island for a relatively small amount of money, particularly if your dream of living overseas involves building your own home.

Specialist website Private Islands Online has a selection of some of the most desirable plots of land in the world for sale. From luxury estates in the Florida Keys for those with deep pockets to tiny fishing shacks on precarious perches in Canadian lakes, there is a true selection to sample. And it is not just in North America that you can find an island retreat. The website features islands in Spain, Italy, Turkey and France, but perhaps some of the most interesting for potential investors are those that lie off the coast of Croatia. Kornati National Park Island is on the market for what appears to be a very reasonable €468,000 (£318,000), though you would be wise to check on the regulations regarding building in a national park before buying.

If this is still a little steep, try Dolphin Bay Island in Panama, just 15-20 minutes from the mainland by boat. The island is small at 0.2 acres, but large and elevated enough for a family home. And just US$40,000 (£20,000) seems a small price to pay for this kind of tranquility.

 

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