Greek Islands

Experts are predicting a ‘fire sale’ of Greek islands

Look at all the Greek islands you can buy right now.

AS GREECE contemplates a tough new $96 billion bailout, there’s one asset that could be ripe for a “fire sale”: the thousands of islands dotting the Mediterranean.

According to Business Insider, property agent Knight Frank is already predicting a “fire sale” of private Greek islands in the next few years.

Last year, Greece introduced its first ever tax on real estate due to pressure from its creditors, making it more expensive for private owners to keep their islands.

But just 10 per cent of Greek islands are privately owned. It has been estimated that the government is holding on to anywhere from 1200 to 6000 islands, meaning they would provide a tempting sell-off option for a government short on funds.

For those wanting a slice of the Mediterranean’s crystal clear waters, ancient ruins and postcard cliffs, the time could finally be right for a bargain.

So how cheap is it really? Here’s what you could get for the same price in Sydney: this perfectly charming six bedroom home in Bellevue Hill for $4.45 million

191 O’Sullivan Rd, Bellevue Hill. Picture: realestate.com.au

191 O’Sullivan Rd, Bellevue Hill. Picture: realestate.com.au

You could throw out the pool cleaners and instead step into the Ionian Sea on the Isle of Gaia. Described as “the perfect millionaires’ playground”, this 17 hectare landmass just off the western Greek seaboard also comes with approval to build six villas at just $4.76 million.

Greek islands now as cheap as Sydney houses

The Greek island of Gaia. Picture: www.privateislandsonline.com

What about the price of swish new three-bedroom ground floor apartment in Point Piper with a price guide above $7.9 million?

Ground floor/1 St Mervyns Ave, Point Piper. Picture: realestate.com.au

Ground floor/1 St Mervyns Ave, Point Piper. Picture: realestate.com.au Source: Supplied

The “green paradise” of Nissos Sofia could await, at the bargain price of $6.99 million. You could even pocket the change, or spend it conserving the wetland and birdlife on this environmentally protected property. This one is a single owner, and also offers “great development opportunity” either for a private residence or small, exclusive residential resort.

The Greek island of Nissos Sofia. Picture: www.privateislandsonline.com

The Greek island of Nissos Sofia. Picture: www.privateislandsonline.com

For the buyer with a little more purchasing power, why spend $40 million on a Mediterranean-style mansion in Point Piper …

Mandalay, 87-89 Wolseley Rd, Point Piper, sold earlier this year with a price tag exceedi

Mandalay, 87-89 Wolseley Rd, Point Piper, sold earlier this year with a price tag exceeding $40 million. Source: Supplied

… when you could own part of the Mediterranean? Sure the island of Omfori is tad bit more expensive at $63.6 million but you are buying a sprawling 450 hectare island that is considered one of the most beautiful in the Ionian Sea. “The island is the essence of Grecian perfection.” Can’t say we disagree.

Look at all the Greek islands you can buy right now.

The Greek island of Omfori. Picture: privateislandsonline.com