Traditionally, the islands of Greece have been passed down from one generation to the next. But Greece’s private-island property market is taking off thanks to growing interest from foreign investors, a drop in prices and changes to Greek tax laws, according to the Wall Street Journal.
Some 20 privately owned Greek islands are currently up for sale, according to the Journal.
Recently, Ekaterina Rybolovleva, the 25-year-old daughter of Russian billionaire Dmitry Rybolovlev who paid a record $88 million for her crash-pad at 15 Central Park West, bought the Greek isle of Skorpios. “After Skorpios was sold, and especially during the past year, there has been an intense interest in the islands’ market,” Alexandros Moulas, an agent for real-estate firm Savills, told the Journal. “An intermediate usually gets in touch with us and the name of the actual investor is kept as a closely guarded secret.” [WSJ] —Christopher Cameron