Buying your own island is not as far-fetched as it seems. How to go about it and what budget is necessary.
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White sandy beaches and turquoise water, no noisy fellow travelers – or simply a cozy cabin in the middle of untouched nature. This is what many Germans dream of a vacation. Or, even better: their own island. But many people don’t know that this doesn’t have to remain an unrealistic dream. You don’t have to be a celebrity or have millions in your bank account to have your own island – although that certainly doesn’t hurt. But there are a few things you have to pay attention to when buying an island.
Criteria for the island: region, size, accessibility
When Berlin entrepreneur Karsten Kossatz first visited the “rock with trees”, as he now lovingly describes his island, he immediately fell in love with the rugged, pristine beauty of nature. He too had this dream of owning his own island, but for a long time he was unaware that buying one could be quite affordable. “I thought I would be able to afford an island someday when I was old and rich,” says Kossatz, founder of the no-venture studio Capital. “But there are many islands in Northern Europe that cost the price of an apartment in Berlin. You then have to decide.”
Buying the island off the Finnish coast was ultimately no more difficult than buying a house or an apartment, he reports – and began quite normally with a real estate agent. Island agent Farhad Vladi from Hamburg has islands worldwide and in all price categories on offer. A 9-hectare island on the coast of Nova Scotia in Canada is currently for sale for the equivalent of 87,000 euros, as is a 174-hectare island in the Bahamas for 45 million dollars.
To determine whether a price is reasonable or not, it can be helpful to look at the price per square meter on the mainland or the sales prices of neighboring islands. Region and size definitely influence the price of an island, but so does how easy it is to reach and how developed it is. In other words: is there a safe mooring for a boat? Is there already a house or is it even allowed to be built?
Island brokers like Vladi are there, among other things, to clarify these questions. Vladi was the first to specialise in private islands and is considered one of the most successful island brokers. He makes sure that his islands are “legally clean”, he tells Capital, meaning they must have a title deed and there must be no problems with the authorities. He also sets further criteria: “They must be politically and climatically tolerable. There must be a building permit. The island must be easy to reach – by boat or helicopter. And the nearest hospital must not be more than 90 minutes away.”
Infrastructure and choice of location
If there is no hut or well on the island, a certain amount of infrastructure must first be created. “It takes no longer than six months to make an island habitable,” says Vladi Capital. If a small island costs 50,000 euros, the same amount is added on top for the set-up with hut, energy and water supply. Nowadays, electricity can be generated relatively easily using wind power and solar cells. Some islands have fresh water sources, otherwise desalination plants have to make the sea water drinkable.
Even a small house doesn’t have to be expensive. In Canada, for example, log cabins and tiny houses are sold very cheaply, and the materials for them can easily be brought to the island. “In other countries where there is no or very little infrastructure, it obviously takes longer and costs more,” says Vladi.
According to the broker, the location of your own island should also depend on the preferred travel and vacation time. In July or August, for example, Ireland, Brittany or Canada are good places to go, while in winter or spring, the Caribbean is better.
Additional costs and logistics
In addition to all the island romance, as with any property, buyers have to pay additional costs for the purchase price and possible construction costs, such as for the notary, land registry, broker and property transfer tax, which, however, is significantly lower in Canada than in Germany, for example.
The amount of running costs, including property taxes and insurance, varies from country to country. However, entrepreneur Kossatz has hardly any local obligations after buying his Finnish island. “There is no garden that I have to look after. It’s all jungle,” says Kossatz. “When I go away, I pack up my things and can easily be away for a few months.”
However, the island involves a great deal of logistical effort. To get to the next island and from there to the mainland, it takes about an hour if everything is timed well. “You have to bring everything you need yourself and if you forget something, it takes half a day to get back to civilization and back.”
It is precisely this isolation that makes many people dream of having their own island. If you don’t want to buy straight away, you can also rent an island first.
Source: Stern
