A private island in Northern Greece can cost as much as a luxury hotel. Currently, there are real offers on the market for islands near Kavala at prices around 3 million euros, and in the Halkidiki region the value of such properties can reach 10 million euros.
The market for private islands in Greece is not limited to the most popular tourist areas in the Aegean Sea. There is also interest in locations that are relatively close to Bulgaria, especially in Northern Greece. This makes such properties attractive to both private buyers and investors with tourism projects.
Among the more famous examples is the island of Spalatronisi near Neos Marmaras, located between Porto Karas and Porto Koufo. It has an area of nearly 104 acres and is located about 500 meters from the coast. Back in 2013, the island was put up for public auction with a starting price of EUR 10 million.
There are more affordable offers in the Kavala area. One of the islands on offer is Fidonisi, with an area of over 142,000 sq m and a price of EUR 3.5 million. According to the ad, it is located about a kilometer and a half from the coast and allows for the possibility of a private residence, as well as a larger hotel project with a special permit.
Another current offer is for an island with an area of about 158 acres, a few kilometers from Kavala, with a price of EUR 3 million. Part of the terrain has forest status, which means that construction on it is prohibited, and the remaining area can be developed only in compliance with legal requirements.
However, buying an island in Greece does not automatically mean freedom to build. In such transactions, the forest status, protected areas, access to electricity and water, as well as specific permits are of key importance. The transfer of ownership requires over 30 documents.
Therefore, experts point out that in such cases, it is not just land in the sea that is being purchased, but the potential that Greek legislation allows to be realized. For investors, this means that the real value of the island depends not only on the area and location, but also on the possibilities for development, infrastructure and future exploitation.
Detailed statistics on the average prices of properties in Bulgaria by cities and neighborhoods can be seen at imot.bg