Real Estate
The real estate market for private islands varies globally. Prices tend to be lower in Nova Scotia, parts of Michigan and Maine, and parts of Central America; and higher in Europe, the Bahamas, and Oceanic countries like French Polynesia. Islands with amenities have higher market value and are not sold as frequently. Some are available for travelers to rent, a trend which increased in the 2000s with economic recession making it more difficult for some owners to maintain them. In So Kwun Wat, Hong Kong, the Pearl Island is a privately owned gated community.
In the 2000s, the United States housing bubble increased the cost-per-acre for private islands. The effect was fueled by the advent of the Internet, which provided greater access to island inventories. Conservation groups' efforts to restrict development led to less supply of private islands in the market, raising prices.
Southeast Asia has numerous islands, with Indonesia being an archipelago of 17,000 islands and the Philippines having around 7,100. Real estate laws restrict foreigners' ability to buy property in the geographical area, and many islands either have unclear ownership rights or are already settled. Private islands that are available in Southeast Asia's real estate market are also prohibitively costly due to being in high demand by hotel developers. Developments address these difficulties by selling private islands that have villas and neighbor islands that have high-end hotels; the proximity keeps costs of habitation down.
Read more about this topic: Private Island
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