The Wall Street Journal included today a report on small Greek islands for sale, and illustrated some advertisements presenting the small heaven-on-earth properties of Greece.
The idea of selling Greek islets is not a new one and WSJ noted that major real estate and property agencies selling islets they either already possess, or sell on behalf of their customers, receive many offers but only a few of these end up in a purchase agreement.
This happens because the price for an islet is usually deterrent to any potential buyer.
For example, a real estate agency based in Crete has issued an advertisement on the Internet asking for 180million Euros for the acquisition of a private islet of 4,000 acres. A slightly lower price of 150 million Euros is asked for the acquisition of the islet Athanasios in the Korinthian Bay.
The newspaper noted that these prices are not realistic and that the infamous Greek bureaucracy is a further restraint put on the sale of the islets. Moreover, thousands of the Aegean islets are close to the Greek-Turkish border, which means that they cannot be sold because of national security reasons.
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