Sales agents have seen an uptick of interest for private islands since the first reported coronavirus cases emerged in Wuhan. For Asia's wealthy, this asset class offers the ultimate quarantine amid the coronavirus pandemic.
With most people self-quarantining in apartments of just a few hundred square feet, super-rich Asians have found a better option for refuge: their own private island. Sales agents say they have been getting more enquiries from Asia’s wealthiest seeking an investment that can serve as both a bolt-hole from the raging pandemic and a long-term investment.
«For many who are already interested, the current world situation has meant that their resolve, intention and motivation to find a safe and protected haven for themselves and their families has only increased,»said Edward de Mallet Morgan, a partner with Knight Frank’s International Super-Prime Sales Team in London who specialises in private-island sales, who was quoted in «South China Morning Post».
Some Cost a Fraction
Although some of these private idylls sell for up to $100 million, some go for as little as $55,000, a fraction of the cost of an average Hong Kong apartment.
«As well as a financial investment, a private island would certainly be an investment in health and well-being and in very special family time. For some buyers, this is the key to real wealth – health and happiness and the family,» added Morgan.
Interest In Parts of Americas
«There’s been a definite uptick of interest in freehold islands in recent months, especially in the Caribbean and Central America,» said Chris Krolow, CEO of Ontario-based Private Islands Inc and the owner of Gladden Private Island, a bonsai resort on the Barrier Reef in Belize that rents for $3,695 per night.
Climate change and rising sea levels risks aside, potential purchasers should study access, sources of power and drinking water, and local building regulations, Krolow said. Due to these considerations, Asian investors tended to prefer islands that had already been developed.
