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Italians Indulging in Private Islands

Wednesday, August 3rd, 2011

italy1Italy is famous for it’s beautiful beaches, and every summer Italians flee the hot and crowded cities for the cool breezes of the coast. According to the Independent, Italians are taking their beach obsession to a whole new level with more of the countries super rich investing in private islands. .

According to the paper last year a record 150 islands, from Croatia’s coast to the Caribbean and the South Seas, were bought by Italians.

Many VIPs who buy them like to keep quiet, but there were unconfirmed reports that Italian fashion designer Giorgio Armani bought a small Greek island for more than £100 million (R1.1 billion).

Customers with £440 000 or more can start enquiring about the coast of Florida, the Gulf of Mexico, or the Maldives. Islands in the Caribbean went for £6.2m.

Islands off the coasts of Norway, Brazil and Greece have also proved a draw for Italian customers.

And according to newspaper La Repubblica, the Italian demand for islands looks set this year to outstrip that of last year.

The choice of islands has never been better, as governments seek to refill coffers emptied by recession. In 2009, Croatia said it was putting its Brioni Islands in the Adriatic on sale, in the hope of making more than £880m.

To read the article visit iol travel.

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