Friday October 31, 2014 Search
Weather | Athens
18o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Private islands around Greece on sale at bargain prices

The sale of Scorpios has run into difficulties given that the will of the late shipping magnate Aristotle Onassis forbids the sale of the island, unless its maintenance is unfeasible.

By Nikos Roussanoglou

Following a three-year period during which no purchases were recorded, major activity is currently being observed in the sale and development of Greece’s private islands. According to experts operating in this singular market, a number of owners, especially those who inherited the island properties, are trying to sell them off due to recently introduced high taxation.

As a result, asking prices have dropped considerably, while in cases of serious offers, it is estimated that the owners are willing to make some substantial concessions. This is the case in the alleged sale of Oxia, an island owned by the Greek-Australian Stamoulis family, to members of Qatar’s royal family.

The island, which has a surface area of approximately 1,236 acres, was initially advertised at 6.9 million euros. The property’s final price, however, is said not to have exceeded 5 million euros. The island is located in the Ionian Sea, near Ithaca.

While a major portion of Oxia is protected as a part of the Natura 2000 ecological network, part of the island may be developed, according to sources.

The sale of Patroklos island, off the tip of Attica and 3 kilometers from Sounio, might be nearing. According to a well-informed source, the property’s owners, the Giatrakos family, are currently working in tandem with a Canadian investor and collaborating with local authorities in a bid to clarify which part of the island may be commercially developed. Given Patroklos’s major development potential and its proximity to the capital, it is estimated that the price will exceed the 100-million-euro mark.

Nevertheless, previous attempts to sell the island have come up against obstacles due to the lack of a clear urban-planning and land-use scheme, as well as a series of archaeological issues. The Giatrakos family is making all possible efforts to put the aforementioned matters to rest in order to finalize the island’s transfer.

A well-known private island, Scorpios, has also been up for sale for the last few years. The island, which currently belongs to Athina Onassis, is situated opposite the village of Nydri, Lefkada, in the Ionian Sea.

The Onassis heir is citing financial reasons for putting Scorpios on the market. According to Kathimerini sources, however, the sale has run into difficulties given that Aristotle Onassis’s will forbids the sale of the island, unless its maintenance is unfeasible, which is what the magnate’s granddaughter claims. Given this legal complication, the owner is actively pursuing the option of a 99-year lease to an investor.

ekathimerini.com , Tuesday April 17, 2012 (23:15)  
Big monthly drop for stocks
Eurozone inflation up, unemployment steady, Eurostat reports
Greek retail sales rise for third month in a row
Germany’s 10-year bonds decline before euro-area inflation data
Cyprus court ruling opens way for bailout funds
The Cypriot supreme court ruled as unconstitutional Friday four bills on bank foreclosures whose passage by parliament prompted international lenders to halt payments on the country’s 10-bil...
Greek PM appoints new defense, development ministers [Update]
Greek Prime Minister Antonis Samaras named his development minister to the defence ministry portfolio on Friday to replace Dimitris Avramopoulos, who is set to become an EU Commissioner. Nik...
Inside News
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
EDITORIAL
Findings raise eyebrows
An investigation into money transferred to foreign banks by civil servants since 2010, when Greece’s brutal debt crisis erupted, has come up with some striking findings. The checks, which we...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Big monthly drop for stocks
2. Cyprus court ruling opens way for bailout funds
3. Greek PM appoints new defense, development ministers [Update]
4. PSI victims protest in Athens, Thessaloniki
5. Archaeologists find underground vault in Amphipolis tomb
6. Eurozone inflation up, unemployment steady, Eurostat reports
more news
Today
This Week
1. Man shot dead, woman injured in Vathis square attack
2. Cyprus’s Georgiades bets on economy for Irish-style bailout exit
3. Germany’s 10-year bonds decline before euro-area inflation data
4. Archaeologists find underground vault in Amphipolis tomb
5. Greek retail sales rise for third month in a row
6. New defense minister to be appointed without reshuffle
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.