While many lenders have started to tighten their belts in recent months, the high-end market remains unimpeded and is expected to drive price growth forward, as London remains the pinnacle of homeownership for the super-wealthy.
So far this year, there have been some 362 transactions across the capital for £3m or more and high-end homebuyers have paid an average of £4,975,462 to get on the top tier of the London property ladder.
But for those that may still favour a more secluded way of life until the pandemic has fully blown over, the world’s leading high-net-worth mortgage broker, Enness Global, has highlight ten islands that you can buy for the same price of a high-end London home or less.
Just a few months ago, a Swiss luxury real estate owner and developer acquired the Le Grand Jardin estate in the Mediterranean Sea, extended over 14,000m2 the island was previously the residence of royalty such as Louis XIV, the Duke of Guise and the Governor of Provence.
Closest to home is the Greek island of Stroggilo. The freehold investment covers 54 acres, boasts clear water and sandy beaches and is on the market for just £3.9m. The only downside is that it remains undeveloped would need some work to offer the modern comforts that come with living in prime central London.
Enness has highlighted two potential island investments in the States that comae in less than the average prime London property. Faraway Estate is on the market for £4.6m with the freehold island covering 4.4 acres and coming fully developed and ready to live on. Built-in 1901, the fully restored main cottage offers seven bedrooms and outstanding, 360-degree views.
If you’re after more space, Trump Island in Washington boasts 29 acres of freehold island living, with a price tag of £4.3m. The self-sustained island is off-grid so perfect for a pandemic retreat, with independent power and water systems and approved slips for seaplanes and yachts, as well as a permitted helipad.
Heading to the Bahamas offers a whole host of island options for less than a high-end London home. For a little over £3.8m, you can secure 16 acres of partially developed freehold island life on Pierre Island.
Or for just under £3.5m, you can opt for Big Fish Clay, a fully developed, 55-acre, private freehold island, with 400 feet of secluded sandy beaches and infrastructure such as underground water, power, internet and phone already in place.
If you want to join other celeb homebuyers such as Leonardo DiCaprio, then Belize is your best bet for an island purchase. North Saddle Caye is on the market for just over £3.8m and provides 4 acres of freehold island paradise, already developed with its own protected lagoon.
Or this 6.5-acre private island resort lies just 6.5 miles from Belize City’s international airport and is fully sustainable with solar power and its own reverse osmosis system for potable water to serve the five beachfront cottages, as well as the main residence. It also lies just a mile away from the Great Barrier Reef.
If Africa, Tonga or the Philippines are more your cup of tea, then there are also options to buy an island instead of a prime London home. They range from 3.6 acres to a huge 950 acres although they require development and are on the market as leasehold sales, priced between £3.5m to £4.65m.
Group CEO of Enness Global Mortgages, Islay Robinson said, “More space, privacy and a greater degree of safety have become the key factors for high net worth individuals looking to buy in a pandemic property market. This is no different in London where we’ve seen many buyers pay above the odds to secure a larger home with more outdoor space in anticipation of future lockdown restrictions.
“However, for those searching for a truly pandemic-proof property investment, island life could be the way forward. There are a whole host of private islands available on the current market in locations all over the world, providing a secluded COVID bolthole for a very reasonable price.
“If I had the choice of the Bahamas or Mayfair for the impending winter months, I know which one I would choose.”