Buy an island for less than the price of your north London home

With prices in areas such as Hampstead and Highgate you could even afford to purchase two islands if you can bear to give up the north London lifestyle, while a “fire sale” of Greek islands is expected as a ramification of the debt crisis.

Knight Frank’s latest Island Report shows that 65 per cent of private islands are on sale for less than £350,000.

According to Right Move the average price of a home in north London is £640,039, meaning that you could comfortably afford to buy an island and still have thousands to spare.

Average house prices are even higher in areas such as Hampstead (£1,096,551) and Highgate (£800,319), where you could potentially even buy two islands for the price of a home.

The Island Report also revealed predictions of a “fire sale” of Greek islands, which comes after news previously reported by the Ham & High that property investors are flooding into north London from Greece due to its current economic instability.

“As the long-term ramifications of Greece’s financial bailout play out more fire-sales of Greek islands are expected,” reads the Island Report.

However, it added that in 2014 Greece introduced its “first permanent property tax” which is proving “burdensome” for some private island owners.

It seems foreign investors looking for a bargain are most likely to be attracted to Greece, so why not join them and drop north London life to while away your days on a private island instead?

Private Island Myth Busting

1. Celebrities and UHNWIs are the main buyers

In fact Governments, NGOs and Conservationist groups are competing for ownership

2. Private Island = Private Jet

Most UHNWIs fly to a nearby hub and then travel by boat to their island

3. Tax benefits are the key motivation for buyers

Less than 10% of islands provide tax advantages to residents

4. Private islands are a shrinking resource

Volcanic eruptions are creating new islands each year with Tonga, Russia and Japan home to the latest additions