Demand for private island rentals soars

New York /
Sep.September 15, 2013 12:00 PM

Private islands have long been the ultimate real estate status symbol, but now they are becoming increasingly available, as more uber-wealthy individuals opt to rent out their trophy estates. Part of the reason the super rich are bothering to lease their sceptered isles is simply that demand is soaring, according Farhad Vladi, a private island broker and owner of Vladi Private Islands.

“More and more people are turning to islands as a holiday destination, instead of simply something to own,” Vladi told NBC News. “It seems that the younger generation in particular is more interested in experiencing than acquiring,”

In the past 40 years Vladi sold some 2,400 islands, but in recent years his company has brokered nearly 26,000 island rentals.

Despite their obvious appeal and growing desirability, private islands are simply not a good investment, even if you intend to play landlord, Brad Sullivan, a high end financial adviser, added.

“I would never advise a client to purchase an island if they wanted to see returns unless it was over a very long period of time – and we’re talking generations here,” Sullivan told NBC. “They’re basically big boys’ toys.” [NBC News]Christopher Cameron


Related Articles

arrow_forward_ios
$1B in Rent Reduction Available to Select Blackstone Tenants (Blackstone)
Blackstone to spend $1B in affordable single-family rental expansion
Blackstone to spend $1B in affordable single-family rental expansion
(iStock/Illustration by Kevin Rebong for The Real Deal)
Owning is more affordable than renting, even amid rising home prices
Owning is more affordable than renting, even amid rising home prices
From left: Eric Adams, mayor of New York City; Rich Buery, chief executive officer, Robin Hood; Scott Short, chief executive officer, RiseBoro (Getty Images, Twitter/LISC NYC, iStock/Illustration by Steven Dilakian for The Real Deal)
Nonprofits call for greater access to city vouchers as evictions loom
Nonprofits call for greater access to city vouchers as evictions loom
Gov. Kathy Hochul, RSA President Joseph Strasburg, The Fortune Society's Andre Ward (Getty, Fortune Society/Illustration by Kevin Rebong for The Real Deal)
Hochul aims to stop landlords’ knee-jerk rejections of ex-cons
Hochul aims to stop landlords’ knee-jerk rejections of ex-cons
Onyx Equities to roll out 2 Ridgewood rental projects
Onyx Equities to roll out 2 Ridgewood rental projects
Onyx Equities to roll out 2 Ridgewood rental projects
RET Ventures' Chris Yip and The Real Deal's Hiten Samtani
Inside the rental tech ecosystem, with RET Ventures’ Chris Yip
Inside the rental tech ecosystem, with RET Ventures’ Chris Yip
Report: U.S. rents surged 7% from October to November
Report: U.S. rents surged 7% from October to November
Report: U.S. rents surged 7% from October to November
Legal Aid Society CEO Janet Sabel and Gov. Kathy Hochul (Legal Aid, Getty)
Legal Aid Society suit asks NY to reopen rent relief portal
Legal Aid Society suit asks NY to reopen rent relief portal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...