Demand for private island rentals soars
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