A Greek private island for sale appeared in a Wall Street Journal article as a good investment. Modi island is on sale for 1.5 million dollars (1.25 million euros) and the real estate agent calls it “an ideal opportunity for a solid business investment with unlimited possibilities.”
Modi island is in the Ionian Sea and close to the western edge of Greece. It is 51 acres of undeveloped landmass, covered in abundant greenery. It is close to Ithaca, the island made legendary by Homer’s epic “Odyssey.”
The Greek island has been listed on Private Islands Online, a real estate website based in Ontario, since February 2012 and is one of a group of privately owned Greek islands on the market. A spokeswoman at the website did not know when the owners first put the island on offer. Attempts to reach the owners of Modi Island were not successful.
The listing says that Modi island has the potential of becoming a luxury sea resort, thus an excellent investment. At the same time, it can be a private sea paradise for a wealthy buyer. The weather is good throughout the year and excellent between May and October, it adds.
New tax laws in Greece and the drop in prices make such a purchase more attractive now. However, the purchase of a Greek island is not like buying a private aircraft or boat. Bureaucracy rules in Greece and paperwork requires 32 signatures until the deal is finalized. Also, the prospective buyer must go through a background check to determine if he is a national security threat or not.