Krolow is talking about islands such as Motu Teta Rangiroa in French Polynesia, which is on the market for just over £1.5m. If you told a child to crayon a picture of a private island, this palm-tree studded paradise is what they’d draw. Thanks to Starlink, owners can live on coconuts while trading shares on their laptop.
A second reason for rising prices is that building rules have got “stricter and stricter,” continues Krolow.
“For example, where I am [on an island in Canada] you used to be able to build on a one acre island. Not anymore.” Potential buyers should note that “if there’s some kind of development on an island already, it’s usually a good thing”.
Turnkey islands completed by their current owner are notoriously tricky to price, says Krolow. “They’re like, ‘it took me 10 years to build this, so I’ll add another $10m to the price tag’.”
With relatively few sales each year, however, it’s hard to draw concrete trends. Countries such as Belize, which are popular with buyers because English is spoken, have become pricey, so Caribbean island hunters are moving south. “I’m seeing more interest now in Honduras,” says Krolow.
Some Caribbean countries offer residency programmes, such as so-called “golden visas” sold in St Lucia and Dominica, but Krolow says few of those particular nations have any islands for sale.
There is also the option to rent your island like Sir Richard to defray the cost. “It’s my biggest sales pitch,” concludes Krolow. “Before Covid there was a higher percentage of people looking for a private island as a second or third vacation home. In the past five years, I have seen an increase in buyers focusing on the rental potential of islands. There has been more interest in having an island as a vacation home and also monetizing it at the same.”
Maintaining the property throughout the year also means that “when the owner comes, they can put up their feet and enjoy the place,” rather than sweeping leaves from the pool.
Scuba divers, stargazers and druids
It begs the question, who wants to be a housekeeper on a far-flung island? Meet Andy Jackson. The Londoner has been general manager of the Isle of Carna for 20 years. The island with diverse wildlife including golden eagles and sea otters, comprises 600 virgin acres bobbing in Loch Sunart, a three-hour drive from Glasgow Airport.