London homes now more expensive that two thirds of world's private islands, says Labour's London mayoral candidate Sadiq Khan

 
James Nickerson
Follow James
Dubai Economy Booms
Knight Frank says you don't have to be a millionaire to afford a private island (Source: Getty)

Wouldn't it be nice to live on your own private island.

Nice - nice and cheap. London homes are now more expensive than two thirds of the world's private islands, says Labour's London mayoral candidate Sadiq Khan.

He's looked at data from global property consultancy Knight Frank, which shows 65 per cent of private islands currently for sale cost less that $500,000 (£354,000).

Read more: House prices soar by 47,000 per cent since the Queen was born

Indeed, in The Island Review, Knight Frank's research, the myth that private islands are only for millionaires is "debunked".

That compares to the average price of property in London for first-time buyers, which costs in excess of £364,000.

"Buying a family home in London shouldn’t be a luxury – and it’s absurd that most of the world’s private islands now cost less than a London home," Khan said. "I’ll build homes that are genuinely affordable for Londoners to rent and buy."

Read more: Lack of homes is stopping older Londoners downsizing

A quick look online finds a number of islands for sale. Take Isla Paloma, a three quarter acre island with a two bedroom home in Panama, on the market for £270,000.

Island Location Price Features

Isla Paloma

Panama

£270,000

0.75 acres, two bedrooms, home to nature and tropical plants

Pink Pearl Island

Nicaragua

£355,000

2.5 acres, main house, three cabanas, chartered helicopters available

Frypan Island

Canada

£256,000

6.5 acres, two story cottage, frequent public boats to local town

Alternatively, there is a 6.5 acre island in Canada with a three-bed cottage for £256,000. Or Pink Pearl Island, Nicaragua, where for £355,000 you'll get a 2.5 acre island with a main house and three cabanas.

Compare that to Knightsbridge, where the average property costs near £3m. For that you could get an island with 11 acres in the Bahamas.

Though if you're looking top end, such as 43 acres and 12 bedrooms with a swimming pool in the British Virgin Islands, you'll have to make an application before seeing a price.

If you fancy something closer to home, though, Knight Frank has said: "Private islands off the west coast of Scotland and Ireland continue to change hands for as little as £300,000."

Related articles