Want to buy an island?

Vladi’s current inventory includes everything from rustic little isles off Nova Scotia to Isla de sa Ferradura, a posh $42 million “rock” in the Spanish Balearics that a Dutch developer has transformed into a Mediterranean fantasyland of pools, gardens and waterfalls.

The Caribbean, Vladi observed, has become one of the pricier markets. “The majority of the Caribbean islands are leasehold, government owned or in private hands. With the exception of the Bahamas,” he noted, “there are not too many freehold islands for sale. This is one reason why those few islands are higher in price.”

So where are the bargains? “There are literally hundreds of freehold islands available in Sweden and in Nova Scotia,” he told me. “You can still buy a substantial island for under $400,000. That’s less than what you pay for a condo in New York.”

Central America is another up and-coming region, especially the islands off Belize, Panama and Costa Rica. And Vladi says to keep a close eye on the Pacific, where governments in the Solomon Islands, Marshall Islands and the Philippines may soon liberalize their land ownership laws.

Although he’s an entrepreneur, Vladi doesn’t condone property ownership laws that permit unrestricted purchase — and development — by foreign buyers. “There is a social obligation to buying an island,” he remarked, that both buyers and sellers should consider. “You speak to ordinary Bahamians and they can no longer afford these [land and housing] prices. Prices are driven up to their disadvantage.

“In Bermuda, they are doing it right. Foreigners are only allowed to purchase real estate if the value of the property is above a certain amount. The effect is that properties that are valued at less than say, $1,000,000, can only be bought by locals.” He also likes the ownership laws in New Zealand where sellers are required to offer property to local buyers first. If there are no takers after six weeks, the island can be sold to a foreigner.

New Zealand is where Vladi finally realized his Robinson Crusoe dreams. After the longtime owner of Forsyth Island, a 2,100-acre hilly, little island in Marlborough Sounds passed away, Vladi was asked to appraise the place as part of the estate. “I had never been to New Zealand before and didn’t know what to expect,” he recalled. “I walked around and fell completely in love with the island.”

There wasn’t much Vladi didn’t like about Forsyth Island — its plants, the animals, the climate — though he did tear down the old house to put up a new one. “You go into the valleys, you see the trees, and you believe you are in The Lord of the Rings movie.”

Vladi admitted there was also something intangible that convinced him this was his slice of paradise.

“To buy an island is the same as courting a woman. You can never explain exactly why you love her. It’s chemistry — something you cannot define — a feeling that you can stay forever.”

Each issue of ISLANDS Magazine explores the most beautiful island destinations in the world, from tropical island outposts to the sophisticated gems of the Mediterranean. Our top-rate photographers and writers discover the quiet beaches, boutique hotels, and unique cultural experiences that make island travel unique.

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