£2.3m is the average value of a private island

£2.3m is the average cost of a private island – Here’s where you can buy one for less than a home in Kensington

Research from estate and lettings agent, Barrows and Forrester, has shown that, in the current market, the average cost of securing your own private island sits just shy of £2.3m, although it is possible to pick up a private island for less than the price of a property in Kensington and Chelsea.

Barrows and Forrester analysed over 500 current market listings to reveal the average cost of purchasing a private island and how it differs from one area of the world to the next.

The research shows that those looking for a slice of island life close to home have plenty of affordable options within reach.

In fact, the average house price on the Isle of Arran is just £122,595, with other Scottish islands also providing fairly affordable, including Lewis and Harris (£162,052), Orkney (£194,322) and the Isle of Mull (£194,565).

However, island life doesn’t guarantee a more affordable foot on the ladder, with the current average house price on the Isle of Man coming in at £386,955, while the average home in the Isle of Wight also commands £298,103 in the current market.

Those who want to go the whole hog and purchase their own private island will need even deeper pockets though. The analysis of current private island for sale stock by Barrows and Forrester found that, on average, a private island will set you back £2,288m in the current market.

The most expensive? Perhaps predictably the Caribbean, where a private island will cost you an average of £5.3m, making it by far the most prestigious pocket of the world for a private island purchase.

Africa ranks as the second most expensive private island property market, with an average price tag of £2.9m, followed by South America (£2.7m), the South Pacific (£2.7m) and Asia (£2.3m).

However, there are some areas of the world that offer relative affordability when it comes to a private island purchase. In Canada, the average price of a private island in the current market is just over £1m, making it more affordable than the cost of buying a home in Kensington and Chelsea.

Managing Director of Barrows and Forrester, James Forrester, commented:

“As an island nation, most of us can appreciate the appeal of island living and the more measured pace of life it provides compared to the hustle and bustle of our major cities.

While it’s certainly not for everyone, you may be surprised at just how much an island home will cost you when looking off the UK mainland.

Of course, it will cost you a fair bit more if you want to go the full hog and secure your own private island, but even then, there’s a saving to be made depending on where in the world you look.”