£2.3m buys you a private island

You can buy a private island for a typical £2.3 million, less than it costs to buy property in Kensington and Chelsea, research from estate and lettings agent Barrows and Forrester has found.

The most expensive? A Caribbean 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 for example, 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.

James Forrester, managing director of Barrows and Forrester, said: “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.”

Buying a house on islands can bey affordable.

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.