Wealthy italians splash out on private islands

Italy's rich are taking the national obsession with private beaches to a new level by snapping up their own islands as rising seas and environmental damage spoil some of the trendiest bathing spots in the country.

While the middle classes make do rubbing shoulders with Eurotrash and regimented private beach clubs in Tuscany, Liguria and the Amalfi Coast, those that can are opting for a rather more exclusive alternative.

Last year a record 150 islands, from Croatia's Coast to the Caribbean and the South Seas, were bought by Italians. Many VIPs who buy them like to keep quiet, but there were unconfirmed reports that leading Italian fashion designer Giorgio Armani had bought a small Greek island for more than £100m.

The smallest outcrops in less desirable areas went for as little as €20,000 (£17,700). But most buyers are prepared to pay €250,000 which, according to Mario Breglia of the Milan-based Scenari Immobiliari property research group, would get you a bolt-hole in Northern Europe, the Canadian lakes or Croatia. "Those who are able to pay more can look at more exotic places, particularly Central America," he said. 

Source: Independent.co.uk