Friday, August 16, 2024 The travel industry is increasingly turning its attention to the lucrative market of private-island holidays. This growing trend allows companies to create exclusive destinations that keep travelers isolated from local populations while maximizing revenue from tourist dollars. Once the exclusive hideaways of James Bond villains or wealthy magnates, private islands have become increasingly accessible and attractive to the tourism industry.
With summer in full swing in the Northern Hemisphere, tourists are flocking to destinations worldwide, but concerns over over tourism have led some popular locations to push back against the influx. Cities like Venice, Lisbon, and Amsterdam have seen rising tensions between visitors and locals, sparking protests and new regulations. Chris Krolow, founder and CEO of Private Islands Inc.
, a Canadian marketplace for private-island sales and rentals, reports a significant increase in private-island sales since the COVID-19 pandemic. Hotspots such as the Caribbean and Central America, particularly Belize and the Bahamas, have seen a surge in demand. Krolow, known for HGTV’s “Island Hunters,” has over 600 islands listed for sale, with prices ranging from $26,000 for a plot in Belize to $160 million for an island in Thailand.
Krolow cautions that owning a private island comes with substantial costs, including maintenance, staffing, and transportation. Despite these challenges, the allure of owning a piece of paradise c.