A Qatari royal family member has purchased a Greek island for €5m ($6.59m), according to reports published in local media.
Citing unnamed sources, Oxia, Greek daily Ekathimerini reported that the island, spread across 1,236-acres, was initially advertised by owners the Greek-Australian Stamoulis family for €6.9m ($9.1m) while adding that the island’s new owners are interested in developing part of the island.
The island is located in the Ionian Sea, near Ithaca, and is protected by the Natura 2000 ecological network, the newspaper said.
World’s most powerful monetary institutions, including the IMF, are putting pressure on Athens to privatise its islands in order to foot its sovereign debts.
The sale comes in the wake of acquisition of Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia by Qatar’s sovereign wealth fund. Reports said the agreement was signed last week.
Qatar Holding is also bidding to acquire a portfolio consisting of four luxury hotels with a total of 372 rooms, the Porto Cervo Marina, the Porto Cervo Shipyard, the Pevero Golf Club, a 51% interest in 2,290 hectares of adjacent undeveloped land and various other real estate assets in Costa Smeralda.
“We intend to continue supporting the on-going development programme which will see Costa Smeralda strengthen its position as one of the world’s top resort destinations,” Ahmad Mohamed Al-Sayed, managing director and CEO of Qatar Holding, said in a statement.