World s top 20 islands for UNHWIs identified

World’s top 20 islands for UNHWIs identifiedA new report by Savills identifies the 20 islands worldwide that present the best investment prospects for ultra-high net worth individuals (UHNWI), stating that selling islands can revive a country’s economic prospects.Caribbean islands nabbed several places on Savills’ top 20 list but the report – which argues that the wealth of ultra-high net worth individuals (UNHWIs), islands’ rarity and exclusivity factors, and new transport infrastructure are fuelling demand for alternative offshore real estate – placed Bermuda in top spot. Bermuda has the highest concentration of UNHWI property holdings of any island outside the US, with the average price of a standard four-bedroom property on-island exceeding $4 million.The Bahamas, British Virgin Islands and Antigua sit in the report’s top five, based on their proximity to the US as well as their appealing climates and favourable business environments. Europe’s so-called ‘safe haven’, the Channel Islands, where property prices have remained resilient through the global economic crisis, is also among the top five island locations. “The last 10 years were the decade of prime urban property investment; the next 10 years will see a growing appetite for island real estate investment and lifestyle,” said Yolande Barnes, director of Savills World Research. “For the world’s wealthy, the pinnacle of achievement is to own what is exclusive and rare, so an island property goes hand-in-hand with a luxury apartment in a prime city.”North American islands featured in Savills’ list included the Hawaiian islands, the Florida Keys, Nantucket and Martha’s Vineyard: the second home market is buoyant in these areas, where prices for four-bedroom properties have exceeded $2 million. The report, undertaken jointly by Candy & Candy, Savills World Research and Deutsche Asset & Wealth Management and published in The Candy GPS Report, assessed the global island real-estate market according to several factors, including: volume of UNHWI property holdings, transport links to mainland markets, sources of capital and occupiers, real-estate prices and tax regimes. Candy & Candy CEO Nicholas Candy said a private island is the “ultimate trophy asset”, noting that financial return is not the primary motivation for investing in them. “These buyers are seeking the ultimate hideaway and a chance to shape their own world,” Candy said. “For them, the qualities ‘remote’ and ‘private’ are priceless.”Savills’ full report is published in the autumn/winter 2014 issue of CANDY Magazine: www.candyandcandy.com