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Here are the 11 cheapest Greek islands for sale right now

Business Insider 15/07/2015 LIANNA BRINDED

Omfori Island has only one building. © Provided by Business Insider Omfori Island has only one building. Greece has between 1,200 and 6,000 islands, according to a range of different estimates, and there is no definitive answer on how many the Greek government owns.

What we do know is that dozens of islands are up for sale, and British property agent Knight Frank is predicting a "fire sale" of Greek privately owned islands over the next few years.

If the Greek government does become desperate, it can also hawk off some of its island assets to help raise the €50 billion (£36 billion, $55 billion) that is needed to appease its creditors.

On Private Islands Online, some islands are going for as little as €3 million (£2.1 million, $3.3 million). That's less than a house in an upmarket place in London like Chelsea.

Check out some of these beautiful islands that a could be easily bought by wealthy investors from Private Islands Online.

11. Omfori Island — €50 million (£36 million, $55 million).

Location: Ionian Sea

Development: Partially Developed

Size: 1,112.00 acres / 4.5 million square metres

This partially developed island has only one building: the one you see in the picture. It does, however, have planning permission for someone to build on 20% of the island.

Private Islands Online says in the prospectus that if the buyer can prove that it is a good investment to build more properties on the island, the Greek government is likely to grant further permission.

10. Dulichium Island — €40 million (£28.4 million, $44.1 million).

© Provided by Business Insider Location: Ionian Sea

Development: Nondeveloped

Size: 1,335.00 acres / 5.4 million square metres

This is the largest private island for sale in Greece right now. The highest point on the island is 250 metres above sea level. It has about 4,000 olive trees, shrubs, and dwarf bushes. It is undeveloped but presents an opportunity for someone to turn it in a luxury-hotel resort.

9. Northern Aegean Island — €35 million (£25.9 million, $38.6 million).

© Provided by Business Insider Location: Chora

Development: Nondeveloped

Size: 86.00 acres / 348,029 square metres

This island is only half an hour away, by speedboat, from Athens. Numerous international developers are already showing an interest, according to Private Islands Online, because of the island's close proximity to the Greek capital.

8. St. Thomas — €15 million (£10.7 million, $16.5 million).

© Provided by Business Insider Location: Saronicos Gulf, near Corinth

Development: Nondeveloped

Size: 300.00 acres / 1.21 million square metres

St. Thomas Island is only 20 minutes away by water taxi from Corinth in Greece and only 45 minutes away from Athens. It is also part of the Diapori chain in the Saronicos Gulf, "an area of Greece mythologized for the lush emerald beauty of its picturesque islands."

7. Nafsika Island — €6.9 million (£4.9 million, $7.6 million).

© Provided by Business Insider Location: Ionian Sea

Development: Nondeveloped

Size: 1,235.00 acres / 5 million square metres

Nafsika Island was recently sold but still features on the Private Islands Online website. This mountainous island is one of the last undeveloped spots within the Ionian Sea and has sheltered bays, three large natural harbours, and high vantage points with 360-degree views.

6. Kardiotissa Island — €6.5 million (£4.6 million, $7.2 million).

© Provided by Business Insider Location: Aegean Sea

Development: Nondeveloped

Size: 280.00 acres / 1.13 million square metres

This large property in the heart of the Aegean Sea has incredible transport links and is touted as a perfect place to set up facilities for sailing, diving, and adventure sports.

Private Islands Online points out that the island is between Folegandros and Sikinos, which are both under 10 minutes away by speedboat. There is also a daily all-year-round link with ferries to Piraeus from both islands.

5. Nissos Sofia — €5.5 million (£3.9 million, $6 million).

© Provided by Business Insider Location: Ionian Sea

Development: Nondeveloped

Size: 43.50 acres / 176,000 square metres

The island is owned by a private individual and was designated as a Ramsar site, meaning it is a wetlands of international importance. This means the area is guaranteed to have a high level of privacy because commercial boats are restricted from sailing in the waters. 

4. Kythnos Island parcel — €5 million (£3.6 million, $5.5 million).

© Provided by Business Insider Location: West of Cyclades, surrounded by the Aegean Sea

Development: Developed

Size: 47.44 acres / 191,182 square metres

This island is just an hour from Athens by boat and is already inhabited with 20 to 25 picturesque small houses. It is also only leasehold, meaning ground rent will have to be paid to the owner of the land. But because it is developed, roads, building, and local culture are ready to be given a boost by land development. 

3. Stroggilo Island — €4.5 million (£3.2 million, $5 million).

© Provided by Business Insider Location: Dodekanisa

Development: Nondeveloped

Size: 54.00 acres / 218,530 square metres

This 54-acre island is in close proximity of the popular island of Marathos, in the Aegean Sea.

Though the island is nondeveloped, Private Islands Online points out that the water can become drinkable with a small filtration processer, and it is able to derive electricity from Marathos, which has an established power grid.

2. Isle of Gaia — €3 million (£2.1 million, $3.3 million).

© Provided by Business Insider Location: Echinades Group, Ionian Sea

Development: Partially developed

Size: 43.00 acres / 174,014 square metres

This is dubbed the "millionaires' playground" by Private Islands Online because of its clear ownership by a private company that has approval to build six villas and permission to subdivide into six plots. The region is also touted as having idyllic conditions for water sports, sailing, fishing, deep sea diving, and swimming. 

The bonus — it costs less than than buying a house in some upmarket parts of London.

1. Lihnari Peninsula — €3 million (£2.1 million, $3.3 million).

© Provided by Business Insider Location: 10 minutes west of Corinth

Development: Nondeveloped

Size: 95.00 acres / 384,451 square metres

The owners may be looking for a quick sale because the island's price was recently slashed in half. It has some luxury properties on the island as well as fresh water, a road, and lots of olive trees.

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