A member of the Qatar royal family has reportedly purchased the private Greek island of Oxia for a bargain price of less than five million euros.
Ripe for development, the Ionian island of Oxia was for sale for 6.9 million euros, but the advent of increased property taxes resulted in a much reduced sale price. According to Ekathimerini the sale of private Greek islands has been stagnant for three years, but the introduction of higher taxes has resulted in a sudden upsurge of interest as owners are prepared to lower prices in order to off-load their tax liabilities.
According to Vladi Private Islands the uninhabited island of Oxia is very accessible and ideal for development on some of its 1,236 acres. Although a large part of the island is protected as part of the Natura 2000 ecological network, sources revealed to Ekathimerini that it is likely some of the island will be developed.
It has not been revealed if the Emir of Qatar, Sheikh Hamad bin Khalifa Al Thani, personally bought the Greek island, or if it was a family member. In February Digital Journal reported that the Emir's daughter, Sheikha Al Mayassa Bint Hamad Bin Khalifa Al-Thani, purchased a Cézanne painting for the record breaking price of $2.5 million. Ironically, The Card Players, the purchased painting, previously belonged to Greek shipping magnate George Embiricos.
Qatar was named as the world's richest country in this years Forbes list, whilst Greece is mired in debt and committed to selling off Greek assets in order to satisfy demands made by the Troika.