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Private Island Demand Up Due To COVID-19 | TheRichest.com

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The COVID-19 pandemic has many dreaming of living on secluded island far from face masks, crowded subways and collapsed emergency rooms. For those with money, buying a private island seems like the perfect solution.

In fact, island brokers have reported an increase in demand for private islands during the lockdown. A forthcoming floating luxury real estate development that will be launched near the Bahamas in 2025 has generated substantial interest among those able to afford a luxury island.

RELATED: 10 Celebrities You Didn't Know Owned A Private Island

The Blue Estate Group, which is developing the project, named Blue Estate Island, has reported that they have received countless request for information about the properties, which range from $19,800 to $1 billion. Located 25 minutes by plane from Nassau and 90 minutes from Miami, the island will measure 4,921 feet by 3,280), half the size of Monaco, and can house up to 15,000 permanent residents.

"At first we were worried whether the current pandemic might have a negative impact on the project," Erik Schmidt, Chief Communications Officer for the Blue Estate Group, told CNN Travel. "But luckily it played out differently. Some districts are almost completely sold out and the sales team is doing its best to keep up with the requests and questions."

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The properties include $19,800 interior apartments, $194,400 balcony apartments, a $54 million five-bedroom garden villa and two "signature estate" mansions, for an estimated $1.15 billion each. Buyers interested in the mansions must submit a "groundbreaking architectural concept" before they can be approved to buy the home.

The island, built with "ultra-high performance concrete modules," will have a hi-tech health clinic and an international school for "toddlers age to diploma graduates." "There are no special requirements to become a resident on the Blue Estate," Schmidt says. "We require all residents and visitors to comply with the "Blue Estates Community Guidelines & Rules" from the day they arrive on the island, and they must be able to self-maintain their life on the island.”

"Everybody is welcome to buy, own or rent a property and/or open a business on the Blue Estate. Residents who work here can apply for a range of business licenses, valid for a period of 12 months, but they will not be subject to taxes,” he adds. "The increase in remote work opportunities of the past decade (not only due to the pandemic) allows more people to freely choose a 'home base' that meets their individual requirements best," he explains, before indicating that the average resident's ages is likely to be "significant lower" her than most other cities.”

Blue Estate will also feature ocean clubs, lagoon-style pools, playgrounds, markets, restaurants, bars and shopping areas. So far, the majority of buyers have been from the US, though some properties have been purchased by residents of Canada as well as Europe and China.

Source: CNN

READ NEXT: 10 Most Expensive Private Islands In The World

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