The Wall Street Journal reports that 20 private Greek islands are on sale in its article titled “How to Buy a Greek island”. A change in Greek tax laws has meant that there are owners interested in selling at any rate to avoid paying the hefty joint property tax known as ENFIA. So if you have the cash and are willing to pay around $158 million US which is what Russian heiress Ekaterina Rybolovleka paid for to acquire Scorpios then technically you can buy an island at 30% the cost during pre-crisis levels.

Before rushing to buy, you should consider that you still have to deal with Greek bureacuracy to do what you want with the island. Just because you’ve bought it doesn’t mean that you can do with it as you wish because according to Greek law, all beaches in Greece are public and this means that anyone with a boat is free to use the beach on your island and land law means that you can only develop a fraction of the land you’ve bought.

Also bear in mind that you’ll need to bring amenities such as running water, electricity and in some cases docking facilities for the island.

Despite the risks, hazards and headaches, here are some islands for sale in Greece that might prove irresistable despite the problems:

Makri Island

A unique 245-acre property in the center of the Ionian Sea. The British described the island as having the finest natural harbor in 1920. It is 993,900 square meters in size and has a stunning seashore.
Cost: $16,714,934 US

Tokmakia Island

Just off Lesbos, near Turkey in the Aegean Sea. The 34.5-acre island has sandy beaches and light blue waters. It is a hop away from the knights island of Rhodes as well as Kos, Chios, and Mytilini. Easy access can be had from the airport of Lesbos.
Cost: $4,952,573

Isle of Gaia

The idyllic paradise is surrounded by the crystalline waters of the Ionian sea. They are protected by north-easterly winds that makes the island ideal for water sports. It is 43 acres in size and has approval for six villas.
Cost: $4,637,438 US

St. Athanasios Island

The 2.5-acre island is just off the Gulf of Corinth, 1.5 miles away from the city of Itea and a short distance from Delphi where the ski resort of Parnassos is located.The small island is scattered with pine and olive trees and there is a small sandy beach on the northwestern region. The sea area surrounding the island is crystal-clear and full of sealife.
Cost: $1,857,215 US

Unnamed North Aegean Island

The 86-acre island is just half an hour away from Athens by speedboat. A number of international developers have already expressed an interest due to its close proximity to Athens as it is ideal for the creation of a resort.
Cost: $43,335,014
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