A report in the Athens daily Eleftheros Typos cites what it calls interest, particularly amongst the well-heeled in Gulf States, as well as from wealthier types in the European Union, on purchasing one of Greece’s numerous uninhabited islets. The reasons for acquisition are, obviously, to live out one’s “Onassis-like dream” of owning a private isle (Scorpios) or even as an investment – given the slashed property prices in the recession-plagued country at the moment.

Political instability and the economic crisis have given buyers bargaining leverage. In fact, prices have dropped by 40% – according to the daily – making Greek islets amongst the cheapest worldwide.

However, the country’s laws are both encouraging and inhibiting, as layers of red-tape and ill-defined jurisdictions are, unfortunately, still a “trademark” of the modern Greek state.

On the plus side, any sale that exceeds 250,000 euros automatically gives the purchaser a 5-year-residency permit (and speculation refers to a future possible incentive of  throwing in Greek citizenship, too).

On the downside, the purchasing process in Greece is fraught with mind-numbing bureaucracy — only a “mere” 32 signed state documents before full ownership is given. These include permits from the Forestry Register and Archaeological Service.