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| Europe |
| Croatians cash in as 'family jewel' Adriatic islands go on sale |
| 2004-07-17 |
| One of the most exclusive summer sales is under way in Croatia after dozens of paradise islands in the Adriatic were put on the market for the first time in centuries. The untouched islands, part of what the Croatian government calls the "family jewels", are on sale for up to £20 million, with local families who have owned them for generations exchanging clear blue skies and seas for the more tangible delights of hard cash. The islands are attracting the interest of celebrities and businessmen. "There are about 30 on sale," said Inga Majic, the assistant manager at Broker Real Estate. "They have been in the same hands for generations, but now that Croatia has opened up some are taking the opportunity to sell. It's a very rare chance to buy one." The islands range from golden-sanded flecks on the map like Palacol, home to nothing more than a few olive trees and with a price tag of several hundred thousand pounds, to the much larger Obonjan, in the Sibenik archipelago, which will cost £20 million. Prospective owners will have to lease their beaches from the Croatian state, which retains the title to the country's coastline. Potential residents will also have to put up with serious restrictions on constructing the villa of their dreams, for while existing buildings can be renovated, islands without property cannot be developed at all. But the attraction of owning a sea front that is certain to be free of other people's beach towels is tempting enough for some. "To have an island in the Adriatic is very desirable," said Paul Keppler, the director of Croatia Sun property agents. "It's attracting world class VIPs because of the stunning locations." |
| Posted by:Mark Espinola |