March 31, 2020

While some of the world’s wealthiest reserve themselves “bargain” apartments in central London for up to £22.5 million, other realty agents representing large landowners say they have been flooded with enquiries from the Middle East and Asia’s wealthiest seeking an investment that can serve as both a bolt-hole from the raging pandemic and a long-term investment.

Mansions and apartments in ultra-desirable London locations like Islington, Kensington and Notting Hill are being shown remotely by agents via 360-degree online tours, allowing prospective buyers to view the property without leaving their home.

Among the properties currently available to view include a six-bedroom Belgravia mansion, on the market with Beauchamp Estates for £22.5million, and apartments in Borough, south London, from Galliard Homes, which are available from £1.3million.

Jeremy Gee, managing director of Beauchamp Estates received interest from buyers from the UK, Middle East and Far East who are looking for a secure investment amid the ongoing stock market crisis. The same is true in the more rarified world of private islands, and while some of these idylls sell for up to US$100 million, others go for as little as US$55,000, a fraction of the cost of the average Hong Kong apartment.

Edward de Mallet Morgan, a Partner with Knight Frank’s International Super-Prime Sales Team in London who specialises in private-island sales, said there had been a clear uptick in interest since the first reported coronavirus cases emerged in Wuhan, China, last year.

“For many who are already interested, the current world situation has meant that their resolve, intention and motivation to find a safe and protected haven for themselves and their families has only increased,” he said.

“As well as a financial investment, a private island would certainly be an investment in health and well-being and in very special family time. For some buyers, this is the key to real wealth – health and happiness and the family.

“For Asian buyers, there seems to be a driver, not only for the best and most beautiful, but to acquire such properties in an environment which is unpolluted and as pure as possible.”

While the coronavirus has spurred buyers to look all over the world, there is particular curiosity about parts of the Americas.

“There’s been a definite uptick of interest in freehold islands in recent months, especially in the Caribbean and Central America,” said Chris Krolow, CEO of Ontario-based Private Islands Inc and the owner of Gladden Private Island, a bonsai resort on the Barrier Reef in Belize that rents for US$3,695 per night.

“Asian buyers are careful investors, looking for a hideaway for their own use as well as somewhere that will bring in money at a later date, whether they develop it or resell it. And a private island is a definite ego trip too.”

Krolow’s company lists nearly 700 properties for sale, ranging from the 2.5-hectare Half Island in Nova Scotia, …