Staggering property costs means you can now buy a number of exotic islands for cheaper than a UK home.
Rising house prices and slow falling interest rates means buying a home is now just a distant dream for many UK residents. Instead, purchasing an entire tropical island is more affordable.
House prices increased by 2.4% in the year up to August 2024, according to Nationwide, with figures rising at the quickest yearly rate in almost two years.
Costs have been increasing for a number of reasons, including rising demands for single-person households and a shortage of housing supply which pushes the prices up.
According to a recent study by CasinoApps.com, the average UK three bedroom house, which is 828 square feet, is likely to set buyers back around £284,691.
However, there are a number of islands in the study which are cheaper than the average UK home where you can purchase a whopping 43,560 square feet at minimum.
One island that is cheaper and several times more spacious is Blowfish Island in Panama. Priced at £61,807, you can get 261,360 square feet.
The island is a Rights of Possession island, which under Panama law means that buyers can possess government-owned land, as well as make changes or improvements on it. Foreigners are also eligible to buy this kind of land.
Similarly, La Cornelia Island, in Nicaragua, can be bought for £70,413, however, it is relatively smaller at 43,560 square feet.
The island has not been developed, providing a blank canvas for the perfect dream house. Electricity is also available, if needed, along with an array of fruit and palm trees.
Another island which is cheaper than the average UK house, as well as being much closer to home, is Teerisaari, in Finland. Priced at £115,973, buyers can get an incredible 130,680 square feet of land.
Wild Cane Key is another Panamanian island cheaper than a UK home, priced at £140,827, it’s 148,104 square feet big.
Apart from Teerisaari, Finland has another private island up for grabs called Talassaari. At 261,360 square feet, the island is priced at £163,452.
With a log cabin already built for a holiday home which includes a cellar, a storage warehouse, as well as extra building rights, Talassaari may look more appealing to first time buyers than an over-priced semi detached UK terraced home.
There is also a Canadian island, Lac Echo. Priced at £273,831, it is another lake island located on Lake Echo, within 45 minutes of Montreal.
The 99,316 square feet is painted in an abundance of pine, fir and cedar trees, with some over a 100 years old.
The island is ideal for off-grid living, but also has electric connections available, along with options to build accommodations like guest houses and single-family homes.
