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IPFS News Link • Pandemic

Wealthy Elites Buy Private Islands To Isolate From "Coronavirus Storm"

• https://www.zerohedge.com, by Tyler Durden

The evolution of elites abandoning cities started during lockdowns. Folks with economic mobility packed up their bags and headed to rural communities and towns as major cities were engulfed with the virus and resulting lockdowns. Shortly after lockdowns eased, social-unrest exploded across the country, which was another major factor in the exodus. Let's not forget, the rapid advances in technology have made it possible for white-collar folks to work remotely. 

While fleeing to the suburbs isn't enough for some folks, there appears to be increasing demand for private islands in recent months. 

Financial Times spoke with real estate agents who say demand for "private hideaways" in the South Pacific, Caribbean, and remote parts of the US and Europe are becoming in high demand in the age of virus pandemic.  

Trayor Lesnock, founder of Platinum Luxury Auctions, and the agent who is selling a small island in Fiji, called Mai Island, said the pandemic has allowed people to "reassess their lives" and pursue new living environments to isolate themselves. 

"Owning an island has long been considered cool and desirable, but it's often been a whimsical dream," Lesnock said. "But with Covid-19, it's starting to look a lot more practical, as people rush to find private spaces for themselves and keep a distance from others."

Financial Times points out wealthy buyers aren't just purchasing tropical islands, a 157-acre island, called Horse Island, off the south-west coast of Ireland recently sold for €5.5m ($6.6 million). 


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