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Greece Has $400 Billion Worth of Islands It Can't Seem to Sell

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Greece may be cursed with debt, but it's blessed with over 6,000 islands that many wealthy investors are willing to pay top dollar for. 

Only problem? Navigating the Greek bureaucracy to finalize sales is next to impossible.

BusinessWeek reports that the Greek government has “€300 billion worth of land available for sale to investors. History's last recorded state land sale of such scope was the Louisiana Purchase in 1803, when Napoleon sold 828,000 square miles of North American land inhabited by 74,556 people to the US for $15 million.”


“While the government doesn't own them, it benefits from the sales through tax revenue and development, which creates jobs and attracts tourists. As a result, the state is involved in every aspect of any transaction, from authorizing a deal to regulating every detail of who might buy a property and how much they will pay. This puts consenting adults at the mercy of the Greek bureaucracy.”

If you really want to get a sense of how difficult it is to buy a Greek island, consider that even The Beatles could barely do it.

Yep. The Beatles.

The Fab Four wanted to buy Holy Ghost Island, “a 12-acre, guitar-shaped slip of rocks and trees in the Gulf of Evia where the [band] once slept. The rock group spent three years trying to buy Holy Ghost from its owner, Sophocles Papanikolaou, the chancellor to the Greek Royal Court in the 1950s and 1960s Despite their best efforts, though, the Beatles failed. (They ended up buying another island, which they sold a few months later).”

So, while the Greek islands may be beautiful, is it really worth the hassle?

Especially when you can great deals on islands off the coast of Belize for a fraction of the price.

Personally, I may get this one. It’s a helluva lot cheaper than my apartment in New York, and, unlike my one-bedroom in Brooklyn, IT’S AN ISLAND OFF THE COAST OF BELIZE.
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