The European press is awash with rumours that Qatar's emir has bought six Greek islands for €8.5 million ($11.1 million). Sheikh Hamad bin Khalifa al-Thani, who is said to enjoy yachting in the Greek islands, plans to utilize the Ioanian Sea islands for vacations and "to build a succession of castles for his three wives and 24 children," according to the Daily Mail. real estate companies in qatar
Clearly sourced details are tough to come by in these situations, as is generally the case. However, there appear to be enough people speaking on the record to suggest that this isn't just another one of those fictitious celebrity deals that go viral but are never based on fact.
The Sheikh had merely purchased the deserted island of Oxia for €4.9 million, according to the Financial Times, and the sale "signals a resurgence of interest in Greece by the gas-rich Gulf state."
However, just a few days later, the sale was expanded to include the Echinades chain's six islands, including Oxia, which the Guardian hailed as Greece's "largest private investment."
According to Dennis Grivas, whose family has purportedly held the islands for generations,
"My family has owned the islands for over 150 years, but we are no longer wealthy enough to maintain such priceless assets... We are glad to see them leave. They've been around for nearly four decades."
As it strives to resurrect its sagging economy, Greece is hungry for Qatari investments. A variety of deals have been linked to the Gulf state's administration, including a plan to rehabilitate Athens' abandoned airport site. Experts say the transactions never materialized, in part because of Greece's notorious bureaucracy.
Sheikh al-Tani is said to have begun the process of purchasing the islands over a year ago.
"Greece is that kind of place," Ithaca's Greek-American mayor, Ioannis Kassianos, told the Guardian. "Even if you are the emir of Qatar, it takes a year and a half for all the paperwork to go through when you buy an island."
Mr. Kassianos warned the newspaper that the Sheikh may face more challenges when he attempts to construct his new island palaces.
"There is a silly law because we do things backwards in Greece," Kassianos explained. "According to the legislation, your home must be no more than 250 square meters in size, regardless of the size of your land. The emir has responded by claiming that his WC is 250 square meters and that his kitchen alone must be 1,000 square meters, because how else will he feed all of his guests?"
As Greece seeks to raise funds, the Echinades deal could be the first of numerous high-profile property transactions. Beachfront property in formerly untouchable areas such as Corfu and Rhodes has reached the market in the last two years, according to local officials.