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Stamoulis island sold to Qatar Emir

first_imgThe Stamoulis family-owned Greek island of Oxia has been sold to Qatar Emir, Hamad bin Khalifa Al Thani, along with five other Greek islands. The initial asking price of Oxia, situated in the Ionian Sea near Ithaca, was $8.9 million (AUD), but the Qatari Emir secured the island along with five others for a bargain price of $10.8 million (AUD). The Emir first spotted the islands while cruising in his super yacht four years ago and plans to build a palace for his 24 children and three wives. Although there is potential for development, the islands are said to remain for private use for the family. A number of island owners, especially those who inherited island properties, are trying to sell them off due to recently introduced high taxation. As a result, asking prices have dropped considerably, while for serious offers, it is estimated that the owners are willing to make some substantial concessions. Denis Grivas, whose family owned the other islands involved in the Qatar sale said high taxes forced them to sell. “We are very, very happy to see them go. They have been on the market for nearly 40 years,” he said. But, as far as developing his new Islands, the Qatari prince will need to deal with Greek red tape. “There is a stupid law because in Greece we do everything upside down,” Grivas said. “That law says that whatever the size of your land, your home can be no bigger than 250 sq m. The Emir has reacted to this saying his bathroom is 250sq m and his kitchen alone has to be 1,000sq m, because otherwise how is he going to feed all his guests?” Sometimes problems can’t be solved by throwing money at them. Source: news.com.au. Facebook Twitter: @NeosKosmos Instagramlast_img

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