Philippine island sold for $2bil to US buyer
An unidentified American buyer has spent US$2 billion for a 25-year lease on a private island in the northern Philippines, according to media reports.
The mystery buyer is the latest addition to a list of famous owners of private islands, which includes Leonardo DiCaprio, Larry Ellison and Richard Branson.
With a land area of 10,000ha, paradise island Fuga is dotted with white beaches and surrounded by turquoise blue waters. It is located in Aparri, Cagayan and is home to 1,786 people.
Lamudi, a website used by property agents worldwide to advertise luxury properties, has noted a sharp spike in lettings and sales of private islands in the Philippines.
“With its vibrant and buoyant real estate market, buying property is becoming more fun in the Philippines. Now the demand, especially from foreign clients, is spilling over to private islands and isles, which is not surprising as the country has over 7,100 to choose from,” said Jacqueline van den Ende, Managing Director of the site’s operations.
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