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Qatar emir buys Greek island Oxia

Oxia is an inhabitated island in the Ionian sea near the Greek island of Ithaca.

IthacaEnlarge
The Qatari royal family has bought a Greek island for about $6.5 million in the Ionian sea near Ithaca. (Wikipedia/Wikimedia commons)

The Qatar royal family has bought a Greek island for about $6.5 million.

The Financial Times said that the purchase shows renewed interest in Greece by the oil-rich Gulf state.

Oxia is an uninhabited island in the Ionian sea near the Greek island of Ithaca.

Qatar's emir Sheikh Hamad bin Khalifa Al-Thani says he's also interested in buying five more islets nearby, reported APA.

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Increases in property taxes have meant vast amounts of land in Greece have been put up for sale.

The emir drove a hard bargain for the island, as sellers in Greece have become increasingly desperate.

"The islands have been in my family for over 150 years but we are not rich enough to be able to keep such valuable properties any longer," said Denis Drivas, whose family has owned the island since the creation of modern Greece, reported the Guardian.

"We are very, very happy to see them go. They have been on the market for nearly 40 years."

http://www.globalpost.com/dispatch/news/regions/middle-east/130304/qatar-emir-buys-greek-island-oxia