The $700,000 Island in the Adriatic

Mali Kosmać, a 1.2-acre island in the Šibenik Archipelago, is listed at €700,000, offering private-island ownership at a price lower than the average London home.

Planning rules restrict construction, limiting use to agriculture, but its proximity to Split provides easy access to city amenities.

A truly unusual chance to own a private island has arisen on the Adriatic coast of Croatia, and the price tag may surprise anyone accustomed to the soaring real-estate market in London.

Mali Kosmać, a modest landmass of roughly 1.2 acres in the Šibenik Archipelago, is now on the market for €700,000 (approximately £603,000).

While the island is the smallest parcel currently listed in Croatia's private-island sector, its asking price is lower than the average cost of a terraced house in the UK capital, where Rightmove reports an average price of £775,447 for such properties and £513,624 for flats over the past year.

Why 250 metres became the prize

The island lies about 250 metres off the mainland and roughly 22 kilometres west of Split Airport, meaning it can be reached by a short boat ride followed by a brief drive from one of Croatia's most important transport hubs.

The terrain is flat and cloaked in dense macchia shrubland, a typical Mediterranean vegetation of hardy shrubs and low-lying plants, while rugged, rocky shores surround most of the perimeter, making landings dependent on calm weather.

What auditors flagged in the May listing

Despite the appealing combination of seclusion and easy access to the vibrant city of Split, prospective buyers must weigh a significant limitation: local planning regulations forbid any new construction on Mali Kosmać.

The island is designated solely for agricultural use, which means that homes, hotels, or other commercial developments cannot be erected.

As a result, the property is best suited for those who value raw, undeveloped land - perhaps for low-impact farming,conservation projects, or personal retreat without permanent structures .

Who is the unnamed buyer?

The scarcity of such opportunities in Europe's popular coastal zones makes the listing noteworthy, even if the buyer's ambitions are modest.

Those who do acquire the island will still benefit from Split's extensive amenities, including international flights, restaurants, cultural venues and essential services, all within an hour's drive.

What's next for private island ownership?

The story of Mali Kosmać also highlights a broader trend of affordable island ownership compared with metropolitan housing markets.

For example, further afield in Belize, the 0.39-acre Bikini Caye is advertised for $600,000 (£445,000), a figure that also undercuts the average London flat price.

Unlike many tropical cays that consist mainly of palm-fringed sandbars, Bikini Caye features dense pine vegetation and a high, dry interior that could support immediate development such as an eco-villa or a modest fishing lodge.