Here are the 11 cheapest Greek islands for sale right now

Greekisland5FULLPrivateislandsonline.comOne of the private islands up for sale.

Greece has between 1,200 to 6,000 islands, according to a range of different estimates, and there is no definitive answer on how many the Greek government owns.

What we do know is that dozens of islands are up for sale and British property agent Knight Frank is predicting a “fire sale” of Greek privately owned islands over the next few years.

If the Greek government does become desperate, it can also hawk off some of its island assets to help raise the €50 billion (£36 billion, $US55 billion) that is needed to appease its creditors.

On Private Islands Online, some islands are going for as little as €3 million (£2.1 million, $US3.3 million) — that wouldn’t even get you a house in an upmarket place in London like Chelsea.

Check out some of these beautiful islands that a could be easily bought by wealthy investors from Private Islands Online.

11. Omfori Island -- €50 million (£36 million, $55 million).

Location: Ionian Sea
Development: Partially Developed
Size: 1112.00 Acres / 4,500,000 square metres

This partially developed island only has one building -- the one you see in the picture. It does however have planning permission for someone to build on 20% of the island. Private Islands Online says in the prospectus that if the buyer can prove that it is a good investment to build more properties on the island, the Greek government is likely to grant further permission.

10. Dulichium Island -- €40 million (£28.4 million, $44.1 million).

Location: Ionian Sea
Development: Non-developed
Size: 1335.00 acres / 5,400,000 square metres

This is the largest private island for sale in Greece right now. The highest point on the island is 250 metres above sea level has around 4,000 Olive Trees and shrub and dwarf bushes. It is undeveloped but it does present an opportunity for someone to turn it in a luxury hotel resort.

9. Northern Aegean Island -- €35 million (£25.9 million, $38.6 million).

Location: Chora
Development: Non-developed
Size: 86.00 acres / 348,029 square metres

This island is only half an hour a way, by speedboat, from Athens. A number of international developers are already showing an interest, according to Private Islands Online, due to the island's close proximity to the Greek capital.

8. St. Thomas -- €15 million (£10.7 million, $16.5 million).

Location: Saronicos Gulf, near Corinth
Development: Non-developed
Size: 300.00 Acres / 1,214,057 square metres

St. Thomas Island is only 20 minutes away by water taxi from Corinth in Greece and only 45 minutes away from Athens. It is also part of the Diapori chain in the Saronicos Gulf, 'an area of Greece mythologized for the lush emerald beauty of its picturesque islands.'

7. Nafsika Island -- €6.9 million (£4.9 million, $7.6 million).

Location: Ionian Sea
Development: Non-developed
Size: 1235.00 acres / 4,997,868

Nafsika Island was recently sold but still features on the Private Islands Online website. This mountainous island is one of the last undeveloped spots within the Ionian Sea and has sheltered bays, three large natural harbours, and high vantage points with 360-degree views.

6. Kardiotissa Island -- €6.5 million (£4.6 million, $7.2 million).

Location: Aegean Sea
Development: Non-developed
Size: 280.00 acres / 1,133,120 square metres

This large property in the heart of the Aegean Sea has incredible transport links and is touted as a perfect place to set up facilities for sailing, diving and adventure sports.

Private Islands Online points out that the island is between Folegandros and Sikinos, which are both only under 10 minutes away by speed boat. There is also a daily all-year round link with ferries to Piraeus from both islands.

5. Nissos Sofia -- €5.5 million (£3.9 million, $6 million).

Location: Ionian Sea
Development: Non-developed
Size: 43.50 acres / 176,000 square metres

The island is owned by a private individual and was designated as a RAMSAR site, meaning it is a wetlands of international importance. This means the area is guaranteed to have a high level of privacy because commercial boats are restricted from sailing in the waters.

4. Kythnos Island parcel -- €5 million (£3.6 million, $5.5 million).

Location: West of Cyclades, surrounded by the Aegean Sea
Development: Developed
Size: 47.44 acres / 191,182 square metres

This island is just an hour from Athens by boat and is already inhabited with 20-25 picturesque small houses. It is also only leasehold, meaning that ground rent will be paid to the owner of the land. However, since it is developed, roads, building and local culture is already ready to be given a boost by land development.

3. Stroggilo Island -- €4.5 million (£3.2 million, $5 million).

Location: Dodekanisa
Development: Non-developed
Size: 54.00 acres / 218,530 square metres

This 54-acre island is in close proximity of the popular island of Marathos, in the Aegean Sea.

Although the island is non-developed, Private Islands Online points out that the water can become drinkable with small filtration process and it is able to derive electricity from Marathos, which has an established power grid.

2. Isle of Gaia -- €3 million (£2.1 million, $3.3 million).

Location: Echinades Group, Ionian Sea
Development: Partially Developed
Size: 43.00 acres / 174,014 square metres

This is dubbed the 'millionaires' playground' by Private Islands Online due to its clear ownership by a private company that has approval to build 6 villas and permission to subdivide into 6 plots. The region is also touted as having idyllic conditions for water sports, sailing, fishing, deep sea diving and swimming.

The Bonus is it costs less than than buying a house in some upmarket parts of London.

1. Lihnari Peninsula -- €3 million (£2.1 million, $3.3 million).

Location: 10 minutes west of Corinth
Development: Non-developed
Size: 95.00 acres / 384,451 square metres

The owners may be looking for a quick sale because the island's price was recently slashed in half. It has some luxury properties on the island as well as fresh water, a road, and lots of olive trees.

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