Sheikh Hamad bin Khalifa al-Thani, who reportedly likes to yacht in the Greek isles, will use the islands in the Ioanian Sea for holiday getaways and "to build a series of palaces for his three wives and
24 children," the Daily Mail reports.As often the case in these deals, clearly-sourced details are difficult to find. But there seems to be enough people talking on the record to suggest this is not simply
one of those phantom celebrity deals that go viral, but were never based in fact.
The Financial Times first reported that the Sheikh had only purchased the uninhabited island of Oxia for €4.9 million, noting the deal "signals a renewal of interest in Greece by the gas-rich Gulf state."
But a few days later, the sale had ballooned into the six islands of the Echinades chain, including Oxia, described by the Guardian as the "biggest private investment in Greece."
The Echinades deal might be the first of several high-profile property transactions, as Greece looks to raise money. In addition to several islands, beachfront property in formerly untouchable locales such as Corfu and Rhodes has hit the market in the last two years, local officials say.
Source: Financial Times(By Kevin Brass | March 12, 2013 8:30 AM ET)
