Owner raises price of island on sale for two years

The owner of Karaca Island, which is located in the Gökova Gulf of the southwestern province of Muğla and was on sale with a discount price for two years, has raised the cost of the property to 225 million Turkish Liras ($25.9 million) after seeing the interest of international buyers.

According to a local real estate agent, a Turkish businessman living in the U.S. bought the 316,000-square-meter island in 1980 to construct a hotel on it. But the island was declared as a protected site three years later, banning him to build any structure.

The owner of the island paid the taxes of the island for 40 years but put it on sale in 2019 with a price of 210 million liras ($24.2 million). He lowered the price to 175 million liras ($201 million) in February but renewed the price in June with an increase of 50 million liras ($5.7 million).

"There are three houses on the island that need to be renovated. There is also license to construct a marina and an establishment for excursionists," the real estate agent told Demirören News Agency on June 7.

According to the agent, three Arab businessmen showed interest in the island this year alone.

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