The 5 million euro deal for Oxia, the largest of the islands at 1,236 acres, was agreed last year but had been caught up in delay obtaining land use permits from Greek forestry officials, according to the Financial Times.
The island of Oxia, located in the Ionian Sea, was initially for sale at 6.9 million euros, but the imposition of rising property taxes led to a greatly reduced price.
The emir also agreed to a 3.5 million euro deal last week for a further five islands nearby.
Ithaca’s mayor, Ioannis Kassianos, said: “When you buy an island, even if you are the emir of Qatar, it takes a year and a half for all the paperwork to go through,” The Guardian reported.
The world’s most powerful monetary institutions, including the IMF, are pressuring Greece to privatise its islands in order to reduce its sovereign debts.
Last month, following a visit to Doha by the Greek prime minister, Antonis Samaras, a Greek government spokesman announced that Qatar had returned as a candidate in the competition process to develop former Hellinikon airport.
Qatari government has signed a contract that gives the right to participate anew in the competition process, one month after Diar Real Estate Investment Co., a unit of Qatar Investment Authority, didn’t proceed to the second phase of a tender for the Hellenikon project in January.
One of the most attractive pieces of property in the country, it was scheduled to become Europe’s biggest park but is being turned over for development as part of the country’s accelerated privatization plans to bring in cash to the indebted country.
The three other bidders are Elbin Cochin Ltd. from Israel, London & Regional Properties from the U.K. and Lamda Development SA (LAMDA.AT) of Greece.