Qatar emir buys Greek island Oxia

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Qatari Emir Sheikh Hamad bin Khalifa Al-Thani has bought the Greek private island of Oxia in the Ionian Sea for about 4.9 million euros (USD 6.37 million).

The uninhabited island of Oxia in the Ionian Sea

The uninhabited island is located near the Greek island of Ithaca, a nearby islet with administrative responsibility for Oxia.

Ithaca mayor Ioannis Kassionis also confirmed the sale of the 4,200-acre island to Doha.

The gas-rich Persian Gulf state is reportedly interested in buying five more islets near Oxia to create a private family resort.

"The islands have been in my family for over 150 years but we are not rich enough to be able to keep such valuable properties any longer," said Denis Drivas, whose family has owned the island since the creation of modern Greece.

Greek wealthy families, who own small private islands for decades, have decided to put them on the market after the government increased property taxes as part of efforts to resolve the Greek debt crisis since 2010.