Bermuda comes top of a list of islands for property development, while Caribbean islands - renowned globally - fare well, according a survey that says demand is coming from regions such as Asia.

Bermuda has taken the number one spot in a new survey which identifies the world’s top 20 islands for ultra high net worth individual investment.

The report by Candy & Candy, Savills World Research and Deutsche Asset & Wealth Management, analyzed the global island real estate market based on volume of UHNW individual property holdings, transport links to mainland markets, sources of capital and occupiers, tax regime and real estate prices.

According to the survey, the price of a typical four bedroom property in Bermuda now exceeds $4 million. Bermuda also has the highest concentration of UHNW individual property holdings of any island outside the US.

Nicholas Candy, chief executive of Candy & Candy, said a private island was the “ultimate trophy asset.”

“But financial return is not the primary motivation. These buyers are seeking the ultimate hideaway and a chance to shape their own world. For them, the qualities remote and private are priceless,” he added.

The Caribbean islands also feature heavily on the list, with the Bahamas,the British Virgin Islands and Antigua rounding out the top five based on their proximity to the huge wealth-generating market of the US, the appealing climate and favourable business environment. In Europe, the Channel Islands also features in the top five.

“The last 10 years were the decade of prime urban property investment; the next 10 years will see a growing appetite for island real estate investment and lifestyle,” said Yolande Barnes, director at Savills World Research.

“For the world’s wealthy, the pinnacle of achievement is to own what is exclusive and rare, so an island property goes hand-in-hand with a luxury apartment in a prime city,” she added.

North American islands including the Hawaiian islands, the Florida Keys, Nantucket and Martha’s Vineyard also made the top 20, where the second home market is buoyant and prices have exceeded $2 million for a four bedroom property.

The report said that, in many ways, private islands behave more like fine art or precious jewellery, operating independently of the wider property world.

“There are three main categories of buyer in today’s market,” said Salman Madhi, head of key clients relationship management, Deutsche Asset & Wealth Management.

“Developers looking for opportunities to create luxury resorts, wealthy conservationists working in tandem with governments to preserve wildlife havens and high net worth individuals who consider the urban playground to have become too accessible and lost its glamour,” he added.

The report also identified a number of factors changing the shape of island real estate markets, including increasing global wealth, new transport infrastructure and philanthropy and conservation.

“The global UHNW population is forecast to grow by 22 per cent by 2018, which will fuel demand for alternative real estate, particularly with a boost from Asia, the region where it is set to grow fastest,” said Barnes.

“The lower end of the luxury island market is also set to explode as young money buys into ultra-prime property and resorts on the world’s most sociable islands. This spurt of activity will also drive demand at the top end of the market. The uber-wealthy, in search of the ultimate adventure, will seek out the rarest opportunity, paying a premium for scarcity,” she added.

The top twenty islands are:

1. Bermuda
2. Bahamas
3. Channel Islands
4. British Virgin Islands
5. Antigua
6. Islands adjoining west coast of Florida*
7. US Virgin Islands
8. Hawaiian Islands
9. Islands adjoining east coast of Florida**
10. Cayman Islands
11. Islands adjoining the Carolinas***
12. Florida Keys
13. Nantucket
14. Saint Martin
15. Fijian Islands
16. Saint Barthelemy
17. Martha’s Vineyard (North America)
18. Seychelles
19. Man made islands off Dubai****
20. San Juan Islands and Whidbey Island (North America)

* Longboat Key, Sanibel & Marco Islands

** Key Biscayne, Merritt Island

*** Johns Island, Bald Head Island, Hilton Head Island

**** Palm Islands