A Princely Tourist Destination Built from the Ground Up
The natural beauty of Sardinia’s largely uninhabited northeast corner mesmerised Qatari Prince Karim Aga Khan in 1962. He named the area Costa Smeralda, or Emerald Coast, and led the formation of the Costa Smeralda Consortium, a non-profit organisation of landowners in the area who agreed to abide by regulations regarding real estate development and land use. The primary purpose of such regulations was and is to protect Costa Smeralda’s impressive natural landscapes and waters, considered by many to be among the Mediterranean’s finest.
The Consortium claims that Costa Smeralda is currently the largest privately managed area in Europe, covering 3,114 hectares, of which only 117 are home to private structures or infrastructure. The town of Porto Cervo, Costa Smeralda’s main centre, was conceived from scratch by Prince Khan with a view towards honouring local architectural styles.
Nowadays, the Qatari Investment Authority’s Smeralda Holding subsidiary owns and operates most of Costa Smeralda’s key businesses, including a string of luxury hotels and various restaurants. In 2015, the Qatar Foundation Endowment invested in the development of the Mater Olbia Hospital in Olbia, the largest city in northeastern Sardinia and home to the region’s primary airport.
A Serene, Secure Getaway for Wealthy Travellers
Drawing fewer crowds than better-known Mediterranean summer hotspots, Costa Smeralda typically appeals to affluent travellers seeking peaceful stays in world-class hotels, breathtaking views, and excursions to small islands off the coast. Many such travellers appreciate a level of security largely unavailable in other Mediterranean resort areas, as the Costa Smeralda Consortium utilises comprehensive video surveillance.
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This rather niche, exclusive-by-design tourist destination may also appeal to real estate investors who believe that tightly regulated supply combined with growing demand from well-heeled visitors – or potential residents – must inevitably push property values upward.
