To most, the thought of owning your own home, let alone a private island island paradise, seems like an unattainable fantasy.

In reality, living the island dream is not limited to the rich and famous.

Take a look at my pick of five gorgeous island retreats, all under $250,000. 

 1. Piaçabuçu Islands – Brazil

How much would you expect to pay for six “sizeable” Brazilian islands? One million? Two? How about a paltry $81,000 AUD?

The Piacabucu Island Group is located in the state of Alagoas, in the North Eastern part of Brazil’s fourth longest river, the Sao Francisco.

Unfortunately, there’s no development on these islands, so you will need to clear some of the surrounding coconut and fruit trees to build your dream bungalow.

Potential buyers should also be aware that the area is a growing tourist destination.

You may need to shelve your naked sun-baking plans, lest you feature in the photo albums of kayaking tourists coming to check out the wildlife.

2. Frigate Caye – Belize

This cute little 1.41 acre island is situated off the coast of Belize in Central America, on the eastern side of Turneffe Atoll.

The island is surrounded by pristine Caribbean waters, and just 100 yards from unbelievable fishing, snorkelling, kayaking, kite sailing and scuba on the atoll’s fringing reef.

It’s currently uninhabited and undeveloped, and could be yours for only $205,000.

3. Sweet Island – Canada

If you’d prefer to trade the year-round sunshine of a tropical paradise for the quiet solitude of a snowy woodland retreat, Sweet Island is perfect for you.

This island, situated in Stuart Lake, is semi-developed with a house (in disrepair, but with good foundations) nestled among the pine and aspen trees.

Fish for rainbow trout all year round, enjoy swimming, boating and water skiing in the summer and hunt for moose, elk, bear and deer in the winter.

And there’s the added bonus of owning a sweet island (literally) for only $107,000.

 4. Kastawei Island – Vanuatu

Located in South Santo, Vanuatu, Kastawei Island is a picture-perfect tropical island, surrounded by white sand and a pristine reef.

It’s just under an acre in size, and comes with a 75-year commercial/tourism lease, so it’s ideal for building your own beach-side bungalow or establishing an upmarket honeymoon house to rent.

The island has a bay ideal for pulling in a boat, and as evidenced by the pictures, it is a world-class location for fishing, swimming and diving.

Kastawei Island is a steal, at only $204,000.

 5. Fisherman’s Point Island – USA

Located on Lake Saint Clear, Michigan, this quaint island hosts a host a functional and recently renovated private cottage with electricity and other amenities already connected.

Relax in a deck chair and watch the water fowl fly overhead whilst dropping a line for some muskie, walleye, smelt and yellow bass.

The sunsets over the largest freshwater delta in the world cannot be duplicated, and the entire package will only set you back $179,000.