A special legal regulation of real property has been established for islands with the enactment of the Law on Islands. Recent amendments of the Law introduced the provisions on right of pre-emption regulated by the law and limitations in legal operations. The article presents a comprehensive analysis of problemacy concerning the field of application of the right of pre-emption regulated by the law, which has been extended from buying and selling to some others (however, not all) voluntary disposals of real property as well as to selling in insolvency and enforcement procedures. The extended application opens numerous questions concerning the implementation of the Law in practice as well as its constitutionality and compliance with the principle of guaranteeing property and proportional limitations of property. The right to pre-emption regulated by the law, as it has been regulated by the Law on Islands, significantly differs from the classical institute of the right of pre-emption and general regulation of real property and civil obligations in Croatian and comparative law. The author also points at lack of normative provisions concerning the institute of right of pre-emption regulated by the law in general (collision of several rights of pre-emption regulated by the law, (absence of) temporally restraint by the decision on nonusing the right of pre-emption regulated by the law) and need to harmonize laws regulating this matter among themselves and other laws referred to in their provisions.