An island in Greece, once promoted a few years ago as an exclusive destination for luxury hotels and private villas, is now being put up for auction at the price of a small apartment in Athens.
The island in question is Makri, located in the Ionian Sea, which will be auctioned in November with a starting price of just 247,000 euros, after being previously valued at 8 million euros, as reported by Greek Reporter.
Makri is part of the Echinades island complex and was presented by luxury real estate agencies as a "jewel" for international investors. Plans were based on developing a five-star resort complex and exclusive private villas.
What turned the island into a "ghost investment"
The spectacular drop in price was not only caused by the lack of buyers, but especially by the strict environmental restrictions imposed by Greek legislation.
Recent evaluations have shown that a large part of the island is classified as "private forest" and included in a protected Nature area. For this reason, extensive constructions, including hotels or tourist complexes, are practically prohibited.
Currently, the land can be used almost exclusively for light agriculture or very limited recreational activities.
Thus, what was presented as a spectacular real estate opportunity has turned into a property on which almost nothing can be built.
A small island, yet with history and legends
Despite its legal issues drastically reducing its commercial value, Makri has a unique history. The island is part of the same group as Oxia, previously purchased by the former Emir of Qatar.
According to Greek mythology, the Echinades islands were nymphs transformed into rocks by a river god. Near them, the famous Battle of Lepanto in 1571 is said to have taken place.
Makri covers less than one square kilometer, with its highest point reaching an altitude of 126 meters. The island also features the ruins of three structures: a small church, a water reservoir, and a house.
Multiple auctions have failed
Authorities have repeatedly tried to sell the island at much higher prices. A previous auction, organized for 1.5 million euros, failed due to lack of interest.
Now, the price has been drastically reduced, in hopes that the auction scheduled for November 13, 2026, will finally attract a buyer.
G.P.