The Greek island of Makri, in the Echinade archipelago in the Ionian Sea, was once touted as the “crown pearl” for international investors. A few years ago, it was listed by real estate agencies for the luxury segment at the price of 8,000,000 euros, being considered the perfect location for a luxury resort and private villas, writes Greek Reporter.
But now the island has been put up for auction with a starting price of just 247,000 euros, roughly the equivalent of a small apartment in Athens.
The “secret” behind the collapse in market value is not only a lack of potential customers, but also a rude awakening from the perspective of Greece's environmental legislation. Although initial assessments assumed the island was ready for development, newer assessments showed major obstacles:
- Environmental protection: much of the island is classified as “private forest” and is included in “Natura 200”, a list of sites for wildlife protection;
- Prohibition of construction: due to the status of the protected area, constructions of proportions, such as hotels, are practically prohibited. Under current law, land can only be used for agriculture or basic recreational activities
- A “ghost” investment: Essentially, the island went from a “ripe development opportunity” to a beautiful but sheltered rock that you can't even build a house on.
Despite the legal hurdles, Makri has a long history. It is part of the same group of islands as Oxia, which was bought by the former emir of Qatar. According to Greek mythology, the Echinades were nymphs transformed into islands by a river god. Its nearby waters were also the site of the naval battle of Lepanto in 1571, in which a Venetian-Spanish fleet destroyed the Turkish fleet in the Mediterranean.
After several failed attempts to bring the island to higher prices, including an attempt at the starting price of 1,500,000 euros, the authorities reduced the price to the current level with the hope of finding a buyer at the auction scheduled for November 13, 2026.
The island is less than one square kilometer and its highest point is 126 meters above sea level. The ruins of three buildings are still visible on Makri: a small chapel, a cistern and a small house.
