A private Greek island larger than 240 acres is being auctioned for less than the price of a typical London flat, but prospective buyers could inherit millions of pounds in debt and strict development restrictions.
Makri Island, located in Greece’s Echinades archipelago in the Ionian Sea, is currently listed for €247,000 (£214,000) after previous attempts to sell the island for millions failed. The 243-acre island sits around 4km off mainland Greece and roughly 30km east of Kefalonia.
Despite boasting more than 7km of coastline, white-sand beaches and dense woodland, the island cannot legally be developed on due to strict environmental protections. Large sections of Makri are classified as protected private forest under the European Natura 2000 network, meaning major construction would require a Presidential Decree.
The island was previously marketed as a potential five-star luxury resort with villas and originally listed for €8million (£6.9million) in 2022 before later failing to sell at auction with a €1.5million (£1.19million) starting price. Its current listing warns: “Makri has become emblematic of a broader reality surrounding private islands in Greece: while often marketed internationally as ultra-luxury assets, ownership and development can be extraordinarily difficult in practice.”
Potential buyers also face major financial liabilities. Reports suggest the island carries mortgages, disputed leases, creditor actions and tax claims exceeding €20million (£17.3million). The island is also completely off-grid, meaning any owner would need to fund private electricity, water and waste systems.
Despite the complications, Makri remains largely untouched by tourism and could still be used for low-impact eco-tourism, grazing or light farming. German private island broker Fahad Vladi told ABC Australia that Greece remains one of the most difficult countries for foreign island buyers due to complex permit requirements. He said: “Greek Islands are extremely beautiful but the market there isn't really working because of that issue.”
