The Greek island of Makri, once listed for €8 million as a prime luxury development spot, is now heading to auction with a dramatically reduced starting price of €247,000. This 243-acre Ionian island, part of the Echinades archipelago, has avoided the overtourism plaguing popular destinations like Santorini and Mykonos, but its development potential has been severely limited by legal and environmental restrictions.
Why the Price Dropped
Makri was first put up for electronic auction in July 2022 with an initial price of €8 million, later reduced to a €3.8 million starting bid. However, a subsequent valuation revealed that the island is classified as a private forest and lies within a Site of Community Importance and a Special Protection Zone under the Natura 2000 network. This designation restricts development to agricultural activities only, with any light construction requiring a Presidential Decree. Additionally, the island carries historical debts, including Greek State claims exceeding €20 million, which further deter investors.
Natura 2000 Restrictions
Natura 2000 is a European ecological network aimed at protecting habitats and species. Its strict regulations have recently banned sunbeds on 251 Greek beaches. For Makri, this means no five-star hotels or luxury villas can be built, limiting its appeal to buyers seeking a pristine, undeveloped retreat.
Can You Visit Makri?
Makri remains uninhabited and inaccessible by public ferry. Its unspoiled beaches and crystal-clear waters are tempting, but visitors must arrange private transport. Infrastructure challenges include setting up water, electricity, and waste disposal systems. Nearby Lefkada, often called the 'Greek Caribbean,' offers similar beauty with easier access.
For those undeterred by the restrictions, owning Makri means owning a piece of untouched paradise—but with significant legal and logistical hurdles. The auction presents a rare opportunity for investors willing to navigate the complexities of Greek island ownership.
