The Greek island of Makri, located in the Echinades complex in the Ionian Sea, was once marketed as a “crown jewel” for international investors. A few years ago, it was listed by high-end real estate agencies for a staggering €8 million, pitched as a perfect location for a five-star luxury resort and private villas.
Fast forward to today, and the island is heading to auction with a starting price of just €247,000 ($290,000)—roughly the cost of a small apartment in Athens.
Why the massive price drop for the Greek island of Makri?
The “secret” behind the collapsing value isn’t just a lack of interest, but a harsh reality check regarding Greek environmental laws. While initial valuations assumed the island was ready for development, newer assessments have revealed major hurdles:
- Environmental Protection: Much of the island is classified as a “private forest” and is part of a protected “Natura” zone.
- Building Bans: Because of its protected status, large-scale construction (like hotels) is effectively prohibited. Under current rules, the land can mostly be used only for light farming or very basic recreational activities.
- A “Ghost” Investment: Essentially, the island went from being a “ripe development opportunity” to a beautiful, protected rock where you can’t even build a house.
History and Myths
Despite the legal headaches, Makri is steeped in history. It is part of the same island group as Oxia (famously bought by the former Emir of Qatar). According to mythology, the Echinades were nymphs who were transformed into islands by a river god. Historically, the waters nearby are believed to be the site of the legendary Battle of Lepanto in 1571.
After several failed attempts to sell the island at higher prices (including a failed auction at €1.5 million), the authorities have slashed the price to its current low in hopes of finally finding a buyer on November 13, 2026. who purchased them in 2013 for a reported $10 million.
The island is less than one square kilometer (0.38 square miles), and its highest point is at 126 meters. The remains of three buildings are still visible on Makri, including a small chapel, a cistern, and a small house.
Related: Own a Slice of Paradise in Greece: Uninhabited Island Near Mykonos for Sale
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