For less than the price of a modest London apartment, prospective buyers this year can acquire an entire private isle off western Greece — albeit one with no electricity, no running water, strict environmental protections and more than 20 million euros in legal and financial entanglements.
Makri, an uninhabited private island in the Ionian Sea, is scheduled to go on the “selling block” in November, with a starting bid of just 247,000 euros after years of failed sales attempts and stalled luxury development plans. International media reports have highlighted the case as a striking example of the mounting regulatory and financial obstacles surrounding private island ownership in Greece.
The 243-acre island belongs to the Echinades island group, lying roughly four kilometers off western mainland Greece and about 30 kilometers east of the large island of Kefalonia (Cephalonia). Largely untouched by visitors, it features rocky hills, lush flora and more than seven kilometers of coastline, with only the ruins of a small chapel, a house and a water cistern remaining on the island.
Makri had previously been marketed internationally as a potential ultra-luxury tourism investment, with asking prices reaching eight million euros in recent years and proposals for a five-star resort with holiday villas. But successive auctions failed as investors encountered a restrictive environmental and zoning framework. Much of the island is classified as private forest land and protected under the EU’s Natura 2000 network, sharply limiting construction and commercial exploitation. Any permanent development would likely require a presidential decree.
Auction documents cited by international media also point to extensive legal and financial complications, including mortgages, disputed leases, creditor claims and tax liabilities involving the Greek state, all exceeding 20 million euros.
The case comes as Greece’s high-end real estate and tourism markets continue to attract strong foreign interest, particularly in island properties and luxury hospitality developments. At the same time, environmental restrictions, coastal zoning laws and lengthy licensing procedures have increasingly complicated large-scale projects, especially in ecologically sensitive areas.
Germany-based broker Fahad Vladi, who specializes in private island sales, recently told Australia’s ABC network that Greece remains one of the most difficult markets for foreign investors because of the volume of permits required for development projects.
Despite the legal complications, the private isle of Makri continues to attract interest because of its isolation and natural landscape. The island rises 126 meters above sea level and overlooks turquoise waters and white-sand beaches in one of the Ionian’s least developed sea and coastal regions.
Local mythology links the Echinades islands to ancient Greek legends involving river god Acheloos and sea nymphs, while historians associate nearby waters with the 1571 Battle of Lepanto.
The private isle was acquired in 1991 by businessman Stefanos Liovaros but is now under the control of receivers managing outstanding debts. The auction is scheduled for Nov. 13.
Source: tovima.com
