The uninhabited Greek island of Makri, located 4 km off the mainland in the Echinades archipelago, is being auctioned with a starting price of €247,000 — dramatically lower than its 2022 asking price of €8 million. The price drop reflects severe development restrictions: much of the island is classified as a 'private forest' under the European Natura 2000 network, and the buyer would also inherit over €20 million in debts, including tax claims from the Greek state, according to reports from Secret London and other outlets. The auction is scheduled for November 13, 2026.

From €8 million to €247,000 — the price collapse of Makri

High-end real estate agencies originally listed Makri in 2022 with an €8 million (£6.9 million) asking price, aiming to transform the 243-acre island into a five-star luxury resort with villas,as the source reports. But a closer look at Greece's strict environmental laws revealed that Makri is legally a 'ghost asset' that cannot be developed on a large scale. As a result, the asking price has now dropped by over 96% to just €247,000 (£214,039) — cheaper than most flats in the UK and half the price of a London apartment, which averages between £431,000 and £541,000.

The €20 million debt pile and the Greek state's tax claims

Strict environmental protections aren't the sole reason the island is going up for sale at such an affordable price, according to the source. The island is completely off the grid, meaning potential buyers must install and manage their own water, electricity, and waste disposal systems. More critically, whoever takes ownership will also inherit a string of mortgages, disputed leases, creditor actions, and tax claims — including from the Greek state — which reportedly exceeds €20 million (£17.3 million), per Secret London. That debt cloud effectively makes the auction a purchase of liabilities as much as land.

Why a 'private forest' and Natura 2000 classification block construction

A large portion of Makri is classified as a 'private forest' and designated a protected area under the European Natura 2000 network, the source explains.. This ecological protection acts as a hard barrier to construction on a large scale; building anything permanent requires a Presidential Decree. These restrictions have turned the island from a developer's dream into a conservationist's asset. The crumbling remains of three historic buildings — a small chapel, a house, and a cistern — can still be spotted, but adding new structures is all but impossible under current law.

What remains: a chapel, a house, a cistern, and 7 km of coastline

For a nature purist, Makri still offers rugged hills, dense woodlands, more than 7 km of pristine coastline, and white-sand beaches with turquoise waters, as described in the source.. The island rises 126 metres above sea level, providing panoramic views of the Ionian Sea. The waters surrounding Makri are believed to be near the site of the legendary Battle of Lepanto in 1571, adding mythological depth. Uses are limited to light farming, grazing, or low-impact eco-touism — a digital detox rather than a resort. But the open question remains: who would bid on an island they cannot develop , saddled with debts that may exceed any realistic revenue from camping or grazing? The November auction will tell.