When I think about the chaos of the capital city and its constant conveyor belt of busy streets, stations, and schedules; I must admit that the prospect of throwing in the towel on London life and hotfooting it directly to a picture-perfect private island is pretty darn tempting. But whilst usually the logistics are – quite frankly – unrealistic, I come bearing a remote island that could soon be snapped up for less than the average price of a one-bedroom flat in London. Yes, that’s right, folks. You could buy an entire Greek island for less than it would cost you to clamber onto the capital city’s property ladder.
Makri island
The Greek island in question is Makri; the fifth largest island in the Echinades. The entirely uninhabited 243-acre island was once dubbed a ‘crown jewel’ for international investors, and was previously put on the property market for a whopping €8 million. But you could now get your hands on it for just €247,000 because the island is now being put up for auction.
The island was earmarked as a potential luxury development site, and was put up for sale for €8 million back in 2022. However, the island lies within a Site of Community Importance and Special Protection Zone, making it fairy tricky for any 5-star infrastructure to be built on it.
Makri island also comes complete with some rather significant legal and environmental restrictions. The island is classified as forest land and falls within the Natura 2000 protected network (the same eco protection network that recently saw sunbeds banned across hundreds of Greek beaches). Basically, what this all means is that building anything on the island would require approval by Presidential Decree.
There’s also another rather hefty catch to buying this idyllic island. The buyer would become responsible for the backlog of tax claims, disputed leases, longstanding legal disputes, mortgages, and creditor actions that the island is currently entangled in. These legal liabilities date back decades and reportedly total over €20 million.
The buyer would also need to set up water and electricity supplies across the whole island. So whilst it looks like quite an appealing opportunity upon first glance, snapping up this island might be more hassle than its worth. But then again, it might be exactly what you’re after. Each to their own, and all that…
Find out more about Makri island and the upcoming auction here.