Makri Island Listed for Auction at €247,000
A Greek island in the Ionian Sea is set to go under the hammer later this year, with a starting price that is a fraction of its previous valuations.
Makri Island, located near mainland Greece and spanning nearly 100 hectares, is part of the Echinades archipelago. The starting bid is set at €247,000 (approximately $400,000). However, the island currently lacks any modern infrastructure—including housing, a port, or tourist facilities.
Ownership and Legal Status
The island was last purchased in 1991 by businessman Stefanos Liovaros but is now under receivership. According to the sale listing, the property is encumbered by:
- Mortgages
- Tax claims
- Disputed leases
- Creditor actions
- Legal disputes with the Greek state
The sale listing warns that the property comes with a significant legal and financial burden.
Development Restrictions
Any potential buyer faces multiple regulatory hurdles before construction can begin:
- The island is classified as ecologically significant, subject to European Union regulations on land clearing and development.
- Greece's strict coastline protection laws apply.
- The island is designated as forest, requiring additional permits.
- The listing warns that significant construction may require a presidential decree.
Auction History
Makri has previously been listed for sale at prices reaching €8 million. An attempted auction in 2022 started at €1.5 million but did not result in a sale. The current valuation is significantly lower than earlier listings.
Background
Makri Island is part of the Echinades group, most of which are privately owned. Notably, the Emir of Qatar owns six islands in the archipelago. According to Greek mythology, the islands were formed from nymphs turned to stone by the river god Achelous.
Broker Commentary
Fahad Vladi, founder of Vladi Private Islands, noted that Greece presents a challenging market for island buyers, particularly foreigners who require numerous permits.
"Greek Islands are extremely beautiful but the market there isn't really working because of that issue."
Vladi assessed the current starting price as low but predicted the final sale price would fall somewhere between the starting price and previous higher valuations.