A small Greek island once marketed as a luxury investment opportunity has seen its price collapse dramatically, now set for auction at 247,000 euros, a fraction of its earlier valuation, Bulgarian media "Focus" reported, citing Greek Reporter.
The island of Makri, located in the Echinadesarchipelago in the Ionian Sea, was previously promoted by international real estate agencies as a prime site for high-end development, including a five-star resort and private villas. At that time, it carried a price tag of around 8 million euros, or roughly 9 million dollars.
Today, however, the same island is being offered at a starting auction price comparable to that of a modest apartment in Sofia or a smaller residential property in Athens, reflecting a dramatic reassessment of its development potential.
The steep drop in value is largely attributed to strict environmental regulations that limit what can be built on the land. A significant portion of Makri is designated as ?private forest? and falls within a Natura 2000 protected zone, placing it under EU environmental protection rules.
Under these restrictions, large-scale construction such as hotels or resort complexes is not permitted. The land can be used mainly for low-impact activities such as light agriculture or limited recreational use, effectively eliminating most commercial development plans.
In practical terms, what was once viewed as a high-value real estate opportunity has been reduced to an island where building options are minimal, fundamentally reshaping investor expectations.
Despite its limitations, Makri retains historical and mythological significance. It belongs to the same island group as Oxeia, which was previously purchased by a Qatari royal figure. Local mythology links the Echinadesislands to ancient legends of nymphs transformed into landforms by a river god, while the surrounding waters are associated with the historic Battle of Lepanto in 1571.
Earlier attempts to sell the island at higher prices, including an offer around 1.5 million euros, failed to attract buyers, prompting a further price reduction ahead of the scheduled auction on November 13, 2026.
Makri itself is less than one square kilometer in size, rising to a maximum elevation of 126 meters. Remnants of three small structures remain on the island, including a chapel, a water cistern, and a modest house, reflecting its limited but tangible human presence.
