Makri, the fifth-largest island in the Echinades archipelago in the Ionian Sea, has been put up for auction for €247,000, significantly less than the price of a typical London flat. However, authorities have confirmed that a series of legal, environmental, and financial restrictions severely limit the potential use of the island.

The island, which remains completely uninhabited, was originally listed in 2022 for €8 million but has seen its asking price drop dramatically to its current valuation. Makri is described as an untouched piece of land with a rugged coastline and clear waters.

Officials reported that the island had been wrongly classified as private forest land, complicating its legal status. It is also located within a Site of Community Importance and a Special Protection Zone, placing it under strict environmental protection rules. The island falls under the Natura 2000 conservation network, which restricts development and requires high-level approvals for any infrastructure projects, including electricity, water, and waste systems.

Furthermore, the island carries significant financial burdens, with claims from the Greek state reportedly reaching at least €20 million. This combination of legal classification issues, environmental protections, and outstanding debts severely reduces its market appeal.

Despite the low purchase price, the island can effectively only be used for limited agricultural purposes, making large-scale development impossible under current regulations.

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