If you’ve ever dreamed of owning a private island, now’s your chance — for less than the price of many US homes.
A Greek island called Makri is up for sale. It was originally advertised with a value of about $9.2 million when it was first listed by high-end real estate companies back in 2022, but now its auction price starts around a mere $286,000.
That asking price is lower than the average price of a home in the US, which is $514,600, according to Federal Reserve Economic Data.
Naturally, there’s a catch for the buyer.
Whoever takes ownership of Makri would inherit a backlog of tax claims and debt attached to the island — including some from the Greek state of at least around $23.2 million, according to local outlet Sofokleous10.
Unlike other Greek islands, this one has been untouched by overtourism — and that’s because it’s completely uninhabited. However, it wasn’t always that way. Makri was once dubbed a “crown jewel” for international investors, according to Metro.
In 2022, the island was listed for $9.2 million and pitched as a prime location for luxury getaways with a five-star hotel and private villas.
At the time, Makri was advertised as a private island with a “mature” legal framework for development projects with clear ownership titles and being “immediately available for transfer.”
That didn’t go as planned, and now the island is up for auction at a much lower price.
The 243-acre land mass, located in the Ionian Sea, is the fifth-largest island in the Enchinades archipelago and has a jagged coastline, clear blue waters, and sunshine for most of the year.
Makri was wrongly classified as a private forest, and it also lies within a Site of Community Importance and Special Protection Zone, Metro reported.
That means that any first-star development proposals would be prohibited, which was one of the initial selling points of the private island.
Makri also falls under Natura 2000, an ecological protection network for areas across the European Union, and building any kind of infrastructure would require approval by presidential decree.
Essentially, with all these rules, the private island can mostly be used only for agricultural purposes and would need the installation of electricity, water and waste disposal.
