If you are weary of soaring property prices in the United Kingdom, Greece might offer an intriguing alternative: a private island is being auctioned for less than the cost of a standard family home. Makri, an uninhabited and largely untouched 243-acre island in the Enchinades archipelago, lies approximately 4 kilometres off the coast of mainland Greece. It is situated about 30 kilometres east of Kefalonia, the largest island in the Ionian Sea.
Makri Island: A Secluded Paradise
Virtually untouched by tourism, Makri Island boasts rugged hills, dense woodlands, and over seven kilometres of pristine coastline. This secluded paradise could potentially be yours, but there are significant caveats. High-end real estate agencies originally listed the island in 2022 with an asking price of €8 million (£6.9 million), aiming to transform it into a five-star luxury resort with villas. However, Greece's strict environmental laws revealed it is legally a 'ghost asset' that cannot be developed on a large scale.
Environmental Protections and Legal Hurdles
A large portion of the island is classified as a 'private forest' and designated a protected area under the European Natura 2000 network. This ecological protection acts as a hard barrier to construction, and building anything permanent requires a Presidential Decree. As a result, the asking price has dramatically dropped to just €247,000 (£214,039) — cheaper than most flats in the UK and half the price of a London apartment, which averages between £431,000 and £541,000.
Strict environmental protections are not the sole reason for the affordable price. The island is completely off the grid, meaning potential buyers would need to install and manage their own water, electricity, and waste disposal systems. Additionally, whoever takes ownership will likely inherit a string of mortgages, disputed leases, creditor actions, and tax claims from the Greek state, reportedly exceeding €20 million, according to Secret London.
Potential Uses and Auction Details
Despite these challenges, the island can still be utilised for light farming, grazing, or low-impact eco-tourism. For those seeking an authentic experience, it offers the ultimate digital detox: camping under the stars with the soothing rhythm of crashing waves. Makri is in a league of its own when it comes to owning a completely untouched Mediterranean ecosystem. The official auction is scheduled for 13 November 2026.
Comparison with the Caribbean: Shakira's Former Island
Elsewhere, in the Caribbean, a remote island formerly owned by pop icon Shakira has been listed for £22 million ($30 million) — twice the amount the Colombian singer paid for it two decades ago. Bonds Cay is a 650-acre slice of paradise located in the northern Bahamas, around 125 miles from Miami, Florida. It was reportedly purchased by Shakira for £11 million ($16 million) in 2006. The island, currently listed with Corcoran CA Christie Bahamas, offers 13 miles of turquoise waters, white sand beaches, protected coves, and high vantage points with panoramic Atlantic views. Nearby islands are accessible by private jet, helicopter, or yacht, each with their own airstrips and customs. British musician Roger Waters, best known as the bassist and primary lyricist of Pink Floyd, also had ties to the island. Both Shakira and Waters invested in Bonds Cay with the idea of building an artists' retreat, complete with luxury hotels and residences. Although these plans did not materialise, the island offers plenty of privacy and development potential.
