A stunning island valued at almost £7 million has gone on sale for a fraction of its value, but all is not as it seems. Interested parties can bid for the idyllic Greek island of Makri, once valued at €8 million (£6.9 million), now available for just £213,000 — less than the cost of a one-bedroom flat in London. The island boasts nearly 7 kilometres of coastline and wooded hills, situated in the Ionian Sea.
According to BFMTV, the island is reportedly set to go under the hammer in November, but there is a reason for the seemingly low valuation. Reports suggest it is almost impossible to carry out any kind of development on the island paradise, as there is very little infrastructure to support long-term habitation. There is no water supply network or developed harbour, and only a small dilapidated house, a cistern, and a chapel have been identified there.
Strict Conservation Laws
Current Greek regulations prohibit any large-scale tourism development, such as the construction of large hotels. This is because development is strictly prohibited due to conservation laws and the island's classification as a protected forest. It sits inside Natura 2000, the EU's protected habitat network. Only minimal, light infrastructure and agricultural use would be possible under these restrictions. It is unlikely prospective buyers would be able to implement many services or facilities, making living there a particularly difficult proposition.
History and Location
The uninhabited island is in the Echinades archipelago and has had intermittent human settlement throughout its history. This sale comes after a private island in the Scottish Highlands was set to go under the hammer in an auction next month. Mullagrach Island, the northernmost of the Summer Isles, spans approximately 88.7 acres and occupies a prime position at the mouth of Loch Broom. It will be offered at auction with a guide price of £350,000.
Auctioneers Savills say it "presents a compelling opportunity for purchasers seeking a private coastal retreat where landscape, wildlife and sustainable living come together in a truly special setting." Mhairi Archibald, associate director at Savills Auctions, said: "We're seeing good levels of demand for truly unique assets coming to auction, and private islands often capture the imagination. The sale of Mullagrach presents a compelling opportunity for buyers seeking something genuinely rare. With its scale, setting and ready-to-enjoy accommodation, we expect significant interest ahead of the sale."
Mullagrach has a rugged landscape and striking coastline with rocky beaches, caves and dramatic cliffs, and supports an array of seabird and marine life.
