Although investments in private island acquisitions in Greece are synonymous with adventure, with exceptions counted on one hand, there is one case that stands out. It concerns the islet of Makri in the Ionian Sea, part of the Echinades cluster, whose initial saga was highlighted by THEMA in February 2022. However, there is a long continuation, as several developments have taken place since then, resembling a series with elements of mystery.

Makri is the fifth largest island of the Echinades cluster after Petalas, Oxia (which was purchased by the former Emir of Qatar Al Thani), Drakonera and Provati. The Echinades take their name from the sea urchin (achinos) due to their rough and spiky surface, and they are known since antiquity, recorded by Herodotus, Thucydides and Strabo.

According to Greek mythology, they were nymphs punished by Acheloos for not praising him, and were condemned to become islands. As it turns out, not only did they become islands, but they were “condemned” to remain deserted and underutilized…

It is also believed that the famous Battle of Lepanto took place in this area in October 1571, involving more than 500 ships and 85,000 men, between the allied Christian fleet of the West under Don Juan of Austria and the Ottoman fleet under Müezzinzade Ali Pasha, resulting in a decisive Ottoman defeat.

From listings…

Four years ago, Makri appeared on international real estate platforms specializing in the sale of islands worldwide, promoted as one of the Greek private islands with a “mature” legal framework for development prospects.

As stated on Private Islands Inc., “Makri Island has perhaps the most mature urban planning framework among other private islands and has been granted a special zoning regulation. Fully developed, it could host a 5-star hotel with suites and luxury private villas.” It was also noted that there are clear ownership titles and that the island is “immediately available for transfer.”

However, the price remained “confidential” and was disclosed only upon request. At the same time, its “career” on electronic auction platforms also began.

Today, Makri is no longer listed on Private Islands Inc. It still appears on Island Seeker, where the listing dates back to November 2023, with a price of €8 million.

The “rubber-band” price

The island, owned by S.L., a resident of Chios, is uninhabited and according to inspections contains abandoned and ruined remnants of buildings, once including a chapel, a water cistern and a small house. Makri has been targeted by electronic auctions for four years.

The first was scheduled for 20 July 2022, with a starting price of €3.8 million. This was based on a valuation report from December 2021, assuming that the remaining surface of the island after coastal zoning restrictions was 881.3 hectares and, most importantly, that it “does not include areas with any kind of exploitation obstacles.” However, the auction was ultimately suspended.

“Private forest”

Meanwhile, another auction was scheduled for 30 September 2022, where the starting price dropped dramatically to just €296,000.

This was because the second valuation highlighted major limitations for any development. The island has been classified as private forest and lies within a Site of Community Importance and Special Protection Zone, imposing significant restrictions.

In essence, only agricultural activity, grazing, and minimal light infrastructure are permitted. Therefore, according to the new assessment, it appeals to a very limited pool of investors.

In June 2022, however, an appeal to the Court of First Instance of Kefalonia led to a revised valuation, setting the price at €1.5 million. The auction at that level also ended without success.

As revealed today by THEMA, a new auction is being prepared for 13 November 2026, with a starting price of just €247,000.

It should be noted that the auction has been published but has not yet been uploaded to the electronic platform eauction.gr. Until the date of the auction, legal objections may still be filed, which could suspend or alter the process.

Seizure for €60,000

According to the auction document, the creditors are three individuals from Chios, with an enforceable order dating back to 2015.

The seizure amount is €60,000, part of a larger debt structure.

The property is described as an island in the Echinades, designated as private land since 1985, with varying recorded surface areas between 956 and 1,300 hectares.

It is also classified as forest land and part of Natura 2000, making it a protected environmental zone.

Acquisition and lease

Makri was acquired in 1991. In 2005 it was leased to a third party, with reports suggesting long-term lease arrangements up to 2104, although details remain disputed.

The property is burdened by multiple mortgages, tax claims and legal restrictions dating back decades, including Greek State claims exceeding €20 million.

A murky landscape

Given all of the above, it remains uncertain whether Makri can become a private paradise at a bargain price or will remain abandoned and undeveloped.

While private island markets globally attract ultra-high-net-worth individuals seeking exclusivity and nature, in Greece such projects often prove extremely complex and legally entangled.

Makri, despite having relatively “mature” planning status compared to other islands, is still considered outside the urban plan, meaning any development requires a Presidential Decree and strict environmental approvals under Natura 2000 regulations.

Therefore, the future outlook remains highly uncertain…