May 20, 2026, 12:49 pm | Read time: 3 minutes

The Greek island of Makri is part of the Echinades group, located in the Ionian Sea, and is uninhabited. However, in November 2026, it will go under the hammer and is set to find a new private owner. And it’s at a real bargain price. The starting bid is just 247,000 euros–about the cost of a small condo in some places. What’s even crazier is that the island was priced at 8 million euros a few years ago. A discount of about 97 percent! How is that possible?

Price steadily dropped

The Greek weekly newspaper “Proto Thema” reports that the island was already offered on international real estate platforms specializing in island sales in 2022. At that time, it was said that ownership issues were resolved and the island could be purchased immediately. It was also advertised that a 5-star hotel could be built there. The price was only disclosed upon request. It was only later that the island was also offered on auction platforms. On the platform “Island Seeker,” the island of Makri is still listed–for a hefty 8 million euros. However, this is an outdated offer.

In recent years, the island has been repeatedly offered at auctions, all unsuccessfully. And the price varied greatly even then. In July 2022, the island went on the market with a starting price of 3.8 million euros. Just a few months later, the starting price was only 296,000 euros.

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Dream of a luxury island shattered

How could the price drop so drastically? Current assessments show that the luxury dream on Makri cannot be realized. There are significant restrictions on any development on the island. The island is classified as a private forest and is located in the middle of a Natura 2000 protected area. This brings with it significant regulations.

A 5-star luxury hotel? Large construction projects? Not possible! Instead, grazing, agricultural use, and minimal infrastructure are possible. According to the new assessment, the island now only appeals to a small circle of investors. According to the weekly newspaper, Makri is set to go under the hammer again in November 2026–with a starting price of 247,000 euros.

Also interesting: This Greek island is still a real insider tip

What would you get for the price?

According to the outdated listing from “Island Seeker,” Makri is located about 30 kilometers east of Kefalonia. Nearby are islands like Corfu or Zakynthos, which are particularly popular with tourists. The information about the actual size of the island varies–according to this listing, Makri is 98 hectares in size and has a seven-kilometer coastline and wooded peaks.

If you’re looking for absolute peace without much luxury, Makri might be just right for you. And history enthusiasts might find the island enticing as well. According to “Proto Thema,” Greek mythology says that nymphs were punished by Achelous for not praising him. They were condemned to become islands–uninhabited and unused islands at that.