The land is little than 1 quadrate kilometer (0.38 quadrate miles), and its highest constituent is astatine 126 meters. Credit: Island SeekerThe Greek land of Makri, located successful the Echinades analyzable successful the Ionian Sea, was erstwhile marketed arsenic a “crown jewel” for planetary investors. A fewer years ago, it was listed by high-end existent property agencies for a staggering €8 million, pitched arsenic a cleanable determination for a five-star luxury edifice and backstage villas.
Fast guardant to today, and the land is heading to auction with a starting terms of conscionable €247,000 ($290,000)—roughly the outgo of a tiny flat successful Athens.
Credit: Island SeekerWhy the monolithic terms driblet for the Greek land of Makri?
The “secret” down the collapsing worth isn’t conscionable a deficiency of interest, but a harsh world cheque regarding Greek biology laws. While archetypal valuations assumed the land was acceptable for development, newer assessments person revealed large hurdles:
- Environmental Protection: Much of the land is classified arsenic a “private forest” and is portion of a protected “Natura” zone.
- Building Bans: Because of its protected status, large-scale operation (like hotels) is efficaciously prohibited. Under existent rules, the onshore tin mostly beryllium utilized lone for airy farming oregon precise basal recreational activities.
- A “Ghost” Investment: Essentially, the land went from being a “ripe improvement opportunity” to a beautiful, protected stone wherever you can’t adjacent physique a house.
History and Myths
Despite the ineligible headaches, Makri is steeped successful history. It is portion of the aforesaid land radical arsenic Oxia (famously bought by the erstwhile Emir of Qatar). According to mythology, the Echinades were nymphs who were transformed into islands by a stream god. Historically, the waters adjacent are believed to beryllium the tract of the legendary Battle of Lepanto successful 1571.
After respective failed attempts to merchantability the land astatine higher prices (including a failed auction astatine €1.5 million), the authorities person slashed the terms to its existent debased successful hopes of yet uncovering a purchaser connected November 13, 2026. who purchased them successful 2013 for a reported $10 million.
The land is little than 1 quadrate kilometer (0.38 quadrate miles), and its highest constituent is astatine 126 meters. The remains of 3 buildings are inactive disposable connected Makri, including a tiny chapel, a cistern, and a tiny house.
Related: Own a Slice of Paradise successful Greece: Uninhabited Island Near Mykonos for Sale
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