This private, 243-acre Greek island is on sale for half the price of a London flat – but there’s a costly catch

If you’re tired of high property prices in the UK, you might want to look at Greece, where a whole private island is being auctioned off for less than the cost of a standard family home.

Makri is an uninhabited, largely untouched, 243-acre island in the Echinades archipelago, lying about 4km off the coast of mainland Greece. 

It also sits around 30km east of Kefalonia, the largest island in the Ionian Sea.

Virtually untouched by tourism, Makri Island boasts rugged hills, dense woodlands, and more than 7km of pristine coastline – a secluded paradise that you could potentially call your own.

There have been multiple attempts to sell Makri over the past five years. 

High-end real estate agencies originally listed the island in 2022 with an asking price of €8million (£6.9million), aiming to transform it into a five-star luxury resort with villas.

Makri was then given a starting price of €1.5 million (£1.19m) at an unsuccessful auction.

This is because a closer look at Greece’s strict environmental laws revealed it is legally a ‘ghost asset’ that cannot be developed on.

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 on a large scale, and building anything permanent requires a Presidential Decree. 

As a result, the asking price has now 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.

‘Makri has become emblematic of a broader reality surrounding private islands in Greece: while often marketed internationally as ultra-luxury assets, ownership and development can be extraordinarily difficult in practice,’ its current online advertisement warns. 

But strict environmental protections aren’t the sole reason the island is going up for sale at such an affordable price. 

The island is completely off the grid, meaning potential buyers would be required to foot the bill to install and manage their own water, electricity and waste disposal systems. 

Whoever takes ownership will also likely inherit a string of mortgages, disputed leases, creditor actions and tax claims – including from the Greek state – which reportedly exceeds €20million (£17.3 million), according to Secret London. 

But if you’re not yet deterred, and you’re a nature purist seeking an authentic experience, the island can still be utilised for light farming, grazing, or low-impact eco-tourism. 

Or, for the ultimate digital detox, camp out for a few nights and fall asleep to the soothing rhythm of crashing waves under the stars. 

Reaching 126 metres above sea level, the island ok Makri offers incredible vantage points, with much of the scenery comprising of white-sand beaches, turquoise waters, and lush, thick forests.

The crumbling remains of three historic buildings can also be spotted, including a small chapel, a house and a cistern.  

Like other islands across the Echinades, Makri boasts a rich history and deep mythological origins. 

The waters surrounding the island are believed to be the site of the legendary Battle of Lepanto in 1571. 

But, legend also has it the Echinades were once nymphs that were transformed into islands by a river god. 

When it comes to the ultimate bragging rights of owning a completely untouched Mediterranean ecosystem with an air of magic, Makri is in a league of its own. 

Most of the 20 Echniades islands are in private hands. Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, owns six of them.

Makri was last sold in 1991 to businessman Stefanos Liovaros, although it’s now in the hands of the receivers handling the island’s debt.

The official auction is scheduled for November 13, 2026.

German broker Fahad Vladi, who has been selling private islands for more than half a century around the world, told ABC Australia how Greece has a particularly challenging market for prospective buyers – especially foreigners, who require many additional permits.

He said: ‘We have done contracts with a few Greek islands and foreign buyers, and after the eighth permit they just lose their mind.

‘Greek Islands are extremely beautiful but the market there isn’t really working because of that issue.’

Elsewhere, in the Caribbean, a remote island formerly owned by pop icon Shakira has been listed for £22million ($30million) – 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, 48, for £11million ($16million) in 2006. 

The island, currently listed with Corcoran CA Christie Bahamas, offers 13 miles of turquoise blue waters, white sand beaches, protected coves and high vantage points that provide panoramic views of the Atlantic ocean.  

A number of established islands located nearby can be easily accessed by private jet, helicopter or yacht, as they each have their own airstrips and customs. 

British musician, Roger Waters, best known as the bassist and primary lyricist of rock band Pink Floyd, also had ties to the island. 

Both Shakira and Waters, 82, invested in Bonds Cay with the idea to build an artists’ retreat, complete with luxury hotels and residences. 

Although these plans did not go ahead, the island offers plenty of privacy and lots of development potential.