A 243-acre Greek island, Makri, is up for auction at a dramatically reduced price due to strict environmental protections that bar large-scale development. The island, completely off-grid with inherited financial burdens, offers a raw natural experience in the Echinades archipelago.
If you are 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 4 kilometres off the coast of mainland Greece. It also sits around 30 kilometres east of Kefalonia, the largest island in the Ionian Sea. Virtually untouched by tourism, Makri Island boasts rugged hills, dense woodlands, and over seven kilometres of pristine coastline - a secluded paradise that you could potentially call your own.
High-end real estate agencies originally listed the island in 2022 with an asking price of €8 million (£6.9 million), aiming to transform it into a five-star luxury resort with villas. However, 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. 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 €20 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. When it comes to the ultimate bragging rights of owning a completely untouched Mediterranean ecosystem, Makri is in a league of its own.
The official auction is scheduled for 13 November, 2026. Elsewhere, in the Caribbean, a remote island formerly owned by pop icon Shakira has been listed for £22 million ($30m) - 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 the Hips Don't Lie songstress, 48, for £11million ($16m) 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
Greek Island Auction Makri Island Environmental Protection Natura 2000 Cheap Private Island Real Estate UK Bonds Cay Shakira Island Bahamas Property
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