An island in Greece, Makri, once valued at €8million (£6.9m), is now up for sale at a significantly reduced price of £213,000. The idyllic island, boasting nearly 7km of coastline and wooded hills, is located in the Ionian Sea. Despite its breathtaking beauty, the low valuation is attributed to the lack of infrastructure to support long-term habitation and strict development restrictions.
Reportedly scheduled for auction in November, Makri Island faces challenges due to the absence of a water supply network, a developed harbor, and limited existing amenities such as a small house, a cistern, and a chapel. Greek regulations prohibit extensive tourism development, including the construction of large hotels, within the protected forest area classified as Natura 2000 by the EU.
Due to conservation laws, only minimal infrastructure and agricultural activities are permitted on the island, making it unsuitable for extensive development or habitation. The Echinades archipelago, where Makri Island is situated, has seen sporadic human settlement over time.
Meanwhile, Mullagrach Island in the Scottish Highlands is also set to be auctioned, offering buyers a chance to acquire an 88.7-acre private retreat. Positioned at the mouth of Loch Broom, Mullagrach Island is priced at £350,000 and is described as a unique coastal haven where nature and sustainable living converge.
Savills Auctions, the auctioneers handling the sale, anticipate strong interest in Mullagrach Island due to its scenic landscape, diverse wildlife, and comfortable accommodations. The island features a rugged terrain, striking coastline with rocky beaches, caves, and cliffs, as well as a variety of seabirds and marine life.