An island paradise worth close to £7million is set to go under the hammer for less than the price of a one-bed flat in London – but there is a major catch for interested parties
A stunning island valued at almost £7million has gone on sale for a fraction of its value – but all is not as it seems.
Interested parties can bid for the idyllic Greek island of Makri, which was once valued at €8million (£6.9m) but is now available for just £213,000 – less than what it will cost you to buy a one-bedroom flat in London. It boasts nearly 7km of coastline and wooded hills and is situated in the Ionian Sea.
According to BFMTV, the island is reportedly set to go under the hammer in November, but there is a reason for the seemingly low valuation.
Reports suggest it is almost impossible to carry out any kind of development on the island paradise while there is apparently very little infrastructure to support long-term habitation.
There is no water supply network or developed harbour while there have only been a small dilapidated house, a cistern and a chapel identified there. Current Greek regulations prohibit any large-scale tourism development, such as the construction of large hotels.
This is because development strictly prohibited due to conservation laws and its classification as a protected forest. It sits inside Natura 2000, the EU’s protected habitat network.
Only minimal, light infrastructure and agricultural use would be possible due to these restrictions.
It is unlikely prospective buyers would be able to implement many services or facilities on the island, which makes living there a particularly difficult proposition.
The uninhabited islands is in the Echinades archipelago, and has had intermittent human settlement throughout its history.
It comes after a private island in the Scottish Highlands is set to go under the hammer in an auction next month. It is being touted to would-be buyers as a rare opportunity to buy the exceptionally beautiful retreat of Mullagrach Island.
It is the northernmost of the Summer Isles and spans approximately 88.7 acres and occupies a prime position at the mouth of Loch Broom.
Mullagrach Island will be offered at auction with a guide price of £350,000. Auctioneers Savills say it “presents a compelling opportunity for purchasers seeking a private coastal retreat where landscape, wildlife and sustainable living come together in a truly special setting”.
Mhairi Archibald, associate director at Savills Auctions, said: “We’re seeing good levels of demand for truly unique assets coming to auction, and private islands often capture the imagination. The sale of Mullagrach presents a compelling opportunity for buyers seeking something genuinely rare.
“With its scale, setting and ready-to-enjoy accommodation, we expect significant interest ahead of the sale.”
Mullagrach has a rugged landscape and striking coastline with rocky beaches, caves and dramatic cliffs. It also has a range of wildlife, supporting an array of seabird and marine life.
