A small Greek island once marketed as a luxury investment opportunity has seen its price collapse dramatically, now set for auction at 247,000 euros, a fraction of its earlier valuation, Bulgarian media "Focus" reported, citing Greek Reporter.
The island of Makri, located in the Echinades archipelago in the Ionian Sea, was previously promoted by international real estate agencies as a prime site for high-end development, including a five-star resort and private villas. At that time, it carried a price tag of around 8 million euros, or roughly 9 million dollars.
Today, however, the same island is being offered at a starting auction price comparable to that of a modest apartment in Sofia or a smaller residential property in Athens, reflecting a dramatic reassessment of its development potential.
The steep drop in value is largely attributed to strict environmental regulations that limit what can be built on the land. A significant portion of Makri is designated as “private forest” and falls within a Natura 2000 protected zone, placing it under EU environmental protection rules.
Under these restrictions, large-scale construction such as hotels or resort complexes is not permitted. The land can be used mainly for low-impact activities such as light agriculture or limited recreational use, effectively eliminating most commercial development plans.
