Greek island worth £6.9m on sale for just £213,000 – but there’s a catch | World | News

A stunning island worth around £7 million has hit the market for a fraction of its value; But there is much more to this story than meets the eye.

Potential buyers can bid on the picturesque Greek island of Makri, which was once valued at €8 million (£6.9 million) but is now available for just £213,000 (less than the cost of a one-bedroom flat in London). The island has approximately 7 km of coastline and lush forested hills, located in the Ionian Sea.

The island is reportedly set to go bump in November, according to BFMTV, but there’s a very good reason behind the seemingly bargain price tag.

Reports indicate that it is nearly impossible to achieve any development on this island paradise, where there is little infrastructure to sustain long-term habitation.

There is no running water or a functioning port on the island, only a small abandoned house, a cistern and a chapel are identified. According to reports, current Greek regulations ban any large-scale tourism development, including the construction of large hotels Mirror.

This is because development is strictly prohibited under conservation laws and it is designated as a protected forest. The island falls within the scope of Natura 2000, the EU’s protected habitat network.

Only minimal, light infrastructure and agricultural activity will be allowed under these restrictions.

Potential buyers are unlikely to be able to offer many services or amenities to the island, making permanent residence there an extremely challenging prospect. The uninhabited island lies within the Echinades archipelago and has seen occasional human settlement throughout its history.

This follows news that a private island in the Scottish Highlands is to be put up for auction next month. It is being marketed to potential buyers as a rare chance to acquire the stunningly beautiful retreat of Mullagrach Island.

The northernmost of the Summer Isles, it covers approximately 88.7 acres and occupies a prime position at the mouth of Loch Broom.

Mullagrach Island is up for auction with a guide price of £350,000. Auctioneer Savills describes it as something that “offers an attractive opportunity for buyers looking for a special coastal holiday where scenery, wildlife and sustainable living come together in a truly special setting.”

Mhairi Archibald, associate director at Savills Auctions, said: “We are seeing good levels of demand coming to auction for truly unique assets and private islands often capture the imagination. The sale of Mullagrach presents an attractive opportunity for buyers looking for something truly rare.

“With its scale, environment and ready-to-use accommodation, we expect significant pre-sale interest.”

Mhairi Archibald, associate director at Savills Auctions, said: “We are seeing good levels of demand coming to auction for truly unique assets and private islands often capture the imagination. The sale of Mullagrach presents an attractive opportunity for buyers looking for something truly rare.

“With its scale, environment and ready-to-use accommodation, we expect significant pre-sale interest.”

Mullagrach has rugged terrain and an impressive coastline of rocky shores, caves and high cliffs. It is also rich in wildlife and provides a habitat for a wide variety of seabirds and marine creatures.