Its online sales listing describes it as “one of Europe’s most remarkable and unusual real estate opportunities”, and at first glance, there’s a lot to like.
Makri Island, not far from mainland Greece, boasts almost 100 hectares of uninhabited Mediterranean beauty and a bargain price tag.
There are no tourists, no port, no housing — in fact, no modern infrastructure of any kind. What this place does have, however, is a colourful history punctuated by legal battles and planning disputes.
The island is going under the hammer later this year, with a starting price of €247,000 ($400,000). That’s less than half the cost of the average home in Australia, which rose to $940,048 in April.
Makri Island’s recent past has been punctuated by legal and planning headaches. (Supplied)
Just 4 kilometres of sparkling Ionian Sea separates Makri from the coast of continental Greece. Italy is around a two-day sail away.
It’s part of the Echinades islands and, other than the ruins of a chapel, rainwater cistern and small house, it is completely untouched.
According to Greek mythology, this archipelago was created when the river God, Achelous, turned several nymphs into stone during a tantrum.
Most, but not all, of the 20 Echinades islands are in private hands. Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar who owns six, would be one of your neighbours, if you bought Makri.
It was last sold in 1991 to businessman Stefanos Liovaros, although right now this little piece of paradise is in the hands of receivers.
A blueprint to build a luxury resort on the island “stalled due to severe legal and environmental constraints” Makri’s online listing reads.
And it warns: “The property is also entangled in mortgages, tax claims, disputed leases, creditor actions, and longstanding legal disputes involving the Greek state.”
The restrictions do not stop there. Makri is considered ecologically significant, and any development or land clearing would be tightly controlled by the European Union.
Additional planning hurdles include Greece’s strict coastline protection laws and the fact the island is classified as forest.
There is so much red tape, Makri’s vendors warn “any construction would likely require a presidential decree”.
Makri Island is being auctioned later this year. (Supplied)
Fahad Vladi has been selling private islands for more than half a century in multiple locations around the world, including Australia.
He described Greece as a particularly challenging market for prospective buyers — especially foreigners, who require dozens of additional permits.
“We have done contracts with a few Greek islands and foreign buyers, and after the eighth permit they just lose their mind,” he said.
“Greek Islands are extremely beautiful but the market there isn’t really working because of that issue.”
The Hamburg-based broker founded his company Vladi Private Islands in the early 1970s. Since then, the business has closed more than 3,000 sales.
There have been multiple attempts to sell Makri over the past five years.
It has appeared in internet listings for as much as €8 million and, at an unsuccessful 2022 auction, its starting price was €1.5 million — a valuation that has since plummeted again.
“Makri has become emblematic of a broader reality surrounding private islands in Greece: while often marketed internationally as ultra-luxury assets, ownership and development can be extraordinarily difficult in practice,” its latest online advertisement warns.
The island’s auction paperwork was published last month, and it is set to go under the hammer in November.
Mr Vladi’s company is not handling Makri’s sale, although it has caught his eye.
“It’s a very beautiful island, I like it very much,” he said. “The previous price was too high. I think €250,000 is too low. I think it’ll end up somewhere in the middle.”
