The Greek island of Makri could be bought for just over £200,000 (Image: Wiki Commons)
A breathtaking island valued at nearly £7million has come to market for a mere fraction of its worth – though there is rather more to this story than meets the eye.
Prospective buyers can place a bid on the picturesque Greek island of Makri, once valued at €8million (£6.9m) but now available for just £213,000 – less than the cost of a one-bedroom flat in London. The island boasts almost 7km of coastline and lush wooded hills, nestled in the Ionian Sea.
According to BFMTV, the island is reportedly set to go under the hammer in November, though there is a very good reason behind its seemingly bargain price tag.
Reports indicate it is virtually impossible to carry out any form of development on this island paradise, with apparently very little infrastructure in place to sustain long-term habitation.
There is no mains water supply or functioning harbour, with only a small derelict house, a cistern and a chapel identified on the island. Current Greek regulations forbid any large-scale tourism development, including the construction of major hotels, reports the Mirror.
There is a significant catch to buying the island (Image: makriisland.com)
This is owing to development being strictly prohibited under conservation laws and its designation as a protected forest. The island falls within Natura 2000, the EU’s protected habitat network.
Only minimal, light infrastructure and agricultural activity would be permitted under these restrictions.
It is highly unlikely that prospective purchasers would be able to introduce many services or amenities to the island, making permanent residence there an exceptionally challenging prospect. The uninhabited island sits within the Echinades archipelago and has seen sporadic human habitation throughout the course of its history.
This follows news that a private island in the Scottish Highlands is set to go under the hammer at auction next month. It is being marketed to prospective buyers as a rare chance to acquire the strikingly beautiful retreat of Mullagrach Island.
The island is uninhabited (Image: makriisland.com)
The northernmost of the Summer Isles, it stretches across approximately 88.7 acres and occupies a prime position at the mouth of Loch Broom.
Mullagrach Island will go to auction with a guide price of £350,000. Auctioneers Savills describe it as one that “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.”
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 boasts a rugged terrain and a dramatic coastline featuring rocky shores, caves and towering cliffs. It is also rich in wildlife, providing a habitat for a diverse range of seabirds and marine creatures.