A picturesque island in Greece, valued at nearly £7 million, is now up for sale at a significantly reduced price of £213,000. The island of Makri, located in the Ionian Sea, offers approximately 7km of coastline and lush wooded hills. Despite its previous high valuation, the island’s current price is lower than that of a one-bedroom flat in London.

The upcoming auction in November for the island has sparked interest, but potential buyers should be aware of limitations. Development on Makri is challenging due to the lack of essential infrastructure, including a water supply network and developed harbor. Existing structures on the island are minimal, comprising a small dilapidated house, a cistern, and a chapel. Moreover, strict conservation laws and its designation as a protected forest under Natura 2000 restrict large-scale tourism projects, such as the construction of major hotels.

Prospective buyers need to consider that only light infrastructure and agricultural utilization are feasible on the island due to these restrictions. Living on Makri would pose challenges as significant amenities and services cannot be easily implemented. The island, part of the Echinades archipelago, has a history of sporadic human settlement.

In a similar vein, Mullagrach Island in the Scottish Highlands is set to be auctioned with a guide price of £350,000. Spanning approximately 88.7 acres, the island offers a unique coastal retreat at the mouth of Loch Broom. Savills, the auctioneers, describe Mullagrach as an opportunity for buyers seeking a private sanctuary that combines landscape, wildlife, and sustainable living.

Mhairi Archibald, associate director at Savills Auctions, noted the growing interest in unique assets like private islands. With its rugged landscape, rocky beaches, and diverse wildlife, Mullagrach Island presents an exceptional opportunity for buyers looking for a distinctive property. The auction is expected to attract significant attention from potential purchasers seeking a rare and idyllic retreat.