Owning a private island may sound like a fantasy reserved for billionaires, but one Greek island is now being offered at a surprisingly low starting price — lower than many homes in the United States.

The island, known as Makri, has entered auction with a starting bid of approximately $286,000. That figure is a dramatic drop from its earlier valuation of around $9.2 million when luxury real estate firms first promoted the property in 2022.

To put the price into perspective, the average home value in the United States currently stands at roughly $514,600, according to Federal Reserve data. On paper, buying an island may now seem cheaper than purchasing a house in many parts of America.

However, there’s a major catch. Anyone interested in acquiring Makri would also assume significant financial obligations associated with the property. Reports indicate that the island has outstanding debts and tax liabilities, including claims from the Greek government totaling more than $23 million.

Unlike many famous Greek destinations struggling with mass tourism, Makri remains untouched and completely uninhabited. Yet the island was once viewed very differently. Not long ago, it attracted attention as a potentially lucrative investment opportunity for international buyers.

Photo: Google Maps

When it appeared on the market in 2022, Makri was promoted as an ideal location for upscale tourism projects. Plans discussed at the time included luxury villas and a five-star resort development. Marketing materials emphasized that the island had clear ownership documentation and a legal structure suitable for future development.

Those ambitions, however, never materialized.

Makri covers approximately 243 acres in the Ionian Sea and is considered the fifth-largest island in the Enchinades island group. Its landscape features rugged coastlines, crystal-clear waters, and a Mediterranean climate with abundant sunshine year-round.

Complications surrounding land classification and environmental regulations have played a major role in the island’s current situation. Reports suggest Makri was mistakenly designated as private forest land and is also located inside protected environmental zones.

Because it falls within both a Site of Community Importance and a Special Protection Zone, many large-scale construction projects face strict limitations. In addition, Makri is part of the European Union’s Natura 2000 environmental network, meaning any substantial infrastructure development would require high-level government approval.

As a result, dreams of luxury resorts and major tourism projects appear highly restricted. Under existing regulations, the island’s practical uses are largely limited to agricultural activities, and any future owner would still need to address basic infrastructure needs such as electricity, water access, and waste management.

At first glance, purchasing an island for less than the cost of a house sounds like a once-in-a-lifetime opportunity. But in Makri’s case, the bargain price may only tell part of the story.