Greek Island of Makri up for sale in July

Makri Inslet

The one square kilometre islet Makri, a part of the Echinades island cluster in the Ionian Sea, is up for sale via auction, after the original bid for its sale failed.

The starting price on July 20 will be set at 3.8 million euros, forming part of the Amoeba portfolio of properties associated with the nonperforming loans of Piraeus Bank.

Before its repossession, Makri belonged to Chios-based tourism company Argo, which is currently under receivership.

A possible success in this process will likely set the standard for more sales of small islands.

It is administered by the municipality of Ithaca and is 24 km (15 mi) east of the island. As of 2011, it had no resident population.

Strabo, and most modern writers, identify Dulichium, from which Homer reports that Meges, son of Phyleus, led 40 ships to Troy, with the island of Makri.

The island is roughly 2.5 km (1.6 mi) long and 0.5 km (0.3 mi) at its widest. It has an area of roughly 993,000 acres (401,853 ha) and an estimated coastline of 7,280 m (23,885 ft) in length.

Made up of 2 hills linked by an isthmus, a small islet is also at its southeastern corner.