PROPERTY

Ionian islet of Makri to go under the hammer in July

Ionian islet of Makri to go under the hammer in July

The summer is expected to show whether the one square kilometer islet Makri, a part of the Echinades island cluster in the Ionian Sea, will finally get a new owner, this time through an 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.