Why Piraeus? Billions€ Upgrading Investment Plan Is Expected

The greater Piraeus Area was one of top three areas with the highest  property sales and rental prices increasing in 2022.  High prices were recorded in the center of Piraeus and its Suburbs. In the Center-Port of Piraeus, there was a +10% increase in real estate sales prices compared to 2021. The opening of the new metro stations in October 2022, continual funds to transform or rebuild an abandoned warehouses or factories, and  several major urban upgrading plans all contribute to promising outlook in the lively area.  

After 1st May 2023, Piraeus area, which remains  € 250K golden visa threshold, is expected to attract more foreign investors' interest.  

• World's largest vessel management company: V. Ships Greece Headquarters
• First National Innovation Center: CHROPEI 
• Piraeus Papastratos Office Area 
• Famous University of Piraeus 
• Karaiskaki Stadium: Largest football stadium and homebase for famous Football Club Olympiacos 
• Well-known Olympic Games Venue, Peace and Friendship Stadium, and nearby sports area and Marina 
• Brand New Piraeus Retail Park One of the Best Private Hospitals, Metropolitan Hospital 
• Mikrolimano and Pasalimani Popular Marina and F&B Area 
• Famous Stavros Niarchos Foundation Culture Center 

No less than the thriving prospect of the port, Athens-Piraeus Street and its surrounding area have at least 7 medium and large real estate investments led by either listed real estate developers or private equity firms. The projects are either in completion stage or are in preparation to commence construction, gradually transforming Athens-Piraeus Street from a purely industrial street to a modern one with offices, commercial space and urban resort development.  

• The new office area investment project led by the real estate company Dimand is transforming the old tobacco factory buildings of Papastratos into a modern office and residential area with retro features. The Tower of Piraeus is the second highest modern commercial office and residential building in Greece.  
• CHROPEI will be transformed into the first national R&D and innovation center, and the adjacent IVI historical factory is planned to be transformed into offices, restaurants, leisure, hotels, parks, cultural spaces and residences, with an estimated investment of more than 100 million euros.  
• EOMMEX, an old warehouse of 3,300 square meters in the past 80 years, will also be converted into an office, residential and medical service center. The original Viohalco factory will be converted into an area with office, residence, hotel, cultural leisure and technology research and development. Total investment It is expected to exceed 150 million.