Piraeus is gradually entering a new era, as large properties that remained closed or underutilized for decades are being reintegrated into the urban fabric in entirely new forms. New residences, modern energy-efficient offices, commercial and cultural spaces, and extensive green public areas are at the heart of an investment wave that is significantly reshaping the city.
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Interest is largely focused on Piraeus’s old industrial stock, as the area still contains a number of large-scale properties that have sat idle for years. The change, however, has already begun. Dimand was one of the first major players to establish a presence in the area, spearheading the regeneration of the former Papastratos tobacco factory.
Investment in Piraeus: Which properties are being reactivated
Subsequently, Dimand’s collaboration with Prodea and the EBRD led to the full reconstruction and reopening of the Piraeus Tower — a building that had remained essentially dormant for decades despite its dominant position in the city skyline. Today, one of the largest projects now entering the implementation phase involves the historic Kerani industrial building on Pireos Street. The property has been acquired by Canadian group Mercan, which — through Mercan Greece — plans an extensive conversion of the complex’s approximately 30,000 square meters.
What’s planned
In place of the old facilities, 408 fully furnished residences with high energy-performance standards are set to be developed. The residential offering will cater to a range of needs, spanning from open-plan studio apartments to one- and two-bedroom units. Floor areas will range from 44 to 69 square meters, with prices expected to start at around €250,000 and reach up to €400,000.
A significant portion of the project’s commercial strategy targets international buyers interested in the Golden Visa program. The conversion of the building from a non-residential use to housing allows — under the special regulatory framework applicable to such cases — access to the lower investment threshold of €250,000. This factor makes the project particularly competitive in the foreign investor market.
First works underway
Initial construction works are now getting underway and, according to current plans, the development is expected to be completed by the end of 2027. The investment will not be exclusively residential in nature. The lower floors of the building are set to include office spaces, while the complex will be complemented by restaurants, cafés, retail stores, a gym, and landscaped outdoor leisure areas. Amenities will also include a rooftop garden.
The Daskalakis property and the former VELKA site are being developed
Meanwhile, Dimand is expanding its footprint in the city with the development of the Daskalakis property. Construction of a new building of approximately 30,000 square meters is already underway on the site, intended to house the new Piraeus Court of Justice. The value of this particular investment is estimated at around €80 million.
Also on the company’s agenda is the development of the former VELKA site. Dimand, together with AVAX and members of the Ioannou family, is advancing the permitting process for the old industrial property, where a mixed-use complex is planned. The scheme includes residential and office spaces, as well as the creation of a cultural center.
DKG Development’s plans
DKG Development is also making a strong push in the area, having acquired a series of older properties in recent years. Its moves in Piraeus are concentrated primarily at the city’s gateway, along an axis stretching from Grigoriou Lampraki to Omiridou Skylitsi.
In Piraeus, these investments fall under “Piraeus Gate,” a broader development program valued at over €250 million. Among the projects included in the plan is the creation of approximately 270 serviced apartments, further bolstering the area’s new residential supply.
Redevelopment of the former AZEL complex
A pivotal role within “Piraeus Gate” belongs to the redevelopment of the former AZEL complex. The historic property consists of four separate buildings with a total existing floor area of 12,606 square meters, set on a plot of approximately 7.8 acres. The site is bounded by Grigoriou Lampraki, Omiridou Skylitsi, and Athanasiou Diakou streets, and is located a short distance from the ISAP railway lines. The plan for the former AZEL site calls for the creation of a total of 367 apartments, with the total area of the new development estimated at approximately 40,000 square meters. If the current timeline holds, the project is expected to be completed by the end of 2028.
DKG has already delivered another project in Piraeus: the “Wyndham Residences Piraeus Marina Zeas.” The complex, operating under the Wyndham Group, comprises 72 apartments and strengthens the presence of organized residential developments in the wider Zea Marina area.
This investment wave coincides with a period in which the Piraeus residential market continues to show significant momentum. The upgrading of the country’s largest port, new private investments, and infrastructure improvements have gradually shifted market perceptions of the area, boosting interest from both owner-occupiers and investors alike.
Asking prices
During the first quarter of 2026, asking sale prices continued to rise in both Piraeus and its suburbs. In the city itself, the average asking price stood at €2,558 per square meter, with available data recording an annual increase of 2.3%. Activity is even stronger in the Piraeus suburbs, where the average asking price reached €2,222 per square meter, up from €2,042 during the same period in 2025 — representing a rise of 8.8%. These areas continue to attract buyers seeking more affordable options compared to pricier zones of Attica, while the limited supply of available homes is providing further support for prices.
Published in Moneypro by Parapolitika
