Since 483 BC, the port of Piraeus has been considered the main harbor of the country and an important world cargo hub, located at the crossroads of sea routes connecting Northern Europe, the Mediterranean and the Far East. It is ranked 39th in the world in terms of cargo traffic. More than 700 luxury tourist cruise liners and thousands of snow-white yachts dock at its berths every year. The rapid development of trade and tourism guarantees a quick return on investment in Piraeus in the medium term.
Regional perspectives
Porto Leone or Lion Port, as Piraeus used to be called, is an ancient but ever young city. Today, the Piraeus neighborhood is undergoing rapid development. In the last few years several large-scale reconstruction projects have been implemented in its territory, which will turn warehouse and industrial zones near the port into elite business centers and residential areas with developed infrastructure. There will be offices, residential complexes, recreational areas, shopping centers, restaurants, hospitals, schools, stadiums and entertainment facilities. Local and foreign companies from China, Europe and America are engaged in the renewal and development of the region.
Landmark projects include:
- The modernization of 67% of the Port of Piraeus with Chinese investment of €600 million from COSCO Pacific Limited. It was not until early 2023 that the Port Modernization Master Plan was approved after Greek President Katerina Sakellaropoulou issued a presidential decree;
- the redevelopment of the old Papastratos tobacco factory by a Greek development company that plans to build a modern business and residential neighborhood there;
- investments by major Greek companies in the Agios Dionysios neighborhood, creating residential complexes of serviced apartments;
- a project worth over €100 million to transform the old CHROPEI factory and the surrounding area into a scientific center with an adjacent residential and business infrastructure;
- a project to transform warehouses in the EOMMEX area into a residential, office and medical center. On the territory of the former Viohalco factory a project with offices, a hotel and a cultural center will be implemented. The total volume of investments reaches $150 million;
- the opening of the Teleperformance contact center in Piraeus, becoming part of the leading contact center in Greece. This facility serves some of the largest companies in the world, providing them with modern customer support solutions. Teleperformance attracts the attention of talented professionals from different countries. The opening of this contact center in Piraeus has a significant impact on the development of the area. The introduction of new jobs and the influx of professionals from different countries contribute to economic growth. As a consequence, Piraeus is becoming a center of innovation and technological development, attracting the attention of both locals and investors.
With a new, stable and progressive business-oriented government in power, the country is experiencing an economic boom. This is leading to growing buyer interest in residential and non-residential properties, especially in and around the capital. The growing energy crisis in Europe is encouraging people to move from the north to warmer regions. Many Europeans are planning to buy property in Piraeus. Traditionally, Greece is also very popular with residents of the Middle Kingdom, who plan to do business here.
The property market in Piraeus
Analysts consider investments in Piraeus to be the most promising of all Greek areas and the region itself is placed at the top of the ranking in terms of development. The neighborhoods close to the port are considered the most promising. Three new metro stations have completely changed the traffic in the region. Investment projects to modernize abandoned areas have revitalized the housing market. Over the next few years, it is planned to commission high-quality, modern facilities that meet high international standards. Apartments in them are bought up at the design stage.
