A wave of residential and commercial property investments is transforming the dormant industrial buildings of Piraeus into modern housing and office spaces.
The Greek port city is seeing its abandoned large-scale properties converted into energy-efficient complexes featuring green public areas. International and domestic developers are targeting the area, driving significant momentum in the local real estate market.
Greek development firm Dimand was among the first to invest in the city's old industrial stock, regenerating the former Papastratos tobacco factory. The company later partnered with real estate investment company Prodea and the European Bank for Reconstruction and Development to rebuild and reopen the Piraeus Tower, a prominent high-rise that had stood largely vacant for decades.
Kerani building conversion
Canadian real estate group Mercan has acquired the historic Kerani industrial building on Pireos Street through its local subsidiary Mercan Greece. The company plans to convert the 30,000-square-metre complex into 408 fully furnished homes.
The development will include open-plan studio apartments alongside one- and two-bedroom units, ranging from 44 to 69 square metres. Prices will start at 250,000 euros and go up to 400,000 euros.
Mercan is targeting international buyers seeking to use Greece's Golden Visa programme. Under the scheme's special regulatory framework, converting a non-residential building into housing allows foreign buyers to qualify for residency at the lower investment threshold of 250,000 euros.
Initial construction is underway, with completion scheduled for the end of 2027. The lower floors of the Kerani complex will feature office space, retail stores, restaurants, cafes and a gym. The site will also include landscaped outdoor leisure spaces and a rooftop garden.
Court of Justice project
Dimand is also developing the Daskalakis property, where it is building a new 30,000-square-metre facility to house the Piraeus Court of Justice. The construction project is valued at an estimated 80 million euros.
The company has also partnered with construction group AVAX and members of the Ioannou family to secure permits for the former VELKA industrial site. The joint venture plans to build a mixed-use complex featuring homes, offices and a cultural centre.
Piraeus Gate development
Greek real estate firm DKG Development has purchased several older properties along the gateway to the city, stretching from Grigoriou Lampraki Street to Omiridou Skylitsi Street. The acquisitions form part of an initiative called Piraeus Gate, which the company values at more than 250 million euros and which includes plans for 270 serviced apartments.
A central part of the Piraeus Gate plan is the redevelopment of the former AZEL complex. The 7.8-acre site sits near the ISAP urban railway lines, bordered by Grigoriou Lampraki, Omiridou Skylitsi and Athanasiou Diakou streets.
The existing AZEL property comprises four buildings with a total floor area of 12,606 square metres. DKG plans to build 367 apartments across 40,000 square metres of new development on the site. If the schedule holds, construction is expected to finish by the end of 2028.
DKG previously completed the Wyndham Residences Piraeus Marina Zeas. The 72-apartment complex is operated by the Wyndham Group and is located in the Zea Marina area.
Rising property prices
The influx of private investment, alongside infrastructure improvements and the upgrading of Greece's largest port, has increased interest from investors and owner-occupiers.
Asking prices for properties in the city and its surrounding suburbs rose during the first quarter of 2026, according to a report published in Moneypro by Parapolitika. The average asking price within Piraeus reached 2,558 euros per square metre, an annual increase of 2.3 percent.
The surrounding suburbs saw stronger growth, driven by a limited housing supply and buyers seeking alternatives to more expensive areas of the wider Attica region. The average asking price in the Piraeus suburbs rose to 2,222 euros per square metre in the first quarter, up 8.8 percent from 2,042 euros during the same period in 2025.
