A key feature of investment in the area is that investors are wisely turning their attention to abandoned buildings and areas, seeing the potential for renovation and development. Many of Piraeus' unused industrial buildings are in good condition and are of architectural and historical value. With renovation, such buildings can be turned into shopping or office centres or hotels.
Piraeus is a magnet for those wishing to obtain an investor visa. The minimum threshold for purchasing property is only €250,000. Making Piraeus one of the most affordable regions to obtain the golden visa in Greece.
Take a look what investments have already been made and how they have transformed the area, shifting the focus focus for investors and entrepreneurs.
Reconstruction of Piraeus Tower
The Piraeus Tower is both majestic and infamous. This 84-metre skyscraper of black glass and metal is the tallest building in Piraeus and the second tallest in Greece. Although the 22-storey Piraeus Tower is considered a symbol of the city, its space has never been fully utilised. The Municipality of Piraeus has launched an international tender for its reconstruction. Investors, Greek property development companies and the European Bank for Reconstruction and Development (EBRD), have invested around €50,000,000 in the tower's redevelopment. The companies have taken the skyscraper on a 99-year concession. Each year they will pay the Municipality of Piraeus €1,010,000.
piraeustower.gr
Investing in the Piraeus Riviera
More and more investors are realising the advantages of investing not just in the reconstruction of old industrial buildings in Piraeus, but in the creation of a real Piraeus Riviera - an area where all conditions for comfortable living, recreation and entertainment are created.
One of the famous Greek property development companies is engaged in the reconstruction of the complex of buildings of the closed tobacco factory Papastratos. In the neighbourhood of Agios Dionysios, on the site of the factory buildings, a modern office complex Piraeus Port Plaza was built, which harmoniously combines new and reconstructed buildings. This office complex was subsequently purchased by Eurobank.
bigsee.eu
The Microlimano waterfront is planned to be turned into a real gourmet paradise. There are fish taverns and restaurants along the entire coastline. The original cuisine, authentic Greek culture, combined with perfect cleanliness and order on the seafront is a magnet that attracts crowds of tourists.
bigsee.eu
Piraeus has also started building hotels. For example, the new 4-star Athenarum Portus Hotel will open in a renovated building located on Leocharous Street, near the harbour. The hotel has 51 rooms and 102 beds. The investment amounted to about €2,500,000.
athenarumportus.gr
Projects at the Port of Piraeus
To date, 13 new projects are underway in this strategically important port, aiming at its redevelopment and improvement. All these projects have been approved by the General Directorate of Environmental Policy of the Ministry of Environment and Energy, which shows the seriousness of the efforts aimed at modernising the Port of Piraeus. The Piraeus Port Authority is actively working to realise these ambitious plans, and the total budget of all projects is estimated at an impressive €240,000,000.
Port activities; Source: PPA S.A.
These projects represent a key stage in the development of the Port of Piraeus, which is not only an important economic hub for Greece, but also a key point for transport and trade in the Mediterranean region. All the changes that are planned are aimed at improving the efficiency of the port's operations, reducing the negative environmental impact and strengthening its position as a leader in global trade.
Below are some of the key projects currently underway at the Port of Piraeus:
Expansion of the passenger port of Piraeus on the south side of the area
Construction and operation of the National Museum of Maritime Antiquities
Conversion of the Miaouli Coastal Warehouse into a cruise terminal
Construction of a new office building on the premises of the Piraeus Cargo Terminal
Transport infrastructure improvement projects
The image of the Piraeus neighbourhood continues to change day by day, attracting both local and foreign investments. DKG DEVELOPMENT, with its focus on the development of projects in the neighborhood, plays an important role in this process. Piraeus is gaining new life and perspectives, becoming one of the most dynamic and promising neighbourhoods not only in Greece, but all over Europe.