The place over the passage, Piraeus, is the Southern gate of Europe. An ancient port city located 8 km outside of Athens. Strategically located on the Mediterranean Sea's southern shore, bordering the Balkan Peninsula to its north - Piraeus is one of Europe's closest ports to the Suez Canal-Gibraltar main shipping routes. Boasting railway connections throughout Central and Eastern Europe, this port flaunts the best spot of all Mediterranean harbors.
If you're pursuing the Greek golden visa program, it's important to familiarize yourself with Piraeus and all it has to offer - including a lower price tag making it an ideal investment destination in the capital.
On July 31st, popular golden visa areas in Greece will raise investment costs from €250,000 to €500,000. The price hike will affect areas of: North, South and Central Athens, Mykonos, Santorini, and the Municipalities of Thessaloniki and Vari. Among the areas left out of this equation is the Municipality of Piraeus in Greater Athens.
Piraeus: Golden Age to downfall to revitalization
This historic city dates back to the 5th Century BC when its port was first established. It controlled all the imports and trades of Athens. Then as a naval yard it was home to some 372 shipsheds. However it began to decline sometime around the 3rd century BC and wasn't fully revived until the 19th century. Even then, neither the city nor the port ever reached their full potential. Now, the tale of Piraeus is on the up and up along with the entire Greek economy. The city is in a time of rebirth from local and foreign investment. In 2021 the Port of Piraeus saw the highest profits in history, over $40 million after taxes.
In October 2022, a new metro line was opened in the center of Piraeus, giving it greater access to the rest of Athens. Travelers can get from Piraeus to the Athens Airport in just 35 minutes. Along with the metro implementation came green friendly approaches of the electric railway stations (ISAP) and the tram, significantly reducing road traffic and lowering carbon emissions by 120 tons daily, according to the Greek Reporter. As well as boosting the connectivity of the major Port city with the rest of Greece and the world.
Eyesore buildings are being refurbished and utilized in progressive ways. An old tobacco factory becomes a swanky office complex. New life is being breathed into architectural plans that never took off in the 90's. American company Hines renovates a massive shopping mall on Piraeus Street.
The historic port is being polished and turned into a new reality. The gleams of which are beginning to be reflected in the housing market. Already costs are beginning to rise about 12% per square meter as investment is pumped into Piraeus.
Greece Golden Visa investors with sights set on Athens can benefit significantly to instead invest in Piraeus at a cheaper cost. One that surely seems will turn profit as the ancient city develops.
2008 Belt and Road Initiative
After the devastating European mortgage crisis in 2008, which Greece was at the height of, Piraeus found itself in shambles. Residents were fleeing to other countries for work and the port was at minimal operations. In came COSCO, a Chinese company to save the Port City. Cutting a deal and owning a now 67% stake of the Piraeus Port Authority, COSCO helped save, stabilize and eventually reinvent the Ports. The initial vision was and still remains to make Piraeus the biggest harbor in Europe and one of the most important in the world for environmental, digital, societal and governance terms.
Now the Ports 3 terminals have been modernized and made notable progress, Pier 1 is a container terminal, Pier 2 is a car terminal and Pier 3 is a Cruise terminal. Each terminal is experiencing yearly increases. And while locals were initially very skeptical of the Chinese intervention, fearing the implications. They experienced a boost in local job creation and a spread of economic activity benefiting the local economy as a result. On a national level, Greece's Foreign Minister welcomes the idea of Greece as China's gateway to Europe.
In essence, the Chinese company saved the Port and the city of Piraeus, contributing substantially to Greece's recovery from the financial crisis. The move led to a bright and well developed future for the port city and saving grace for the Greek economy. The vision of both the Chinese and Greek government is for Piraeus to become a main port for all European countries, increasing foreign investments, boosting business, developing new jobs and increasing the country's attractiveness overall.
Invest in Piraeus
Greece is the ideal place for investors and startups! Investment projects are booming in up-and-coming areas like Piraeus and all around Greece.
Delta Condos:
Luxury condominiums in Athens satisfying all Greece Golden Visas real estate requirements.
Golden visa real estate property available from €75,000-€220,000. Luxury condominiums in the Neo Flairo neighborhood of Athens. Well connected to the Piraeus district via trams and buses. Neo Faliro is also the gateway to the breathtaking Athenian Riviera. Close to the center of Athens without the hustle of the city. A calm, cosmopolitan atmosphere with island charm.
The complex consists of 19 high-end fully served apartments. Units range from studios to two bedrooms with sizes from 16m2-62m2. Fully equipped with high end fittings, luxury furniture and appliances.
The monthly income generated from these units varies by size, with the expected monthly rent ranging from real €250-€750. Recent data indicates that revenue generated from serviced apartments surpasses returns on typical buy-to-let purchases.
This turnkey investment project will be completed in 2023.
Innovation State:
The aim of this development project is to revitalize the area of 17,893 sq.m. along Piraeus Street that has been left abandoned for many years -the old warehouses of CHROPEI- and turn it into a thriving natural space dedicated to innovation. This new hub will facilitate business research & development departments, start-ups, researchers and academia while fostering synergies between them all in order to breathe fresh life into creativity and entrepreneurship!
Greece is an ideal investment destination, especially for foreigners. Not only benefitting from the Greek Golden Visa, but also great tax incentives.
Other Emerging Areas in Greece
It's a new decade for Greece and once underdeveloped and undiscovered areas are now beginning to thrive. Here's a list of Greece's most emerging areas attracting investments:
Peloponnese nicknamed the Hamptons of Greece is an area where wealthy Greeks reside. In recent years it's begun to surge as a tourism destination. According to Forbes magazine, Porto Heli in Peloponnese is an affluent hideout for the mega rich, a-listers, and royals. So while kept under wraps, this most up-and-coming Greek area is seeing a fair share of wealth injected into its regions.
Beyond being a hot-spot for the rich, it's filled with natural beauty, authenticity and reservation of ancient times. Throughout this southern region you will come across an abundance of quaintness from locally grown gourmet dishes in cafes to the small castle town of Monemvasia.
Crete the cradle of European civilization. A more well-known Greek island (and the biggest), tourism and industry in Crete is booming. A favorite spot for digital nomads and remote workers as the island has its own feel, offering a little bit of everything from gorgeous beaches to exceptional hiking trails. Nomads feel most productive here, away from the bustle of Athens or the party in Mykonos. Crete offers a laid-back lifestyle full of nature, good vibes and good internet.
A sensible second home destination where you can stay active and healthy.
Rhodes the medieval island. Attracting wealthy tourists and gamblers - Rhodes has a casino on the island. An up-and-coming spot that attracts those seeking a life of luxury with high-end resorts. In the last decade Rhodes has made a comeback for luxury real estate. Real estate here is set apart from the rest of Greece. A favorite second home destination for foreign investors. It's also super accessible via ferry or flight from the Athens capital.
Corfu the island of the Phaeaciani - If you're looking for a colorful architectural landscape along the Ionian sea, then Corfu is the place! Known for its Venetian influence, nobles' mansion and idyllic beaches caress the landscape here. A large number of expats from European countries reside on the romantic island. Particularly, the UK citizens are quite fond of this land they recognize from the show The Durrells. The real estate market has been on a steady rise over the last few years that's expected to continue making this a great Greek investment destination.
Thessaloniki - Greece's second city. Technology investors are swarming this vibrant multicultural city. Attracting tourists for its famous festivals and foods, Thessaloniki is home to a huge academic population. There are many great minds here and the talent pool is strong! The Golden Visa price tag will rise to ?500k here due to its popularity among real estate investors. Don't let that sway you though, if you have the funds, it's well-worth the cost. Infrastructure is expanding and this city is full of investment projects and is sure to witness strong economic growth in years to come.
With hidden Greek gems like Meteora, Folegandros, and Koufonisia quickly becoming popular tourist hotspots among global travelers, it's only a matter of time until other undiscovered Greek islands and locales begin to make their way onto the must-see lists.
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