“The arrival of the metro in the center of Piraeus, together with the existence of the tram and ISAP, enhances the connection of the country’s largest port with the rest of the basin. This development will also be reflected in the housing market in the coming years.” The phrase belongs to a real estate professional, with the important note that it was said more than two years ago, when the Piraeus Port Plaza office complex (former Papastratos Tobacco Factory) in the Agios Dionysios area, in the center of Piraeus, was already on its way to completion. Today, a few days after the official opening of the three new stations of line 3 of the metro in Piraeus, it seems that this assessment is fully confirmed and reflected in the numbers.

For example, according to data collected on behalf of “K” by the online classifieds network Spitogatos.gr, in the center of Piraeus, near the port, the average sale price of houses in the third quarter of this year was 1630 euros / sq.m., which is 22% more than two years ago (and 12% more than last year). Accordingly, in Kaminia and Palea Kokkinia, the asking price reached 1260 euros/sq.m., which is 41% more than before the third quarter of 2020, and compared to last year, an increase of 26%. In Keratsini, the growth compared to 2020 reaches 20%, while in Tamburia and Hagia Sophia, prices increased by 14.3%. And in Drapezon, the increase is approaching 30%. Overall, the average asking price in the nine different areas of Piraeus is currently 1540 euros/sqm, compared to 1314 euros/sqm. two years ago, an increase of 17%.

Selling prices for real estate in the nine districts of Piraeus have risen by 17% over the past two years.

In fact, market leaders note that this growth could have been much larger if the pandemic had not intervened. Another important factor is that new metro stations cover an area with low-quality buildings in need of reconstruction, and the lack of high-quality new buildings that attract new residents. Accordingly, in many parts of the city there are abandoned and empty objects, former warehouses or workshops that have not been used for decades, like the Piraeus Tower.

This yeast is estimated to offer significant investment opportunities for housing and construction companies already seeking to position themselves in the Piraeus market due to the advent of the metro. “When we purchased the Papastratos facilities in 2016, almost seven years ago, the metro was still something of a theory, especially when the nearby station would open. Today I envision that the three new stations will change the flow of the city in terms of the residential sector as well, and we will see this happen in the next 12-18 months,” says Dimitris Andriopoulos, Managing Director of Dimand Real Estate. to “K”.

The wider area of ​​Agios Dionysios is expected to attract many homebuilders, he said, as there has been a steady rise in value since 2018 and will continue into the coming period. It is expected that a significant improvement in the communication of the center of Piraeus with the Riviera, Elliniko, the center of Athens and the airport will work in this direction. In addition, today more than 10,000 workers move into the area daily and work in new office buildings in the area. This number will increase even further with the commissioning of the Piraeus Tower about 12 months from today, as most of it is for office use. In fact, given that this public will have higher incomes, it can be expected that the real estate fund offered for sale or for rent will also need to be updated.

Residential complexes

The new demand in Piraeus is mainly for properties that currently do not exist, at least not with the characteristics to match the demand. In this context, companies such as Dimand and Premia Properties AEEAP are planning new steps in a wider area. Dimand Real Estate is in the final stages of licensing the construction of two new complexes of serviced apartments in the area of ​​Agios Dionisios in Piraeus. The objects under consideration with an area of ​​4,500 sq.m. and 2,000 sq.m., will house fully furnished and equipped residences, which will be combined with the provision of services (for example, cleaning, Internet access, etc.). “Our goal is to create new demand in the area, both from employees of the companies currently operating in Agios Dionysios and from individual stakeholders who are interested in this location due to the operation of the new metro station, which is very relevant. nearby,” says Mr. Andriopulos, CEO of Dimand.