Greece’s Real Estate Market Surges Three Fold Growth, With Piraeus Leading The Charge As International Golden Visa Investors Flock To The Area Amid Its Transformation

Published on June 27, 2025

Greece’s Piraeus is at the forefront of the country’s real estate boom, emerging as the top-performing market with a remarkable 28% rise in property prices. This surge is largely driven by increasing demand from international investors seeking residency through Greece’s Golden Visa program. As urban regeneration projects transform the area, Piraeus has become one of the most sought-after destinations for high returns on investment, setting the pace for other regions across Greece’s revitalized property market.

Piraeus, a historic port city located near Athens, is undergoing a remarkable transformation, with its property market emerging as the top performer in Greece. This surge is primarily driven by increasing interest from international investors, particularly those seeking residency through Greece’s Golden Visa program. According to recent data from Astons, an expert firm in citizenship and real estate investment, property prices in Piraeus have skyrocketed by an impressive 27.8% over the past 12 months, making it one of the most lucrative real estate markets in the country.

Piraeus, with its strategic location close to the Greek capital, has long been a hub for maritime activity. However, it is now becoming a prime investment destination due to urban regeneration and rising demand for real estate. As part of Greece’s Golden Visa program, Piraeus benefits from a wave of international investment, positioning it as one of the most sought-after locations for foreign buyers. Investors looking to gain residency through property purchase in this area are experiencing strong returns on their investments, adding to the growing appeal of the region.

Over the past year, the average property price in Piraeus has seen a significant rise, climbing from €2,000 per square meter to €2,556 per square meter. This translates to a sharp rise in property prices, with a typical 120-square-meter apartment now costing approximately €306,720. This significant appreciation in property values is being driven by the area’s high investor demand, which has been further fueled by urban redevelopment initiatives that are transforming Piraeus into a modern, vibrant district. The increasing demand for property is also a result of the broader trend in Greece’s real estate market, which continues to benefit from Greece’s attractive residency program.

However, investors should be aware that, as a Tier A investment zone under Greece’s Golden Visa program, Piraeus requires a higher minimum investment compared to other areas in Greece. To secure residency in this region, the required investment threshold is set at €800,000. While this is a significant commitment, the potential for high returns and the allure of living near Athens and the Mediterranean make it an attractive proposition for investors seeking residency in Greece.

Greece’s Golden Visa program operates under a three-tiered system, designed to accommodate a range of budgets and investment preferences. Tier A covers the most popular and high-demand areas, including Athens, Thessaloniki, and key islands like Mykonos and Santorini, which require the highest investment. For these prime areas, the minimum investment required to obtain residency through property purchase is €800,000.

In contrast, Tier B areas offer more affordable options for investors looking to secure residency without the high entry cost of Tier A regions. These include various mainland areas, as well as some smaller islands, where the minimum investment requirement drops to €400,000. Finally, Tier C offers the most accessible route for investors, with a reduced threshold of just €250,000. However, Tier C is restricted to areas where the investment involves converting commercial properties, such as old office buildings or hotels, into residential units.

While Piraeus remains one of the top destinations for Tier A investors, several other areas in Greece are also seeing significant growth in property values. Kavala Prefecture, situated in the Eastern Macedonia and Thrace region, has seen a notable 20.9% increase in property prices over the past year, bringing the average cost of a home to €195,600. This Tier B region offers an attractive opportunity for investors looking for a more affordable entry point while still benefiting from solid return potential.

Other regions also show remarkable growth. Chios Prefecture, an island in the Aegean Sea, has seen a 20.6% increase in property prices, while the Sporades islands grew by 19.9%.Furthermore, Grevena, a region located in northern Greece, saw a rise of 17.5% in property values. Additional regions experiencing strong growth include Lakonia, Chalkidiki, Messina, Achaia, and the popular island of Zakynthos. These areas are becoming increasingly attractive to international investors due to their lower property prices compared to prime destinations, along with the opportunity for substantial returns on investment.

Astons has also noted a rising trend among developers in prominent regions like Piraeus, Vouliagmeni, and Glyfada within the Attica area. Many older commercial buildings, such as vacant hotels and offices, are being repurposed into modern, eco-friendly residential units. These conversions are an attractive option for investors, as they often fall under the €250,000 investment threshold of Tier C, offering an affordable way to secure residency in highly desirable neighborhoods. These developments contribute to the wider trend of urban renewal in Greece, which is revitalizing various cities and towns, including Piraeus.

Furthermore, these repurposed buildings often feature sustainable designs and modern amenities, appealing to investors who are keen on contributing to Greece’s green transition. The conversion of commercial properties into residential units is becoming a major focus for developers, as it not only offers affordable pathways to residency but also helps meet the growing demand for sustainable living spaces in urban areas.

The Greek Golden Visa program continues to be a powerful tool for attracting international investors, offering access to the Schengen Zone and residency in a country with a rich cultural heritage and a thriving property market. The program remains one of the most popular ways for non-EU citizens to obtain residency in Greece, providing opportunities for high returns on investment in real estate, particularly in regions like Piraeus, which is leading the charge in Greece’s real estate boom.

Greece’s Piraeus is leading the country’s real estate boom, driven by a surge in Golden Visa investments and ongoing urban renewal. Property prices have soared by nearly 28%, making it the top-performing market in Greece.

With its prime location, urban regeneration efforts, and growing appeal to international investors, Piraeus is undoubtedly one of the standout destinations for Golden Visa investors in Greece. As the city continues to evolve, it is set to remain at the forefront of the country’s real estate market, contributing to the ongoing economic growth and revitalization of Greece’s property sector.