Last month’s official inauguration of the Piraeus Tower marked the beginning of a new era for the iconic port, with major redevelopment and infrastructure work finally complete and an entirely new audience drawn to the area thanks to new hotel launches and a flurry of investments by established market players.

The new Piraeus Tower is Greece’s first digital “green” skyscraper, with a fully bioclimatic design and a focus on sustainability and clean energy. What started as the most ambitious construction project in Greece during the 1970s, plans for the building kept falling through for decades, with the Tower remaining vacant for decades and the main structure internally unfinished, until May 2019, when Mayor of Piraeus Yiannis Moralis announced a tender for its completion and utilization for 99 years.

The Piraeus Tower boasts independent operation for each floor, with smart systems tailored to the individual needs of the tenants, underground parking space with a capacity of 44 vehicles, all equipped with electric chargers, and 1,000 square meters of greenery surrounding the main shell, as well as a reduced carbon footprint through photovoltaic panels. A landmark for the city, the Tower is the first Greek high-rise aiming to achieve Platinum level Leadership in Energy and Environmental Design certification and is also set to be licensed as a WELL building, an accreditation focusing on the health and well-being of its users.

The Tower’s restoration is the latest development in a series of real estate investments along the Athenian Riviera coastline. The metro extension, municipal actions and renovations and consistent launches in the modern hospitality sector have played a significant role in real estate demand for the areas surrounding the port. More specifically, there has been a double-digit increase in prices between 2021 and 2023, with an average rate of 30% in the Municipality of Piraeus, as indicated by published listings, as well as the Golden Visa scheme drawing in buyers from non-EU countries.