Next station for realty: Piraeus

The arrival of the metro in the center of Piraeus, together with the tram and the electric railway (ISAP) stations in the city, boosts the connectivity of the country’s largest port with the rest of the capital. This development will be reflected in the housing market in the coming years, according to a domestic realty professional.

Notably, this was stated more than two years ago, when the Piraeus Port Plaza office complex (formerly the Papastratos tobacco factory) in the center of Piraeus was already on track for completion. Today, a few days after the official opening of the three new metro stations of Line 3 in Piraeus, it seems this assessment is fully confirmed.

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Data compiled on behalf of Kathimerini by the online classifieds network Spitogatos.gr show the average asking price for the sale of homes in the center of Piraeus during this year’s third quarter amounted to 1,630 euros per square meter, up 22% from two years ago (and 12% more than last year).

Market executives point out that this rise could have been much greater if the pandemic had not intervened. Another important factor is that the new metro stations cover an area with low-quality building stock in need of upgrading, and a lack of quality new developments that will attract new residents.