A new investment in the serviced apartment sector is underway in Piraeus, confirming the city’s role as one of the most dynamically developing urban destinations in the Attica region. At 142 Kolokotroni Street, in an area with a strong commercial and historical identity, DKG Development is moving forward with the “The Green” project, a modern nine-story building covering approximately 1,200 square meters.
The development will include 27 serviced apartments, a ground-floor retail unit, and an underground parking area. The building’s design is based on bioclimatic principles and incorporates energy-efficient solutions, at a time when sustainability and minimizing environmental impact have become key priorities in the real estate market. The project’s maturation process was particularly lengthy, taking around 4.5 years to complete all necessary permits and approvals, highlighting the challenges of developing new buildings within Piraeus’s urban fabric.
This investment is part of a broader wave of projects gradually reshaping the city’s profile. Thanks to its port, increasing tourist traffic, and proximity to central Athens, Piraeus is attracting growing interest in modern forms of accommodation that combine residential living with services. The serviced apartments target a wide range of users, from professionals and students to longer-term visitors, filling a gap between traditional housing and hotel hospitality.
Piraeus Gate: Large-scale mixed-use redevelopment by 2028
In this context, DKG Development is also advancing the Piraeus Gate project, a large-scale urban redevelopment of a former industrial area in Piraeus. Covering 85,000 square meters, the development transforms an inactive industrial site into a new mixed-use neighborhood featuring residences, furnished apartments, offices, retail spaces, and dining venues. In total, the project will deliver 462 family homes and 268 furnished apartments catering to students, professionals, and travelers, with plans to obtain LEED certification.
The second phase of Piraeus Gate is particularly significant, involving the redevelopment of the historic AZEL industrial complex. The property comprises four buildings totaling 12,606 square meters on a 7.8-hectare site, located close to major road axes and within a short distance from the ISAP station. The investment plan includes 440 serviced apartments covering approximately 54,600 square meters, with units of varying sizes to meet a wide range of needs. Completion is expected by the end of 2028.
First Wyndham in Piraeus nears completion
At the same time, the company is finalizing the development of Piraeus’s first Wyndham property, adjacent to Zea Marina. The project involves a serviced residences complex with hotel services and is expected to open in the near future. It will feature 72 suites ranging from 25 to 85 square meters across two adjoining eight-story buildings totaling 5,000 square meters. The design includes shared dining areas, a gym, spa, wellness spaces, co-working areas, and a multifunctional event space, supporting both long-term and short-term stays.
Keranis Residences: Mercan’s investment in a former factory
The wave of investment in Piraeus is further complemented by Mercan Greece, a subsidiary of the Canadian group Mercan, with the Keranis Residences project on Thivon Street. The project redevelops the former Keranis factory, which had remained inactive for over twenty years. The development will span 29,900 square meters over six floors, offering a total of 408 units in studios and one- or two-bedroom apartments ranging from 44 to 69 square meters. The plan also includes commercial spaces and shared amenities for residents.
Overall, these projects reflect a broader shift in Piraeus toward a new urban development model, where the adaptive reuse of industrial structures, modern housing standards, and growing demand for flexible accommodation are reshaping the city’s investment landscape.
