Investments in skyscrapers
The three skyscrapers that will grace the Greek skies in the coming years add up to a total investment estimated in excess of 500 million euros. The first to operate will be the previously abandoned building of the Piraeus Tower at the country’s main port, which is to be handed over for use in its entirety before the end of 2023.
These projects mark is a particularly interesting shift in the real estate market, as they demonstrate the need to reduce the construction footprint by building upwards, but also the importance of creating “landmarks” for cities’ visitors and residents.
The most recent development concerns the utilization of the plot and facilities of the former Kerameia Allatini ceramics factory in Thessaloniki, an area of 82,000 square meters. As it became known in the relevant visit made a few days ago by the prime minister, the Andreadis Group, which has purchased the property, is launching the development of a mixed-use tower, with an area of 29,800 sq.m. and a height of 100 meters. Property market agents estimate the amount of the investment at €250-300 million.
The tallest residential tower to be built in the country will be located in Elliniko on Athens’ southern coast. The 200-meter Riviera Tower is a project that will cover an area of more than 44,600 sq.m. and is priced at €300 million. It will host 171 luxury apartments, with an average selling price of 14,000 euros/sq.m. It is estimated, meanwhile, that on average each property has been sold for €3.65 million. At this time, work on the skyscraper’s foundation is progressing rapidly, while it is possible that the first few floors will begin to appear before the end of the year.
Far sooner, within December, the Piraeus Tower is expected to be operational. It is an investment of €45 million by Dimand, EBRD and Prodea Investments, which has taken over the exploitation of the property for the next 99 years. These funds concern the complete functional and technical upgrade of the building, which will also be certified according to the LEED standard, as Greece’s first “green” skyscraper.
