Piraeus and Nikaia: why our Greek stock sits in the south-west belt

When Vietnamese investors think of Athens, two names surface first: the historic centre around the Acropolis, and the coastal Athens Riviera. Both make sense. Our Greek stock, though, sits in a third and less-discussed belt: Piraeus and Nikaia, to the south-west of the city.

That is a deliberate choice, and the reasoning is worth setting out.

A metro line in 2020 changed the arithmetic

For decades the south-west belt was cheap because getting anywhere was awkward. In 2020, metro Line 3 reached Nikaia and Piraeus. From Nikaia station it is roughly 15 minutes into central Athens, and 40 to 45 minutes to the international airport without changing lines.

Transport infrastructure is one of the few things that changes a district's value irreversibly. A new café can close; a metro line does not withdraw. What is notable for a buyer today is that prices here still reflect the old "far out" reputation more than the present "fifteen minutes from the centre" reality.

A genuinely residential district, and why that now matters more

Nikaia and much of Piraeus are where working Athenians actually live — not a tourist quarter. Before 2024, many buyers counted that as a drawback, because there was no Airbnb trade to capture.

The law inverted precisely that. A property attached to a Golden Visa application may no longer be let short-term; a breach carries a EUR 50,000 fine and can cost the permit. Which leaves the long-term tenant as the only usable source of demand — and long-term tenants live where the jobs, the schools and the metro are, not where the crowds appear for three summer months.

Same district, same characteristics; the law changed and it turned from a drawback into a strength.

The two buildings we distribute

Ocean Gate Building PIR707, Piraeus — 16 flats, EUR 275,000 to 297,000. Only four apartments per floor, each with its own kitchen and bathroom and a living room separate from the bedroom. The building takes light and air on four sides, so there are no dark rooms — a small-sounding detail that in fact decides whether a flat lets all year round.

Orange Park NIK505, Nikaia — 5 flats, EUR 289,000 to 348,000, in the district with the metro station. One is a 3-bedroom of 98.5 m2 on the ground floor, better suited to a family genuinely moving in than to letting.

We look closely at how these two buildings are priced — and why the EUR/m2 figure misleads — in What is a balcony worth in Athens.

What to verify before committing

One point plainly, because we see it glossed over: Piraeus and Nikaia both sit in Attica, where the standard Golden Visa threshold is EUR 800,000. The EUR 250,000 level applies only to commercial-to-residential conversions and to the restoration of listed heritage buildings.

An asking price below EUR 800,000 does not by itself prove the property qualifies at the lower threshold. That has to be confirmed file by file, on the building's own paperwork. If anyone offers you "this flat at EUR 280,000 gets you the Golden Visa" without producing the change-of-use file, keep asking until they do.

Beyond that: check for unpermitted extensions needing regularisation before transfer, the annual ENFIA tax, and realistic renovation costs in an older building.

See the project list, market context at Greece Property, and the card conditions at the Greek Golden Visa.

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The information in this article is for reference at the time of writing. It is not legal advice and no outcome is promised — immigration policy, tax rules and market conditions can change. For an assessment based on your family's specific circumstances, please request a consultation with the VNIS Investment team.