Lavrio: The new investment landscape with homes, redevelopment and the big port bet
Major residential redevelopments on former industrial properties by Premia Properties and Dimand are bringing around 200 new homes to Lavrio, as the tender for a 51% stake in the port enters the final stretch – How the area is emerging as a new investment and residential hub in Attica
Lavrio is seeking to enter a new phase of development, with Premia Properties and Dimand preparing major residential investments on sites near the port, while the tender for the acquisition of a 51% stake in the Lavrio Port Authority is approaching a critical stage. According to information, Israel Shipyards Industries and Marios Iliopoulos’ Jet Plan Shipping appear to remain in the running for the port, with the Hellenic Corporation of Assets and Participations (HCAP) awaiting the decision of the Council of State before proceeding with the opening of the financial bids.
The activity being recorded in the area is not limited to port operations. Large industrial sites, which had remained inactive or underutilized for decades, are gradually being put on a path toward redevelopment, with housing taking center stage. Premia Properties is planning a residential development on a 33-acre site, while Dimand is moving forward with the creation of around 200 homes at the historic Karellas factory, in cooperation with Piraeus Bank.
Behind these moves lies the prospect of Lavrio’s next chapter. The upgrading of the port, the strengthening of ferry and cruise activity, as well as investment in marine tourism, are creating expectations for the development of an area that until now had not been at the center of attention for major real estate development companies.
Premia Properties: Homes on a 33-acre site
Premia Properties is focusing on the development of a new residential complex in Lavrio, making use of an approximately 33-acre site in a prime location near the port.
According to information, the company’s plans call for the construction of homes, although the number of units and the individual characteristics of the investment have not yet been finalized.
The project is currently at the planning and zoning maturation stage, with approval of the new urban planning framework creating the conditions for the property’s development to move forward.
The aim is for the necessary procedures to be completed within roughly the next year, after which the investment will move into the implementation phase, with a timeline of approximately three years.
Premia’s decision to invest in residential development in Lavrio reflects the growing interest in the area as an alternative residential destination in Attica. Its proximity to the sea, its connection to the Cyclades islands and the prospect of upgraded port infrastructure are factors that could boost demand for both permanent and holiday homes.
The development, however, is still at an early stage, and its transition to the construction phase will depend on the completion of the planning procedures.
Dimand: Around 200 homes at the historic Karellas factory
The plan being promoted by Dimand in cooperation with Piraeus Bank is even larger in scale, focusing on the development of an approximately 100-acre site next to the port of Lavrio.
This is the historic Karellas factory, also known as the Aegeon Textile Factory, which is set to acquire an entirely different identity, leaving its industrial use behind.
According to information, the plan includes the development of around 200 homes, which will form the core of the new complex. At the same time, small-scale office and hotel uses, dining venues and leisure activities are planned.
The aim is to create a new seaside destination where residential living will be combined with complementary activities, creating a space capable of operating throughout the year.
Ownership of the site is divided 70% between Piraeus Bank and 30% between GEK TERNA, while Dimand has undertaken the development of the property.
The project is at the planning and zoning maturation stage, as the redevelopment of such a large former industrial complex requires a series of procedures to be completed before construction work can begin.
The significance of this particular investment is not limited to the number of homes planned. Bringing an approximately 100-acre site back into the urban fabric could substantially change the image of Lavrio’s coastal zone, creating new uses and activities in immediate proximity to the port.
Second investment in the historic Lavrio Textile Mills
Dimand’s presence in the area is not limited to the Karellas factory, as the company has also undertaken the redevelopment of a second historic industrial site.
This is an approximately 8-acre property where the Lavrio Textile Mills are located, which were founded in 1939 by the Ampazoglou and Dedes brothers.
The property belongs to shipowner Paris Dragni, and the plan calls for the development of a mixed-use project that will give the former industrial site a new function.
Lavrio port: Critical decisions expected by September – Who remains in the running
At the same time, the tender for the acquisition of a 51% stake in the Lavrio Port Authority is seeking to enter its final stretch, in a process considered crucial for the area’s next chapter.
According to information, developments are expected in September, as HCAP, now the National Development Fund, awaits the decision of the Council of State regarding the investment consortia that remain in the tender.
This decision will determine the next steps in the process, with HCAP preparing to open the financial bids, which were submitted as early as June 2025.
According to the same information, two investment groups appear to remain in the running for the port: Israel Shipyards Industries Ltd and shipowner Marios Iliopoulos’ Jet Plan Shipping Co, the owner of Seajets. The final picture regarding the participants will emerge following the Council of State’s decision and the relevant actions by HCAP.
The tender has evolved into a particularly complex affair, as legal challenges between the interested parties have caused significant delays.
Executives in the shipping market describe a fierce confrontation between the bidders, referring to attempts at “mutual elimination” during the process. These are assessments by market players that reflect the climate that, according to them, prevailed among the participants.
It is recalled that in June 2025, a total of five financial bids were submitted for the acquisition of the majority stake in the Lavrio Port Authority.
In addition to Israel Shipyards and Jet Plan Shipping, interest had been expressed by the GEK TERNA–Celestyal Cruises consortium, shipowner George Prokopiou’s Olympic Marine together with MSC’s Cruise Terminal Investment, as well as the Interkat–Beaufort Sea Shipping–Newsphone Hellas consortium.
The process, however, has remained pending due to the legal challenges, resulting in the original timetable being pushed back.
Provided the legal proceedings are completed and the financial bids are opened, the aim is to select a preferred investor by the end of 2026. The entry of a strategic investor is expected to determine the direction of future investments, as well as how the port’s potential in ferry services, cruising and marine tourism will be utilized.
The plan to upgrade the port and develop cruise activity
Lavrio is the third-largest port in Attica, after Piraeus and Rafina, and has significant geographical advantages that create opportunities for further development.
Its proximity to the Cyclades offers potential for strengthening ferry connections, while relatively easy access from Athens International Airport is an important advantage for the development of cruise activity.
One of the key scenarios for the port’s next chapter is to strengthen its role as a homeport for cruise ships, particularly small- and medium-sized vessels.
This activity could create additional demand for hotel services, dining and transport, as passengers who begin or end their journey at a destination have the opportunity to remain in the area before or after their cruise.
At the same time, strengthening ferry services could increase passenger traffic and create new needs for commercial activities and services around the port zone.
Infrastructure improvements and the energy upgrade
Alongside the redevelopment tender, interventions are being promoted at the port aimed at improving its infrastructure and strengthening its ability to serve more ships and passengers.
These include dredging the harbor basin, improving the land-side zones and installing modern lighting. These interventions are aimed at an overall upgrade of the port’s functionality, enabling it to meet the increased demands that may arise from the development of ferry and cruise activity.
At the same time, the Lavrio Port Authority has proceeded with the upgrade of the marina, creating more than 100 safe berthing spaces for vessels.
Particular emphasis is also being placed on investments linked to the port’s energy transition.
The Lavrio Port Authority is among the four Greek ports that secured €10 million in funding from the European Connecting Europe Facility for the development of onshore power supply infrastructure for ships and the preparation of the necessary studies. This technology allows ships to connect to the electricity grid while they remain berthed, reducing the need to operate their engines and, consequently, emissions.