Property Conversion: Turning Commercial into Residential Spaces
Jun 06 - 2025
In today’s evolving real estate landscape, transforming commercial or industrial buildings into premium residential spaces is the latest trend. Across Greece, developers are repurposing underutilized industrial/commercial assets into vibrant apartment complexes that meet modern lifestyle needs. With high construction standards, central locations, and access to amenities, these buildings offer an ideal foundation for residential use.
In many cases, developers are designing entire modern “neighborhoods”—complete with green spaces, recreational zones, cultural venues, shops, and even serviced residences that appeal to a discerning audience.
One such pioneering project is Etolikou 11 by MIBS Group. Located just steps away from the Piraeus Port, this former industrial facility, abandoned for many years, has been thoughtfully transformed into a landmark development of 158 serviced apartments. With luxurious amenities like a rooftop pool, gym, and 24/7 concierge services, Etolikou 11 exemplifies a new era of urban living.
“With this project, we are preserving a piece of history while showcasing our ability to thoughtfully reshape the present urban landscape,” says Elena Shiapani, CEO of MIBS Group. “We aspire to create a building that feels as though it has always been there; timeless, yet undeniably contemporary and vibrant.”
Why Commercial-to-Residential Conversion is worth considering
Financially Sound Investment
Commercial-to-residential conversions offer a compelling investment opportunity. Due to their original design and structure, many commercial buildings feature high ceilings, expansive layouts, and large openings —elements that provide a good canvas to work with and create stylish, spacious residential units. When combined with the surge in demand for centrally located housing, especially in urban hubs like Athens and Piraeus, these conversions become an attractive choice for investors looking for consistent rental yields and higher return potential.
Addressing housing shortages
With residential demand outpacing supply, and the scarcity of vacant land plots within the city limits, property conversions present a smart solution. By turning unused offices or retail and other commercial spaces into modern apartments, developers help alleviate the housing shortage by making use of existing structures.
With residential demand outpacing supply, and the scarcity of vacant land plots within the city limits, property conversions present a smart solution. By turning unused offices or retail and other commercial spaces into modern apartments, developers help alleviate the housing shortage by making use of existing structures.
Revitalizing neighborhoods
Repurposed buildings give life to something abandoned for years and change the entire environment, creating vibrant residential communities. Especially with the high demand of residential and housing shortage, the rebirth of commercial buildings rejuvenates the area not only as far as the local aesthetic is concerned, but also in terms of safety and foot traffic, strengthening the area’s overall appeal.
Repurposed buildings give life to something abandoned for years and change the entire environment, creating vibrant residential communities. Especially with the high demand of residential and housing shortage, the rebirth of commercial buildings rejuvenates the area not only as far as the local aesthetic is concerned, but also in terms of safety and foot traffic, strengthening the area’s overall appeal.
Sustainable Approach to Development
Conversions are generally more sustainable. Instead of demolishing and rebuilding, developers reuse existing structures—cutting down on waste, preserving materials, and reducing the carbon footprint associated with new construction.
Conversions are generally more sustainable. Instead of demolishing and rebuilding, developers reuse existing structures—cutting down on waste, preserving materials, and reducing the carbon footprint associated with new construction.
Benefits for Investors interested in Golden Visa
Commercial-to-residential conversions are especially appealing under Greece’s revised Golden Visa program. As of September 2024, certain exceptions allow non-EU investors to obtain residency with a €250,000 minimum investment, specifically for:
- Commercial properties converted to residential use
- Restoration of listed historic buildings
These exceptions apply regardless of property location or size, offering greater flexibility and access to high-potential investments. Projects like Etolikou 11 not only qualify under these terms but also offer long-lasting value and lifestyle appeal.
A Market Shift with Lasting Impact
Across Greece, developers, investors, and property owners are seizing this opportunity. From former office buildings to old warehouses and retail stores, previously overlooked properties are being reimagined into modern residences with international appeal.
Though the process of conversion may involve technical and legal challenges, the right partners—such as experienced developers like MIBS Group—can streamline the journey, unlocking significant returns and contributing to the transformation of Greece’s residential market.