Under the leadership of the Ministry of National Defense, the plan will see properties across the country—currently held by various military funds and agencies—offered for long-term lease and redevelopment, with many earmarked for commercial use.
The assets in question fall under the management of organizations such as the National Defense Fund, the Naval Fund, the Air Defense Fund, and the Defense Real Estate Utilization Service. A recent legislative push, introduced at the end of 2024 and passed in early 2025, has laid the groundwork for a more structured and profitable approach to real estate utilization, including provisions for supporting the housing needs of military personnel through rent subsidies.
One of the first success stories is a six-story building in central Athens. After years of being left unused, the building has been leased for redevelopment into a hotel. The lease spans 35 years, with an option for a 15-year extension, and carries an annual rent of €800,000. Renovation work is expected to begin soon.
Other notable properties include the War Invalids’ Hydrotherapy Center in Methana, a 3.3-acre site with two buildings totaling more than 2,500 square meters, also slated for lease. In Athens, an eight-story building on Socratous Street is expected to be leased by the third quarter of 2025, while a 330-acre plot in Aegina and a landmark property on Kolokotroni Street are lined up for development later in the year.
The reform falls under the broader “Agenda 2030” plan, which includes consolidating the country’s various military real estate funds into a single National Defense Real Estate Fund, alongside the transformation of the Defense Real Estate Utilization Service into a privately run company. This restructuring aims to eliminate bureaucratic overlaps and streamline asset management.
