Data Centers: The Investment Map on Greek Soil

Greece has evolved in recent years into a pivotal point for the data centers industry, thanks to its strategic geographic location. Major tech companies have rushed to establish their presence by participating in significant projects in Athens, Thessaloniki, and Crete. Most investments are concentrated in Attica, particularly in Mesogeia, which is emerging as a key hub for sector growth. In this context, the new energy roadmap for data centers – an initiative of the Ministry of Digital Governance and ADMIE – is expected to be a valuable guiding tool for future investments. Among the current investments, Dromeus Capital’s stands out. It involves a €300 million data center project in Spata, in collaboration with Apto, a strong European data center provider. When fully developed, the investment could reach €1 billion. This move by a major player in real estate opens the door for other companies active in the Greek market. Progress is also rapid for the investment by the French powerhouse Data4, which recently laid the foundation for its first data center in Paeania. Data4 plans to build two data centers there, with the first, powered at 15 MW, under construction and expected to be completed by 2026. Microsoft’s investment in Spata will create three data centers, with the first planned to operate within this year. Meanwhile, Digital Realty has completed its third data center in Attica and is constructing the fourth, with another one expected to be finished in Heraklion, Crete, by mid-2025. Google has also committed up to €2 billion by 2030 to enhance cloud service speed and efficiency for Greek businesses. ADMIE’s upcoming data center in Kryoneri awaits regulatory approval from RAAE. According to Savills analysis, data centers are now among the most attractive real estate investment options, driven by increasing demand from tech giants and AI startups competing for prime locations. Despite rising interest rates, institutional investors continue to pour capital into the sector due to stable returns and long-term growth prospects.