ATHENS
The Greek Defense Ministry are set to privatize more than 2,000 military-owned properties through sales or long-term leases, ss part of a sweeping defense modernization plan, media has reported.
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Prime Minister Kyriakos Mitsotakis this month announced a 25 billion euros ($27 billion) overhaul of the country’s defense sector, calling it the most comprehensive upgrade in modern Greek history.
The program, which will run through 2036, includes the creation of an integrated air and missile defense system named “Achilles’s Shield,” aimed at addressing evolving security challenges and shifting geopolitical dynamics, particularly amid weakening transatlantic ties.
Among the properties being repurposed is a former military academy on Athens’ central Akadimias Avenue, which has been leased to Kanava Hotel and Tourism Enterprises and will be converted into a hotel.
In Methana, a health center for war veterans is also expected to be leased out under a contract that may extend for at least 30 years.
Another eight-story military building in central Athens is planned to be put on the rental market this summer.
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Military officials said the move is intended to ease the financial burden of the country’s defense investments and diversify funding sources.
The property initiative follows earlier efforts to sell off older military hardware, including F-16 and Mirage 2000 fighter jets, which have since been replaced by Eurofighter aircraft.
Greece has traditionally allocated at least 2 percent of its GDP to defense —meeting NATO’s target—largely due to longstanding tensions with neighboring Türkiye.
However, Mitsotakis said the current push goes beyond regional concerns and aims to position Greece as a key pillar of the European Union’s defense framework. He said the country is building one of the bloc’s most advanced armed forces.
Greece’s defense budget was doubled this year to 6.13 billion euros ($6.6 billion), in line with the government’s stated ambitions.
