The Armed Forces own 802 valuable real estate properties, and according to reports, their list includes assets of immense historical, architectural, and—most importantly—commercial value. Defense Minister Nikos Dendias, through a legislative initiative during the summer period, aims to rationalize their management. The goal is to secure necessary funding for the large-scale construction of military residences for professional staff.

With the housing issue in the Armed Forces reaching a critical point—especially in border regions—the Ministry of National Defense is not only managing privileged but non-operational properties for funding construction but also striving to ensure the viability of the Armed Forces’ mutual funds by utilizing hundreds of properties that had either been left unused or were exploited commercially with negligible returns.

Properties… Beyond Suspicion

Though reliable sources say the Armed Forces’ real estate includes properties both inside and outside Greece—even the building of the Ministry of Foreign Affairs—in recent years, the income flowing into the mutual funds has not reflected the commercial value of these assets. Defense Minister Dendias revealed to parliament that “by 2026 we will have built 1,059 residences, when only around 700 were constructed over the previous 20 years,” using proceeds from these assets.

For example, the Military Property Service (TETHA) is housed in a beautiful 2,400 m² neoclassical building in Plaka. “We estimate it could be leased for at least €1 million annually, yet it currently houses just 29 employees. That’s 2,400 square meters for 29 people,” Dendias noted, adding, “That’s the management you’re defending. And it also hosts 20 people from the Army Geographic Service—meaning each employee occupies around 60–70 square meters in one of Athens’ most expensive neighborhoods.”

Similarly, “The Naval Fund, on 12 Fidiou St., has 700 m² for 10 people—70 m² each. You’re telling me not to change that? The Air Force Fund is more modest, with 400 m² on Soutsou 40, near Ampelokipoi—eight people, 50 m² each. Again, you’re telling me not to change that?”

The First Army Pool & Luxurious Residences

Dendias also mentioned the facilities of the 1st Army, which is being decommissioned: “Have any of you seen its pool? It belongs to TETHA. It’s 49.5 meters long. Do you know why it’s not 50? Because if it were 50, it would qualify as Olympic size and would have to be used for public sporting events.”

Further, “Everyone knows the corner of Amerikis and Akadimias Streets, just 300 meters from here. There’s an entire apartment building that used to house a single senior officer—just one person lived in the penthouse. The building was rented out for €800,000 per year. Housing one officer was costing us over €800,000 annually. And you’re asking me not to change that? Give me a break!” he exclaimed, explaining the new management model.

New Model, New Increases

Discussing this new approach to managing Armed Forces assets, Dendias said:
“I’m trying to improve financial rewards through savings. I’m proud of that, because it’s not the typical model of the Greek public sector, where everyone just goes to the General Accounting Office and asks for more money.”

He also announced upcoming salary increases:
“I’ll keep fighting for salary hikes for personnel, even if the funds come from outside the Ministry. I ask you to support this. Part of this support is housing. Beyond the 1,059 residences already planned, we need to build at least 3,000 more by 2030—over 4,000 in total. That takes money. And we’re seeking those resources through this effort to utilize non-operational military assets.”

A Breakdown of the Assets

According to well-informed sources, the real estate of the Armed Forces is anything but insignificant and includes, among the 802 inactive properties:

• Bequests (mostly apartments)
• High-value apartments in Athens’ historic center (Kolonaki, Syntagma, Plaka)
• Numerous land plots
• Inactive military camps
• Storage facilities
• Aqueducts
• Recreation parks
• Post offices
• Infirmaries
• Land parcels and
• Pasture land

Greece’s Participation in SAFE

Dendias also commented on Greece’s participation in the EU’s SAFE program following recent announcements by Prime Minister Kyriakos Mitsotakis:
“We’ll submit our application to SAFE tomorrow, using the €1.2 billion fiscal space granted to me after negotiations with the Finance Ministry. Otherwise, I would not submit the application. That was made clear to the Prime Minister from the beginning, and he agreed. Greece must never find itself in the same vulnerable position again.”

“I think I’m among the few in this country who have read the SAFE agreement and all its documentation. I’ll tell you what the future risk for Greece might be,” he said, explaining that:
“The government chose to participate in SAFE. The Finance Ministry gave us a short list of programs totaling €1.2 billion in additional fiscal space. We’ll use that upfront for weapon systems already included in the Long-Term Armament Plan.”

He concluded, “You ask if I wanted more? Of course. But I didn’t negotiate this—Defense Ministers don’t negotiate SAFE. I’m not going to brag about SAFE, nor will I scaremonger.”

Dendias’ “Personal Frustration”

The Defense Minister also expressed “personal frustration”, saying:
“At a certain point, everyone has to take responsibility for the position they’ve accepted. I truly believe there is a threat—let me say it clearly. I believe that behavior across the Aegean is worsening. That’s why we must collectively build a situation where, if—God forbid—a crisis arises, a future Prime Minister will negotiate from a position of strength, not weakness.”

“That’s the driving concern behind the ‘Agenda 2030,’” he concluded.