A Two-Building New-Build in North Athens' Hospital–School–Office Corridor — Investment Feasibility
NORTH ATHENS · NEW DEVELOPMENT · INVESTMENT FEASIBILITY REPORT · 16 SEPTEMBER 2026
A Two-Building New-Build in North Athens' Hospital–School–Office Corridor — Investment Feasibility
This report puts a single development on the table, in numbers: a new residential project in Chalandri, north Athens, built as two separate buildings. The developer's availability file dated 16 September 2026 lists 28 units with prices. Below you will find all 28 of them by unit number, with internal and total area and unit pricing; the price distribution by floor and building; the arithmetic of the three-year rental guarantee; the delivery schedule; and — most important of all — exactly what is verified and what is not on the Golden Visa side. Not a single figure here is invented; where we have no source, we say so.
Fact sheet — at a glance
Location: Chalandri (Halandri), north Athens — within the Administrative Region of Attica. In the same access catchment as the hospital cluster, the international schools and the northern business corridor.
Structure: Two buildings, A and B. Our inventory records the construction type as «new build — partial change of use plus an additional building». That description becomes decisive in the Golden Visa section.
Priced units: 28 apartments — 24 available, 4 reserved. The same developer file carries prices for further units as well — apartments on an intermediate floor and maisonettes on the upper levels. Those are not yet recorded in the Avla inventory and fall outside the scope of this report, which covers only the 28 apartments on record.
Price range: €267,000 – €400,000. Mean €289,000, median €284,000. Combined list value of the 28 units: €8,092,000.
Size: internal 38.3 – 57.3 m² (mean 40.8 m²); total including balconies and exclusive-use areas 48.3 – 106.3 m².
Delivery: second quarter of 2028, with a contractual three-month grace period — so the third quarter of 2028 at the latest.
Specification: energy class A · heat-pump heating and cooling · Grohe sanitary ware · European kitchens. All of this is the developer's own statement and has not been independently inspected.
Rental guarantee: 3% per year for three years. The developer leases the unit back; payment quarterly in advance, starting at title transfer. We do not yet hold a copy of the contract for this particular project.
Measurement tolerance: the availability file states that areas may vary by up to ±3%. That moves the unit prices by the same margin.
Avla inventory code: A0223 · last verified 16 September 2026.
Unit schedule — all 28 units
The table below is a direct transcription of the availability file dated 16 September 2026. «Internal m²» is the enclosed area; «total m²» includes balconies and exclusive-use areas. Unit prices are calculated separately against each of those two bases — and the gap between them is the key to understanding this project.
Unit | Level | Internal m² | Total m² | Price € | €/m² int. | €/m² total | Status |
A GF.1 | Ground | 42.30 | 64.30 | 286,000 | 6,761 | 4,448 | Available |
A 1.1 | 1 | 39.50 | 52.50 | 280,000 | 7,089 | 5,333 | Available |
A 1.2 | 1 | 39.30 | 56.30 | 284,000 | 7,226 | 5,044 | Available |
A 1.3 | 1 | 39.50 | 50.50 | 278,000 | 7,038 | 5,505 | Available |
A 1.4 | 1 | 39.50 | 48.50 | 276,000 | 6,987 | 5,691 | Available |
A 1.5 | 1 | 39.50 | 48.50 | 276,000 | 6,987 | 5,691 | Available |
A 1.6 | 1 | 39.50 | 50.50 | 278,000 | 7,038 | 5,505 | Available |
A 1.7 | 1 | 39.30 | 56.30 | 284,000 | 7,226 | 5,044 | Available |
A 1.8 | 1 | 39.50 | 52.50 | 280,000 | 7,089 | 5,333 | Available |
A 3.1 | 3 | 39.50 | 52.50 | 288,000 | 7,291 | 5,486 | Reserved |
A 3.2 | 3 | 39.30 | 56.30 | 292,000 | 7,430 | 5,187 | Reserved |
A 3.3 | 3 | 39.50 | 50.50 | 286,000 | 7,241 | 5,663 | Available |
A 3.4 | 3 | 39.50 | 48.50 | 284,000 | 7,190 | 5,856 | Available |
A 3.5 | 3 | 39.50 | 48.50 | 284,000 | 7,190 | 5,856 | Available |
A 3.6 | 3 | 39.50 | 50.50 | 286,000 | 7,241 | 5,663 | Available |
A 3.7 | 3 | 39.30 | 56.30 | 292,000 | 7,430 | 5,187 | Reserved |
A 3.8 | 3 | 39.50 | 52.50 | 288,000 | 7,291 | 5,486 | Reserved |
B GF.1 | Ground | 40.30 | 49.30 | 282,000 | 6,998 | 5,720 | Available |
B GF.2 | Ground | 40.30 | 52.30 | 285,000 | 7,072 | 5,449 | Available |
B GF.3 | Ground | 40.30 | 48.30 | 281,000 | 6,973 | 5,818 | Available |
B GF.4 | Ground | 41.30 | 50.30 | 289,000 | 6,998 | 5,746 | Available |
B GF.5 | Ground | 41.30 | 54.30 | 289,000 | 6,998 | 5,322 | Available |
B GF.6 | Ground | 57.30 | 106.30 | 400,000 | 6,981 | 3,763 | Available |
B 1.1 | 1 | 40.30 | 49.30 | 281,000 | 6,973 | 5,700 | Available |
B 1.2 | 1 | 38.30 | 51.30 | 267,000 | 6,971 | 5,205 | Available |
B 1.3 | 1 | 38.30 | 55.30 | 271,000 | 7,076 | 4,901 | Available |
B 1.4 | 1 | 38.30 | 52.30 | 268,000 | 6,997 | 5,124 | Available |
B 1.5 | 1 | 52.30 | 57.30 | 357,000 | 6,826 | 6,230 | Available |
The four units shown as reserved are those held for Avla. Prices are list prices and exclude transaction taxes and costs.
Price analysis
Across the 28 units the price per internal square metre runs from €6,761 to €7,430, with a mean of €7,093 and a median of €7,055. The whole band is only €669 wide — the difference in internal unit price between the cheapest and the most expensive apartment is under 10%. On internal area, the developer is effectively applying a single price.
On total area the picture changes completely: €3,763 – €6,230, mean €5,391. That band is €2,467 wide, more than three and a half times the internal band. There is a single reason: the outdoor allocation ranges from 5 m² to 49 m² from unit to unit, and the developer does not price that difference in full.
What creates price difference in this project is not internal area but outdoor area. The internal unit price sits in a narrow band while the total-area price opens 66% from end to end — so «expensive» and «cheap» swap places depending on which square metre you count.
Distribution by building and floor
Building / floor | Units | Price range € | Mean €/m² int. | Mean €/m² total |
Building A · ground floor | 1 | 286,000 | 6,761 | 4,448 |
Building A · floor 1 | 8 | 276,000 – 284,000 | 7,085 | 5,393 |
Building A · floor 3 | 8 | 284,000 – 292,000 | 7,288 | 5,548 |
Building B · ground floor | 6 | 281,000 – 400,000 | 7,003 | 5,303 |
Building B · floor 1 | 5 | 267,000 – 357,000 | 6,969 | 5,432 |
Four findings from the table
The floor premium is fixed and transparent. In building A, every identically laid-out pair between the first and third floor differs by exactly €8,000 — about 2.9%. It holds for all four pairs: A 1.1 → A 3.1, A 1.2 → A 3.2, A 1.3 → A 3.3 and A 1.4 → A 3.4. In unit terms that moves the mean from €7,085 to €7,288 per internal m².
The lowest internal unit price is on the ground floor. A GF.1 — €286,000, 42.3 m² internal, €6,761/m². What makes that possible is 22 m² of exclusive-use area: judged on internal area rather than position, the unit sits at the bottom of the band.
The highest internal unit price is on the third floor. A 3.7 and A 3.2 — both €292,000, 39.3 m² internal, €7,430/m². Both are reserved.
The extremes invert on total area. The most expensive unit in the project, B GF.6 at €400,000, is at the same time the cheapest per total square metre: €3,763/m². Its 57.3 m² of internal area comes with 49 m² outdoors. In the other direction, B 1.5 has only 5 m² outdoors and tops the list at €6,230/m² on total area.
For an entry-level buyer the lowest absolute price is €267,000 (B 1.2); the highest is €400,000 (B GF.6). The €133,000 between them buys 19.0 m² of additional internal area.
Payment and transaction costs
The figures in the schedule are list prices. Here is where the costs that sit on top of a Greek residential purchase stand today, and what has been announced for the period ahead:
Property transfer tax
The effective rate in force today, including the municipal surcharge, is 3.09%. Under the measure announced on 6 September 2026 and narrowed on 8 September, that rate rises to 15.45% from 1 July 2027 for residential purchases by natural persons from outside the EU/EEA. The legislative text had not been published at the time of writing. The tax base is the higher of the sale price and the administrative tax value. For the full framework see our sector report of 16 September 2026.
Price € | Transfer tax today (3.09%) | Scenario after 1 Jul 2027 (15.45%) | Difference |
€267,000 | €8,250 | €41,252 | +€33,001 |
€284,000 | €8,776 | €43,878 | +€35,102 |
€289,000 | €8,930 | €44,650 | +€35,720 |
€400,000 | €12,360 | €61,800 | +€49,440 |
The four rows are, in order, the project's lowest price, its median, its mean and its highest price. Outside the scope of the measure: companies and other legal entities, EU/EEA nationals, and holders of long-term residence permits.
Other items
Notary, land registry, legal and technical due diligence fees: we hold no verified rates for this project. Transaction costs are calculated separately and given in writing, item by item, at offer stage.
Payment schedule: not included in the developer file. The reservation agreement, the stage payments tied to construction milestones and the balance due at title transfer are all still to be confirmed.
Annual property tax (ENFIA), service charges and insurance: these arise after title transfer. Which side carries them during the guarantee period is determined by the contract — and we do not yet hold that text.
Yield: what we have, and what we do not
The only verified yield figure attached to this project is the rental guarantee: 3% per year for three years. The model rests on the developer leasing the unit back from the buyer; payment is quarterly in advance and the guarantee starts at title transfer. This is the standard structure the developer applies on its other projects — but we do not yet hold a signed contract for this one. The table below is therefore not an undertaking; it is the arithmetic of the stated rate.
Price € | Guaranteed annual income (3%) | Three-year total |
€267,000 | €8,010 | €24,030 |
€284,000 | €8,520 | €25,560 |
€289,000 | €8,670 | €26,010 |
€400,000 | €12,000 | €36,000 |
Three warnings about reading this table
Gross or net is undefined. Whether the stated 3% sits before or after rental withholding tax, service charges and ENFIA is set by the contract text. Without that text, no net yield can be calculated.
Year four onwards is a blank. When the guarantee ends the unit reverts to market rent. We hold no verified rental data for the neighbourhood for this report, so we produce no yield figure for year four and beyond. If you see a calculation that does, ask for its source.
A guarantee is not a capital-growth promise. This report contains no resale projection whatsoever. Delivery is in 2028, and nobody can describe that market today from verified data.
The three-year guarantee is not a yield commitment but a bridge. What lies at the far end of the bridge cannot be stated today from verified data — and saying that we cannot say it is better than inventing it.
Delivery and construction risk
Contractual delivery is the second quarter of 2028, with an explicitly stated three-month grace period on top. Measured from the date of this report that is a wait of roughly 20 to 23 months. These are the items an investment decision carries across that period:
Matching payments to delivery. Until the payment schedule is confirmed, it is unknown how much capital is committed in which month. This is the largest open item in the feasibility.
The ±3% measurement tolerance. The availability file states areas may vary by up to ±3%. On an apartment of around 40 m² that is ±1.2 m², and the unit price shifts by the same margin. The contract should state how such a variance is reflected in the price.
Two buildings, two schedule risks. The project consists of two structures, A and B, and our inventory record describes one as a partial change of use and the other as an additional building. Where permit processes run separately, delivery dates can diverge.
The specification is a statement, not an inspection. Energy class A, heat pumps, Grohe sanitary ware and European kitchens are taken from the developer file; no independent technical survey has been carried out. The energy class is only fixed by the certificate issued on completion.
Parking allocation varies by unit. The availability file marks parking for every apartment in building A and for the ground-floor apartments in building B, but not for the first-floor apartments in building B. No unit has storage. How the allocation is recorded on the title deed must be confirmed before contract.
Golden Visa: what has to be verified
This is the most important section of the report, and it deliberately reaches no conclusion.
What the standard route requires
Chalandri lies within the Administrative Region of Attica. On the standard real-estate route set by Article 64 of Law 5100/2024, the minimum investment threshold for the whole of Attica is €800,000; the investment must also be made in a single property, whose main living area must be at least 120 m². The official source states explicitly that the threshold applies to «the entire Region of Attica»: stegasi.gov.gr.
The 28 units in this project sit between €267,000 and €400,000, with internal areas of 38.3 to 57.3 m². On their own they meet neither the threshold nor the floor-area condition of the standard route.
What €250,000 is — and is not
Contrary to what is often repeated in the market, €250,000 is not a regional threshold. It applies only on two specific routes: (a) properties converted to residential use through a change of use (αλλαγή χρήσης) completed after 5 April 2024, and (b) the restoration of listed buildings. On both routes the title must be a single residential unit.
Our inventory records this project's construction type as «partial change of use plus an additional building». We do not, however, hold the permit that would verify that record. The word «partial» leaves open whether the change of use covers the whole building or only part of it; and a structure that is an additional building may by definition fall outside a change of use altogether. Until both questions are answered, no eligibility conclusion can be drawn for any unit.
The Golden Visa threshold looks at the property, not the project: at the title, the permit and the date. That is why this report says neither «eligible» nor «not eligible» — either would be a conclusion drawn without documents.
Documents to be requested on the buyer's behalf
Document requested | What it determines |
Date and number of the change-of-use (αλλαγή χρήσης) permit | Which side of the 5 April 2024 threshold the works fall on |
Certificate of completion (the official record that the works are finished) | Whether the change of use counts as «completed», and on what date |
Scope of the permit — which building, which part | Whether «partial» covers the unit in question; the line between the existing and the additional building |
Unit structure on the title (horizontal property schedule) | Whether the «single residential unit» condition is met |
The unit's administrative tax value (αντικειμενική αξία) | The base for transfer tax and for any threshold calculation |
Until those five documents are gathered and written confirmation is obtained from an independent Greek lawyer, no conclusion on Golden Visa eligibility can be drawn. Avla makes no eligibility representation to any client before that confirmation; the document process is run by a lawyer of the buyer's own choosing.
The 1 July 2027 threshold and the question of the title date
Delivery on this project is in the second quarter of 2028. The announced tax change takes effect on 1 July 2027. For a non-EU buyer who is a natural person, the relationship between those two dates is the most concrete risk item in the feasibility:
Title transfer most likely falls after the threshold. A non-EU natural person buying a Q2 2028 unit today will meet whatever rate is in force at the moment of transfer.
Which date governs is not yet settled. The date of the preliminary contract, or the date of the final deed? Until the legislative text is published there is no verified answer. The sector is asking for a transitional provision on exactly this point — a request is not a decision.
The exclusions are real. Purchases through a legal entity, EU/EEA nationality and long-term residence status all sit outside the announced scope. The buyer's status directly determines the tax difference.
The difference is not small. As the table above shows, on a median-priced unit the gap is €35,102; on the highest-priced unit it is €49,440. That is more than the entire three-year rental guarantee.
For the full framework of the measure, who falls outside it, and how it relates to the proposed portfolio Golden Visa: Greece 2027 — Transfer Tax, Portfolio Golden Visa and the €250,000 Question · Sector Report.
Risks — the honest list
1. Golden Visa eligibility is undocumented. Without the permit date, the completion certificate and the unit structure on the title, no conclusion can be drawn in either direction. If the investment decision depends on the Golden Visa, this is the first item to resolve.
2. Tax timing risk. Delivery in 2028 falls after the announced threshold of 1 July 2027. There is no legislative text, and it is unclear which date will govern.
3. The rental guarantee contract is not on file. The 3% for three years is stated as the developer's standard model; we have not seen a signed text for this project. The gross/net split, the allocation of costs and the termination provisions are unknown.
4. No verified yield data beyond year three. When the guarantee ends the unit reverts to market rent; this report carries no verified rental data for the neighbourhood and therefore produces no projection.
5. The payment schedule is unconfirmed. Without the stage-payment calendar, neither cash flow nor opportunity cost can be calculated.
6. Delay risk is written into the contract. A three-month grace period is granted from the outset; we have not seen the provision that applies to delays beyond it.
7. Measurement variance moves the price. The ±3% tolerance is stated explicitly; the mechanism by which a variance is reflected in the price should be sought in the contract.
8. There is an internal inconsistency in the unit count. The descriptive page of the developer file and the unit schedule in the same file differ by one apartment in building A. The price schedule is unaffected, but the project fact sheet should still be confirmed in writing.
9. Liquidity and exit. Whether and on what terms the contract can be assigned before delivery is not addressed in the developer file. An early-exit scenario cannot be priced today.
10. Single-counterparty concentration. Both the construction and the three-year rental guarantee are obligations of the same party. Counterparty risk is concentrated in one place, and a guarantee is worth exactly as much as the financial strength of whoever gives it.
Sources and report date
Prices, areas, floor levels, status, parking and delivery: the developer's availability file dated 16 September 2026. Recorded in the Avla inventory under code A0223; last verified 16 September 2026.
Golden Visa thresholds and conditions: Article 64 of Law 5100/2024; the official Greek housing policy portal — stegasi.gov.gr.
The transfer tax change: Avla sector report, 16 September 2026 — Greece 2027: Transfer Tax, Portfolio Golden Visa and the €250,000 Question. The primary press and legislative sources are listed there.
The rental guarantee model: the standard contract applied on the developer's other projects; the text for this project has not yet been obtained.
Images: developer visualisations. The finished building may differ.
Report date: 16 September 2026. Prices and availability are valid as at that date and may change without notice. This report is for information only and does not constitute investment, tax or legal advice.
Let us talk about which unit in this project is the right one for you.
Every open item above — the permit file, the payment schedule, the rental guarantee contract — can be requested in writing on the buyer's behalf. At Avla Real Estate we run the process alongside independent Greek legal confirmation. Write to us for current availability, floor plans and document status on a unit-by-unit basis.
Avla Real Estate · avlarealestate.com
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