Armonia Residence — A0191 Feasibility Report

M. Sami Akbeniz
2 days ago
6 min read

FEASIBILITY REPORT · PIRAEUS · ATTICA · GOLDEN VISA

This report assesses the investment feasibility of Armonia Residence (code A0191), located in the centre of Piraeus, the port city of Athens. The project comprises 24 A+ energy-class apartments in two buildings (K1 and K2); units range from 58 to 97 sqm, from one- to three-bedroom layouts, with list prices between 290,000 EUR and 489,200 EUR. Construction is at the finishing stage, with delivery scheduled for 2027.

The assessment is based on the actual list prices of all 24 units in the developer feed. Price-per-square-metre figures are calculated directly from this data, while district comparisons are given as conservative bands. This report is a due-diligence document, not marketing copy; every figure that requires confirmation is clearly flagged.

Headline findings: the weighted average unit price of the portfolio is roughly 5,000 EUR/sqm, within a band of 4,674–5,688 EUR/sqm. This level sits visibly above our conservative band for central Piraeus; the premium is partly explained by new-build quality and location, but deserves careful scrutiny. Rental income is modelled in a conservative 3–5% gross band, and Golden Visa eligibility is conditioned on unit-level file verification.

Location and Access

The project sits in central Piraeus, within an established residential fabric where daily life runs on foot. According to developer data, the nearest bus stop is 90 m away, while a supermarket, pharmacy, park, gym and schools all lie within roughly 200–400 m. Piraeus Port is about 400 m from the project.

At a wider scale, Georgios Karaiskakis Stadium is 2.6 km away, the Athens Riviera 6.7 km, the Acropolis 8 km, the Ellinikon regeneration project 13 km and the international airport 27 km, with the national highway network reachable within 3 km. Piraeus's metro and suburban rail links support car-free access to central Athens.

The location is strong in terms of proximity to both the port economy and the urban tenant base. That said, central Piraeus is a dense, mixed-use district where character can vary street by street, so an on-site visit is recommended.

Project and Units

Armonia Residence consists of two buildings, K1 and K2, with 24 apartments in total. Per the data feed, all units currently appear available: five one-bedroom units (58–65 sqm, 290,000–339,000 EUR), a majority of two-bedroom layouts (60–97 sqm) and four three-bedroom units (84–92 sqm). Several units follow split-level (loft-type) plans.

The technical specification sits above the standard new-build baseline: the building holds an A+ energy certificate with net-metering photovoltaics, and every apartment is delivered with autonomous heat-pump heating and cooling, smart-home automation, an armoured door, alarm pre-installation, double glazing with high-insulation aluminium frames, a solar water heater and LED lighting. The building includes a lobby and a residents' gym.

Construction is at the finishing stage, with delivery reported for 2027. The delivered scope should be verified line by line against the technical annex of the sale contract.

Price Analysis

The total list value of the 24 units is 9,381,100 EUR over 1,869 sqm, giving a weighted average of 5,019 EUR/sqm. The band runs from 4,674 EUR/sqm (a 92 sqm two-bedroom) to 5,688 EUR/sqm (an 86 sqm unit on the 7th floor). By building, K1 averages 5,097 EUR/sqm and K2 averages 4,929 EUR/sqm.

Smaller units carry a clear unit-price premium: the eight units of 67 sqm and below average 5,183 EUR/sqm, with 58–67 sqm apartments reaching up to about 5,500 EUR/sqm. In other words, despite the lower entry ticket, the small apartments are the most expensive segment on a per-square-metre basis.

On our conservative reading, resale apartments in central Piraeus generally trade around 2,500–3,500 EUR/sqm, and new-build A-class projects roughly in a 3,500–4,500 EUR/sqm band; these are estimate bands, not exact figures. This project's 4,674–5,688 EUR/sqm range therefore sits visibly above the district average. The premium is partly justified by the A+ specification, new construction and port proximity, but there is no guarantee the buyer will recover it at resale, which makes negotiation and unit selection critical.

Weighted average: 5,019 EUR/sqm (24 units, 1,869 sqm)
Band: 4,674 – 5,688 EUR/sqm; K1: 5,097 EUR/sqm, K2: 4,929 EUR/sqm
Small units (≤67 sqm): average 5,183 EUR/sqm — a clear per-sqm premium
Our conservative district bands: resale 2,500–3,500 EUR/sqm, new-build 3,500–4,500 EUR/sqm
Conclusion: list prices sit visibly above the district band; negotiation and unit selection are critical

Rental Potential

Piraeus is a submarket with steady year-round tenant demand, driven by the port, university facilities, the metro link and coastal regeneration projects. On our conservative bands, we estimate long-term rent for a new-build one-bedroom (58–67 sqm) at 700–900 EUR per month, and 950–1,300 EUR for two- and three-bedroom units (74–97 sqm); these are estimates, not commitments.

At current list prices, these bands translate into a long-term gross yield of roughly 2.9–4.0% — the lower half of our conservative 3–5% model. The elevated per-sqm pricing directly compresses rental yield. Short-term rental can produce higher gross income but carries operating costs, occupancy volatility and regulatory risk.

The developer is reported to offer a 4.5% net yield option with short-term rental management flexibility. This is a contractual offer, not market data; its duration, conditions, counterparty and security structure must be reviewed in writing before it is used as the basis of any yield model. Our model rests on the independent 3–5% gross band regardless of this offer.

Golden Visa Framework

Under the Greek Golden Visa programme there is no single fixed investment threshold; the minimum depends on the zone the property sits in and on the investment route chosen. In the Attica region, which includes Athens, the standard route carries the higher threshold band, and a minimum floor-area requirement for a single property also applies.

The 250,000 EUR level is not a location-based threshold. Under current law it applies only in two cases: conversion of a non-residential property to residential use (change of use), or restoration of a listed building. Whether a project falls within this scope can only be determined through unit-level review of the official documentation.

Units in this project range from 58 to 97 sqm with prices from 290,000 EUR; which route and threshold applies to which unit requires legal verification against the title and planning file. No unit can be described as 'Golden Visa guaranteed'. We regard a written eligibility opinion from an independent legal advisor as a precondition of any decision.

Risks and Points of Attention

The items below are risk headings to be closed before a decision. None is disqualifying on its own; however, we do not recommend proceeding before each is verified in writing.

Price premium and exit liquidity: unit prices sit visibly above the district band; recovery of this premium at resale is not guaranteed and time-to-sell may be longer.
Small-unit premium: 58–67 sqm apartments approach 5,500 EUR/sqm, making them the most expensive segment per square metre.
Availability data: the feed showing all 24 units as available is a snapshot; current availability and pricing require developer confirmation before any reservation.
Delivery/construction risk: although the project is at the finishing stage, delivery is 2027; payment milestones tied to construction progress and delay-compensation clauses should be required in the contract.
Yield-commitment risk: the 4.5% net yield option should not anchor any income model before its duration, conditions and counterparty structure are reviewed.
Short-term rental regulation: rules on short-term letting across greater Athens are subject to change; if the business model relies on it, current legislation must be confirmed.
Golden Visa uncertainty: route and threshold require unit-level legal file verification; eligibility must not be assumed.

Conclusion

Armonia Residence presents a strong new-build profile in terms of location, technical specification and energy performance. Walking distance to the port and daily amenities, the A+ certificate, smart-home equipment and a diversified unit mix across two buildings are tangible strengths.

The principal reservation is pricing: a weighted average of roughly 5,000 EUR/sqm sits visibly above our conservative district band and compresses long-term rental yield towards the 3% area. This positions the project less as a short-term yield play and more as a fit for medium- to long-term investors who consciously accept a premium for new-build quality and location.

Our recommendation is a three-step path: written developer confirmation of current availability and pricing; negotiation focused on units with relatively reasonable per-sqm pricing (notably the K2 building and the 83–97 sqm segment); and, where a Golden Visa is the objective, a unit-level legal eligibility opinion. No binding step should be taken before these three confirmations are complete.