Aurora Residence — A0192 Feasibility Report

M. Sami Akbeniz
2 days ago
5 min read

FEASIBILITY REPORT · NEO IRAKLEIO · NORTH ATHENS · GOLDEN VISA

This report assesses the investment feasibility of Aurora Residence (code A0192), a boutique project located in Neo Irakleio, one of the settled northern suburbs of Athens. The current offering consists of two ready-to-move 2-bedroom apartments on the upper floors of an A+ energy class building.

Price, floor-area and availability data in this report are drawn from the developer feed as of August 2026; final availability and pricing are always subject to confirmation before reservation. This document is a decision-support paper, not marketing copy; it therefore addresses the price premium and liquidity considerations as openly as the project's strengths.

Our summary finding is this: the location and technical specification are strong, while the unit price band sits clearly above our conservative estimate range for the district, and Golden Visa eligibility requires unit-level file confirmation. Each of these points is examined with data in the sections that follow.

Location and Transport

Neo Irakleio is one of north Athens' established residential districts, defined by quiet streets, a settled local centre and strong public transport links. The project is positioned within walking distance of the full range of daily-life infrastructure.

The transport profile is meaningful from an investment standpoint: the suburban railway station is within walking distance, the Olympic Stadium (OAKA) is under a kilometre away, and the Attiki Odos ring road puts the airport at roughly 25 minutes by car. The city centre (Acropolis, Plaka) is about 15 minutes away, with the Athens Riviera and the Ellinikon area around 20 minutes.

Supermarket, pharmacy and bus stop: within 350 m
Elementary school 120 m; junior high and high school within ~700 m
Suburban railway station: 770 m (about a 5-minute walk)
Olympic Stadium (OAKA): 920 m · The Mall Athens: 2 km
Attiki Odos: 7 km · Airport: 27 km (~25 min)
Acropolis / Plaka: 9 km (~15 min) · Riviera and Ellinikon: ~18 km (~20 min)

Project and Units

Aurora Residence is a contemporary boutique building with an A+ energy classification. Apartments are delivered with autonomous heat-pump heating and cooling, split-unit air conditioning, double-glazed energy-efficient aluminium frames with high insulation, smart home infrastructure, armoured entrance doors, alarm pre-installation and solar water heaters; the building is supported by photovoltaic panels on a net-metering arrangement. This specification set points to notably low running costs.

The current offering consists of two units, both 2-bedroom, 2-bathroom apartments on the upper floors (4/5). Construction was completed in 2026 and, per the feed data, the apartments are ready for delivery.

D1 — floor 4/5, 2-bed, 92 sqm, EUR 417,100 (available)
D4 — floor 4/5, 2-bed, 99 sqm, EUR 447,170 (available)
Energy class: A+ · Heat pump + photovoltaics (net metering)
Construction year: 2026 · Status: ready for delivery

Price Analysis

Unit prices calculated from the actual feed figures are as follows: D1 at EUR 417,100 / 92 sqm ≈ EUR 4,534/sqm; D4 at EUR 447,170 / 99 sqm ≈ EUR 4,517/sqm. The project's unit-price band is therefore narrow and clear: approximately EUR 4,500–4,550/sqm.

We keep the district comparison conservative: our estimate range for new-build supply in and around Neo Irakleio is roughly EUR 3,200–4,000/sqm. Against that frame, the project's band above EUR 4,500/sqm sits clearly above our district average estimate. Part of the premium can be explained by the A+ energy class, ready-for-delivery status, upper-floor position and technical specification; even so, buyers should be aware they are paying a unit price above the district's general band at this level.

This finding does not disqualify the project, but it matters for expectation management. Any short-term appreciation scenario depends on the district band converging toward this premium level — and that is an assumption, not data.

Project unit-price band: ~EUR 4,500–4,550/sqm (calculated from feed prices)
Our conservative district new-build estimate band: ~EUR 3,200–4,000/sqm
Conclusion: the project is priced clearly above our district band

Rental Potential

The core tenant profile for 2-bedroom apartments in Neo Irakleio is settled families seeking proximity to schools and the railway station; the OAKA and The Mall Athens catchment also generates steady long-term rental demand. The A+ energy class is a genuine tenant-side differentiator in a period of high energy costs.

We model returns conservatively in a gross 3–5% band. For D1 (EUR 417,100) this corresponds to roughly EUR 1,040–1,740 per month; for D4 (EUR 447,170), roughly EUR 1,120–1,860. Given current rent levels in the district, the lower half of the band (3–4%) appears more realistic to us; the 5% scenario is demanding at this purchase-price level.

These figures are model assumptions; the feed contains no rental guarantee and this report implies none. Taxes, service charges and vacancy periods will pull net returns below the gross band.

D1 (EUR 417,100): 3% ≈ EUR 1,040/mo · 4% ≈ EUR 1,390/mo · 5% ≈ EUR 1,740/mo
D4 (EUR 447,170): 3% ≈ EUR 1,120/mo · 4% ≈ EUR 1,490/mo · 5% ≈ EUR 1,860/mo
Our realistic expectation band: gross 3–4%; no guarantee applies

Golden Visa Framework

Under the Greek Golden Visa programme, the qualifying investment threshold is determined by the property's zone and the route chosen; there is no single fixed figure. The frequently misunderstood EUR 250,000 threshold is not location-based: under current law it applies only where a non-residential property is converted to residential use, or where a listed building is restored.

Accordingly, the route and threshold under which the units in this project would be assessed require official, unit-level file confirmation. A price range sitting near a threshold does not by itself constitute eligibility; a claim of the type 'this project is Golden Visa guaranteed' is deliberately absent from this report.

Our working approach is clear: before reservation, the applicable route, threshold and supporting documentation for the specific unit are confirmed through the legal file, and the decision is made on the basis of that confirmation.

Risks and Points of Attention

The price premium and resale liquidity are the principal risks. The project is priced clearly above our conservative district band; at this premium level the buyer pool narrows on resale and time-to-sell can lengthen. Since Neo Irakleio's buyer base is predominantly local families, negotiation margins and holding periods should be factored in for premium-priced product.

Data-confirmation risk comes second: with a supply of only two units, availability can change quickly, and price and availability data require developer confirmation before reservation. Although the building is completed and ready per the feed, delivery terms, the final state of common areas and the occupancy/delivery documentation should be verified on site and through the file.

On the Golden Visa side, the route and threshold must not be assumed without unit-level file confirmation. Our rental model is also built on a gross band; taxes, service charges and vacancy periods pull net returns lower, and that gap should be built into the investment decision from the outset.

Unit-price premium: the band above ~EUR 4,500/sqm exceeds our district estimate band
Resale liquidity: a narrower buyer pool at premium price levels
Availability/price: a two-unit supply; confirmation required before reservation
Delivery: the 'ready' status and common areas should be verified on site
Golden Visa: route and threshold subject to unit-level file confirmation

Conclusion

Aurora Residence is a strong file on the axes of location and technical quality: a ready-to-move, A+ energy class product in a settled northern suburb, within walking distance of the school-rail-retail triangle. This profile fits best an end-user seeking a high-quality home with low running costs.

For a purely yield-driven investor the picture is more conditional: the ~EUR 4,500–4,550/sqm band sits clearly above our district estimate band, and our realistic gross rental expectation is in the 3–4% range. The decision should therefore follow price negotiation, delivery and availability confirmation, and — where a Golden Visa objective exists — unit-level file confirmation. With those three steps closed, the project can be considered a long-term, conservative residential investment in north Athens.