Avra Residence — A0194 Feasibility Report

M. Sami Akbeniz
2 days ago
4 min read

FEASIBILITY REPORT · KERATSINI · PIRAEUS · GOLDEN VISA

This report examines the investment strengths and weaknesses of Avra Residence (A0194) in Keratsini, on the western side of Piraeus, on a data-driven basis. The project is a boutique new-build of four 3-bedroom apartments, including two upper-level duplexes; construction is at the finishing stage with delivery scheduled for 2027.

The backbone of the assessment is the per-square-metre price band calculated from the current unit list, a district comparison, a conservative rental yield model and a risk inventory. Listed prices range from EUR 388,559 to EUR 542,120; we state clearly where this level sits relative to the wider Keratsini band.

This is a decision-support document, not a marketing text. All availability and pricing is subject to developer confirmation, and any Golden Visa assessment requires route- and unit-level file verification.

Location and Transport

Keratsini is a long-established district immediately west of central Piraeus, within the wider Athens urban area. The port of Piraeus — the largest in Greece — is roughly 3 km away, and central Piraeus with its metro and suburban rail links is about 4 km.

Central Athens is approximately 12 km and Athens International Airport around 45 km. The district is served by a dense bus network; access to rail should be planned via connections rather than assumed walking distance.

The ongoing regeneration of the western Piraeus coastline is the main medium-term dynamic supporting demand for quality new housing here. That said, Keratsini remains predominantly a mid-income, settled residential fabric, and any location assessment should rest on that reality.

Project and Units

Avra Residence is a small-scale building of four apartments, all with 3-bedroom layouts: two 101 m² single-level units plus two upper-level duplexes of 128 m² and 163 m². According to the feed, all four units currently show as available.

The building is constructed to energy class A. Autonomous heating and cooling via heat pump, photovoltaic panels under net metering, a solar water heater, double-glazed energy-efficient aluminium frames, smart-home infrastructure, an armoured door and alarm pre-installation are standard.

Construction is at the finishing stage, with delivery announced for 2027. Note that the 101 m² units have a single bathroom; two bathrooms are found only in the duplex units.

Unit A — 101 m², 3-bed, 1 bath, EUR 388,559 (≈EUR 3,847/m²)
Unit B — 101 m², 3-bed, 1 bath, EUR 403,196 (≈EUR 3,992/m²)
Unit E — 163 m² duplex, 3-bed, 2 baths, EUR 542,120 (≈EUR 3,326/m²)
Unit F — 128 m² duplex, 3-bed, 2 baths, EUR 507,788 (≈EUR 3,967/m²)

Price Analysis

Based on the current price list, the project's unit-price band is roughly EUR 3,300–4,000/m². The most efficient unit price appears in the 163 m² duplex E (≈EUR 3,326/m²), while the 101 m² apartments and the 128 m² duplex F sit at ≈EUR 3,850–4,000/m².

For comparison, our conservative estimate band is EUR 1,500–2,200/m² for resale stock across Keratsini and around EUR 2,500–3,200/m² for quality new-builds. Against that frame, Avra Residence prices clearly above even the district's new-build average; the buyer is paying an explicit premium for energy class A, duplex layouts and boutique scale.

It should not be assumed that this premium will be fully recovered in the resale market in the short term. Particularly for units at ≈EUR 4,000/m², negotiation margin and price verification are a mandatory part of the assessment; all figures are subject to developer confirmation.

Golden Visa Framework

Under the Greek Golden Visa programme, the applicable investment threshold is determined by location and by the chosen investment route; no definitive eligibility ruling can be given without a unit-level file check. The EUR 250,000 threshold is not a location-based discount: under current law it applies only to the conversion of non-residential property to residential use, or to the restoration of a listed building.

Across Attica, the thresholds applicable to the standard purchase route may sit above the individual unit prices in this project; which route applies to which unit or combination can therefore only be verified through the title and planning file. Route and supporting-file confirmation for each unit before reservation is our standard process.

This report does not guarantee Golden Visa eligibility for any unit; residency assessment should proceed alongside legal counsel review.

Rental Potential

Long-term rental demand in Keratsini comes mainly from local families and professionals working in Piraeus. For an energy class A new-build 3-bedroom unit, our conservative rent estimate band is EUR 900–1,400 per month depending on size.

The general conservative planning band for this segment is a gross 3–5%; at Avra Residence's price level, however, the model leans on the lower edge of that band. Example: assuming EUR 950–1,150/month for Unit A (EUR 388,559) implies a gross 2.9–3.6%, and EUR 1,300–1,500/month for duplex E (EUR 542,120) implies a gross 2.9–3.3%.

It is therefore more realistic to approach this project with a capital-appreciation and own-use lens rather than a yield-first lens. Net returns will sit below gross figures once tax, service charges, vacancy and management costs are deducted; no level of return is guaranteed.

Risks and Points of Attention

The first risk is the price premium: the ≈EUR 3,300–4,000/m² band sits above our estimated new-build average for Keratsini. This premium may slow liquidity and limit pricing flexibility in a resale scenario; the exit horizon should be planned as medium-to-long term.

The second risk is delivery and construction. Although the project is at the finishing stage, delivery is 2027; schedule slippage, specification deviations and payment-plan terms should be locked into written contractual safeguards.

The third item is data verification: the fact that all four units show as available, and the list prices themselves, are point-in-time feed data and should not be treated as final without developer confirmation. Additionally, the single bathroom in the 101 m² units may narrow appeal among both family buyers and tenants in a 3-bedroom use case.

Conclusion

Avra Residence is a rare offer at Keratsini's scale: an energy class A, boutique new-build composed entirely of 3-bedroom layouts. The western Piraeus coastal regeneration supports the medium-term value story, and product quality sits above the district average.

Pricing, however, also sits clearly above the district band, and the rental model lands at the lower edge of the conservative range. The project therefore makes more sense for buyers seeking a long-term position in quality new-build stock — conducted with careful price verification and negotiation — than for yield-first investors.

The most balanced unit price appears in the 163 m² duplex E. Before proceeding, current availability, final pricing, the delivery schedule and — where a Golden Visa objective exists — route and file confirmation should all be completed.