Boutique One-Bedroom Residences in Kallithea, Near the SNFCC — Investment Feasibility of All 16 Units
KALLITHEA · ATHENS · INVESTMENT FEASIBILITY REPORT · 17 SEPTEMBER 2026
Boutique One-Bedroom Residences in Kallithea, Near the SNFCC — Investment Feasibility of All 16 Units
This report puts a single project on the table with its numbers. It is a boutique-scale residential building in Kallithea, Athens, within walking distance of the Stavros Niarchos Foundation Cultural Center (SNFCC). Ground floor plus three levels, four apartments per level, 16 units in total — every one of them a one-bedroom. Below you will find all 16 units listed by unit number, internal and total area, and unit price; the price distribution by floor; what the storage-yes / parking-no equation actually means for yield; the delivery schedule; the 2027 tax threshold; and how the Golden Visa question should be read for a project like this. Not a single figure here is invented. Where we had no source, we say so — and the report closes with a dedicated section listing everything we left out because we could not verify it.
Fact file — at a glance
Location: Kallithea, Athens — the SNFCC corridor, within the Attica Administrative Region. The neighbourhood itself is not the subject of this report; the area analysis is published separately.
Building: One building, ground floor plus three levels, four apartments per level. 16 units in total, all one-bedroom. Our inventory records the construction type as new build — a definition that becomes decisive in the Golden Visa section.
Status: 7 sold, 7 reserved, 2 available. In other words 14 of the 16 units — 88% — are already committed. Last confirmed against the developer availability file dated 16 September 2026.
Price range: €250,000 – €298,000. Mean €277,125, median €278,000. Total list value of all 16 units: €4,434,000.
Size: internal 36.8 – 42.8 m² (mean 40.7 m², median 41.3 m²); 42.8 – 59.8 m² total including balcony or garden.
Outdoor area: 4 – 20 m² per unit. Two ground-floor apartments have gardens; the upper levels have balconies.
Storage and parking: every apartment has a storage room; the building has no parking. We discuss what this pair actually does to yield and lettability in its own section below.
Delivery: Q2 2028, with a contractual three-month extension — so Q3 2028 at the latest.
Technical: Energy class A · heating and cooling by heat pump. All of this is developer declaration; it has not been inspected on site by Avla.
Rental guarantee: there is no rental guarantee on this project. You will not find guarantee arithmetic in the yield section, because there is no guarantee to compute. This is the fundamental difference from some other projects in our portfolio, and we are putting it up front deliberately.
Avla inventory code: A0222 · last confirmed 16 September 2026 · report date 17 September 2026.
Unit schedule — all 16 units
The table below is a direct transcription of the availability file dated 16 September 2026. Unit numbers are the project's own internal references: “GF” denotes the ground floor, “2.1” the first apartment on the second level. “Internal m²” is the enclosed area; “total m²” includes the balcony or garden. Unit prices are calculated separately from both bases — and the gap between them is the key to understanding this building.
Unit | Level | Internal m² | Total m² | Price € | €/m² int. | €/m² total | Status |
GF.1 | Ground | 36.80 | 56.80 | 250,000 | 6,793 | 4,401 | Reserved |
GF.2 | Ground | 36.80 | 42.80 | 255,000 | 6,929 | 5,958 | Sold |
GF.3 | Ground | 39.80 | 45.80 | 277,000 | 6,960 | 6,048 | Reserved |
GF.4 | Ground | 39.80 | 59.80 | 270,000 | 6,784 | 4,515 | Sold |
1.1 | 1 | 41.30 | 45.80 | 269,000 | 6,513 | 5,873 | Sold |
1.2 | 1 | 41.30 | 47.30 | 276,000 | 6,683 | 5,835 | Sold |
1.3 | 1 | 40.80 | 46.80 | 273,000 | 6,691 | 5,833 | Sold |
1.4 | 1 | 41.60 | 46.10 | 273,000 | 6,562 | 5,922 | Reserved |
2.1 | 2 | 41.30 | 45.30 | 282,000 | 6,828 | 6,225 | Available |
2.2 | 2 | 41.30 | 48.30 | 285,000 | 6,901 | 5,901 | Reserved |
2.3 | 2 | 40.80 | 47.80 | 282,000 | 6,912 | 5,900 | Sold |
2.4 | 2 | 40.80 | 44.80 | 279,000 | 6,838 | 6,228 | Available |
3.1 | 3 | 41.30 | 45.30 | 284,000 | 6,877 | 6,269 | Sold |
3.2 | 3 | 42.80 | 49.80 | 298,000 | 6,963 | 5,984 | Reserved |
3.3 | 3 | 42.30 | 49.30 | 295,000 | 6,974 | 5,984 | Reserved |
3.4 | 3 | 41.80 | 45.80 | 286,000 | 6,842 | 6,245 | Reserved |
Prices are list prices and exclude tax, duties and transaction costs. A “reserved” entry is a time-limited hold, not a sale, and can lapse; “sold” reflects completed transactions in the developer's file.
Price analysis
Across the 16 units, price per internal square metre runs from €6,513 to €6,974; mean €6,816, median €6,840. The band is only €461 wide — the gap between the cheapest and the most expensive unit on this basis is about 7.1%. The developer is applying an almost flat rate on internal area; floor level and orientation barely register.
On a total-area basis the picture changes completely: €4,401 – €6,269, mean €5,820. That band is €1,868 wide — more than four times the internal-area band. There is a single cause: outdoor area varies from 4 m² to 20 m² between units, and the developer does not price that difference through. The two ground-floor apartments carry twenty square metres of garden each at what is effectively close to no charge.
What creates price difference in this building is not internal area but floor level and outdoor space. The internal-area rate is squeezed into a narrow band while the total-area rate spreads by 42% end to end — so “expensive” and “cheap” swap places depending on which square metre you measure.
Distribution by floor
Level | Units | Price range € | Mean price € | Mean internal m² | €/m² int. avg | €/m² total avg |
Ground | 4 | 250,000 – 277,000 | 263,000 | 38.3 | 6,867 | 5,231 |
Level 1 | 4 | 269,000 – 276,000 | 272,750 | 41.2 | 6,612 | 5,866 |
Level 2 | 4 | 279,000 – 285,000 | 282,000 | 41.0 | 6,870 | 6,063 |
Level 3 | 4 | 284,000 – 298,000 | 290,750 | 42.0 | 6,914 | 6,120 |
Floor premium — the one clean comparison
The honest way to measure a floor premium is to compare units in the same plan position. In this building only one column allows that: the “.1” column. Units 1.1, 2.1 and 3.1 all have exactly the same internal area, 41.3 m². In the other columns the third-floor units are up to one and a half square metres larger than their first-floor counterparts, so any price difference there mixes floor premium with area — which is why we do not use those as evidence.
Unit | Level | Internal m² | Outdoor m² | Price € | Step up from the floor below |
1.1 | 1 | 41.3 | 4.5 | 269,000 | — |
2.1 | 2 | 41.3 | 4.0 | 282,000 | +€13,000 (4.83%) |
3.1 | 3 | 41.3 | 4.0 | 284,000 | +€2,000 (0.71%) |
What the table says is that the floor premium is front-loaded. Going from level one to level two costs €13,000; going from level two to level three costs only €2,000. And units 2.1 and 3.1 have half a square metre less outdoor space than 1.1 — so the money paid goes entirely to elevation. Reaching the top floor of this building is surprisingly cheap.
Five findings from the schedule
The lowest internal-area rate is on level one. 1.1 — €269,000, 41.3 m² internal, €6,513/m². That is €303 below the building average. This unit is sold.
The highest internal-area rate is on level three. 3.3 — €295,000, 42.3 m² internal, €6,974/m².
Level one is the cheapest floor per internal square metre. At an average of €6,612/m² it sits below the ground floor (€6,867) as well as levels two and three (€6,870 and €6,914). The ground floor's high internal rate is not misleading: those apartments have the smallest enclosed areas in the building (38.3 m² on average), with the money going to the garden instead.
The two cheapest units on a total-area basis are on the ground floor. GF.1 at €4,401/m² and GF.4 at €4,515/m², both with 20 m² of garden. For a buyer who will actually use the outdoor space, these are the most efficient square metres in the project; for a buyer who treats outdoor space as idle, the same figure is dead capital rather than a discount.
The two remaining available units sit exactly at the average. 2.1 and 2.4 price at €6,828 and €6,838 per internal square metre — barely twenty euros above the building mean of €6,816. The assumption that “whatever is left goes cheap” does not hold here: no discount, and no premium either.
The two available units — close up
As at 17 September 2026 two apartments can be bought, both on level two. The comparison below places them within the building's own ranking.
Unit | Level | Internal m² | Total m² | Outdoor m² | Price € | €/m² int. (rank) | €/m² total (rank) |
2.4 | 2 | 40.8 | 44.8 | 4.0 | 279,000 | 6,838 (8 of 16) | 6,228 (14 of 16) |
2.1 | 2 | 41.3 | 45.3 | 4.0 | 282,000 | 6,828 (7 of 16) | 6,225 (13 of 16) |
Ranks are counted from cheapest to most expensive. Read it this way: these two units sit mid-table on internal area pricing, but third and second from the top on total area pricing — that is, in the most expensive bracket of the building. The cause is entirely outdoor area: both have a 4 m² balcony, the smallest in the building. For a buyer who wants interior space this is not a problem; for a buyer who wants outdoor space it is a direct negative.
Storage yes, parking no — what that actually means
These are the two technical items that will generate the most questions on this project. We write them without decoration.
Storage
Every apartment has its own storage room. In a one-bedroom of thirty-seven to forty-three square metres, having separate volume for luggage, seasonal items and a bicycle makes a practical difference: it stops the interior from turning into a wardrobe-and-boxes depot, which enlarges the usable area in a tenant's eyes. In letting terms the effect is too indirect to quantify — we have no rental data that prices storage separately, so we produce no figure for how many points it adds to yield. What we can say is that most of the older stock in this area has no storage, and that is a visible, if unmeasurable, advantage in listing competition.
Parking
The building has no parking. This is common in Kallithea's dense fabric, where street parking is competitive. The impact splits sharply by buyer profile:
Low impact on car-free tenants. A student, young professional or short-to-medium-term tenant living around the metro and bus network will not screen this apartment out over parking.
A direct disqualifier for tenants and buyers with a car. For a family or long-term tenant with a vehicle, no parking is usually grounds for removing a property from the shortlist. That narrows your tenant pool.
It shows up on resale. Measured against new-build stock that does include parking, part of the price is handed back on exit. We have no Kallithea data measuring how much, so we write no percentage.
It is consistent with the unit size. The target market for thirty-seven to forty-three square metre one-bedrooms is predominantly singles and couples, where parking expectations are lower than in the three-bedroom segment. The gap is therefore less punishing within this product's own segment.
Storage is a plus and the absence of parking is a minus — and they do not cancel each other out. Storage raises tenant comfort; no parking narrows the tenant pool. A narrower pool is the more measurable risk of the two.
Transaction costs and the 2027 tax threshold
The figures in the schedule are list prices. Here is where the cost items on top stand today, and the change that 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 in September 2026, that rate is expected to rise to 15.45% from 1 July 2027 for residential purchases by non-EU/EEA individuals. As at the date of this report the legislative text has not yet been published; the only basis we have is the government announcement. The second column below is therefore not a ruling but a scenario. The tax base is the higher of the sale price and the administrative tax value. For the detailed framework see our 2027 transfer tax sector report.
Price € | Transfer tax today (3.09%) | Scenario after 1 Jul 2027 (15.45%) | Difference |
250,000 | €7,725 | €38,625 | +€30,900 |
278,000 | €8,590 | €42,951 | +€34,361 |
277,125 | €8,563 | €42,816 | +€34,253 |
298,000 | €9,208 | €46,041 | +€36,833 |
The four rows are the project's lowest price, its median, its mean and its highest price. Out of scope: companies and other legal entities, EU/EEA nationals, and holders of long-term residence permits.
This item matters particularly on this project, because delivery is in Q2 2028. Even if a preliminary contract is signed today, the transfer of title — and therefore the taxable event — will most likely fall after 1 July 2027. For a non-EU individual buyer that makes the difference shown in the table a budget line rather than a theoretical one. We record it not as a settled outcome but as a risk item that must be priced in; the final position depends on the legislative text, on any transitional provisions and on the buyer's own status, and must be confirmed with an independent Greek tax adviser.
Other items
Notary, land registry fees, legal and technical due diligence: we have no confirmed rates for this project, so we quote no percentage. Transaction costs are calculated separately and provided in writing, line by line, at offer stage.
Payment plan: the developer file contains no instalment schedule. The deposit percentage, the construction-stage interim payments and the balance due at title transfer are unconfirmed.
Annual property tax (ENFIA), common charges and insurance: these arise after title transfer. We have no building service-charge budget for this project yet, so we quote no monthly figure.
Tax on rental income: in Greece, rental income of individuals is taxed on a progressive scale. The yield calculation below is gross and does not include it.
Yield: no guarantee, and thin data
The most important sentence first: there is no rental guarantee on this project. The developer commits to no occupancy level, no rent figure and no term. Some projects in our portfolio carry a three-year fixed-rate leaseback; this one does not. The calculation below is therefore not the arithmetic of a commitment but an estimate derived from neighbourhood asking prices.
The rental data we use, and its limits
As the only dated, citable rental figure specific to Kallithea we use a press compilation published on 10 August 2026. Drawing on Q2 2026 market data, it reports a monthly asking band of €480 – €800 for 40–50 m² homes in Zografou and Kallithea; the lower end for older stock, the upper end for renovated and fully furnished apartments. Source: Workenter, 10 August 2026.
That data has four limits, and we state all four up front:
It is an asking price, not an achieved rent. Rents that reach contract are typically below asking; we have no Kallithea data measuring the gap.
It describes existing stock, not this project. The band covers older and renovated apartments. There is no data showing where an energy class A, heat-pumped, storage-equipped new unit would sit within it. Positioning near the top of the band is reasonable — but that is an expectation, not a measurement.
It is 2026 data; delivery is in 2028. We do not know what rent levels will do over those two years, and we do not forecast.
It is reported jointly with Zografou. The source gives one band for the two neighbourhoods and does not isolate Kallithea.
Applied to the project's mean internal area (40.7 m²), the band implies a monthly unit rent of €11.80 – €19.67 per m². That is consistent with the known effect of smaller floorplates generating a higher rent per square metre.
Gross yield at both ends of the band
Unit | Price € | At €480 per month | At €800 per month |
2.4 | 279,000 | 2.06% gross | 3.44% gross |
2.1 | 282,000 | 2.04% gross | 3.40% gross |
GF.1 | 250,000 | 2.30% gross | 3.84% gross |
3.2 | 298,000 | 1.93% gross | 3.22% gross |
The first two rows are the available units; the last two are the project's lowest and highest priced units, included for comparison (neither is available). These figures are gross: income tax, ENFIA, common charges, insurance, management fees, void periods and maintenance have not been deducted. Together those items absorb a significant share of the gross figure; the net return is in every case lower than what the table shows.
Our reading: at the bottom of the asking band this project returns less than a government bond; even at the top it is around three and a half per cent gross. The thesis for this investment is therefore not the rent roll — it is new-build quality, the SNFCC-corridor location and capital appreciation. Rent supports that thesis; it is not the thesis itself.
Delivery and construction risk
Delivery is declared as Q2 2028, with a contractual three-month extension, putting the outer limit of the commitment at Q3 2028. From the date of this report that is a wait of roughly one and a half to two years.
Capital lock-up. Because the payment plan is unconfirmed, how much is committed and when is unknown today. A deposit-heavy plan means capital sitting without return for two years.
Delay risk. Construction costs and labour supply in Greece have stretched schedules in recent years. The three-month contractual extension is an acknowledgement of that. What rights the buyer has beyond three months — liquidated damages, a termination threshold — depends on the contract text, and that text is not yet in our file.
Specification risk. The energy class A and heat pump declarations should be verified by certificate at handover. The images are developer visualisations; the final build may differ.
Measurement tolerance. In new-build projects the delivered area can deviate somewhat from the area in the sales file. We have not seen a written tolerance percentage in this project's file; it should be sought in the contract. Any deviation moves every unit-price figure in this report by the same proportion.
Counterparty risk. Security for sums paid before delivery — a bank guarantee, a registered charge or an escrow arrangement — depends on the contract structure and must be reviewed by the buyer's independent lawyer against the title and permit file.
Golden Visa: how this project should be read
We give this its own section because the relationship between Greek residence permits and property investment has been the single most misrepresented subject since 2024. Let us set out the framework neutrally first.
The threshold framework in force
Under the regime introduced by Article 64 of Law 5100/2024, for residence by residential property investment in the Attica Administrative Region — which is where Kallithea sits — the minimum investment on the standard route is €800,000. That route also carries two further conditions: the investment must be in a single property, and that property's main living area must be at least 120 m². For the official framework: stegasi.gov.gr — increase of the minimum investment threshold.
What the €250,000 figure is, and what it is not
The €250,000 figure often heard in the market is not a regional threshold. Under the legislation it applies to two specific routes only: conversion of a commercial or industrial building to residential use through a change of use, and the restoration of a listed or protected building. Each route carries its own documentary and timing conditions. The apartments in this project are recorded in our inventory as new build — which does not fall within the definition of either route.
Where this project's numbers sit against that framework
Prices in this building run from €250,000 to €298,000, with internal areas from 36.8 to 42.8 m². Readers can see for themselves the distance between those ranges and the two numerical tests of the standard route above — €800,000 and 120 m². We do not draw a conclusion here, because how a property is assessed for residence purposes depends on more than price and floor area: it depends on the title record, the permit status, the legal character of the building and the legislation in force on the date of application. The authority to make that assessment does not lie with a real estate company; it lies with an independent Greek lawyer.
Where this project positions itself is clear: a property investment driven by rental income and capital appreciation. An investor whose objective is a residence permit should determine the threshold and the route not from a project brochure but property by property, against the title and permit file, with independent legal confirmation.
For the record: the developer brochure for this project makes no statement about residence permits or investment thresholds, and Avla's internal records hold no verified Golden Visa basis for it. That is a documentary status, not a favourable or unfavourable ruling.
Risks — the honest list
1. No yield guarantee, and weak yield data. This is the largest gap in the report. There is no developer commitment; the neighbourhood figure is an asking price, describes existing stock and is reported jointly with a second neighbourhood. Any investment decision should be made in full awareness of that uncertainty.
2. The 1 July 2027 tax threshold. Because delivery is in 2028, title transfer for a non-EU individual buyer will most likely fall under the new regime. At the median price that is an additional cost scenario of roughly €34,361, as shown in the table. The legislative text is not yet published, and transitional provisions could change the arithmetic.
3. No parking. This narrows both the tenant pool and the buyer pool on resale. We have no Kallithea data measuring the size of that effect.
4. Delivery and construction risk. A wait of roughly two years plus a contractual three-month extension. The payment plan and the remedies for delay are unconfirmed in our file.
5. One asset, one neighbourhood, one product type. The investment goes into a single one-bedroom apartment; there is no diversification. If demand for small units in Kallithea softens, there is no second position to offset it.
6. Liquidity and exit. In Greece a residential sale typically takes months from listing to title. If the new tax regime for non-EU buyers takes effect, the buyer pool in this segment may thin on exit.
7. Volatility of reservation status. 7 units show as reserved. A reservation is not a sale; it can lapse or convert. The availability picture can change weekly — the table in this report is a snapshot dated 16 September 2026.
8. Currency and interest rates. For a buyer investing from a non-euro currency, exchange rate risk is a separate item from the transaction itself and has not been modelled in this report.
What we left out because we could not verify it
A feasibility report is measured as much by what it leaves out as by the figures it contains. We produced no number for any of the following, because we hold no document for them:
The payment plan and instalment schedule — absent from the developer file.
Notary, land registry, legal and technical due diligence fees — no confirmed rates for this project.
Monthly common charges (koinóchrista) — no building budget yet.
The annual ENFIA amount — we do not hold the administrative tax value (antikeimeniki axia).
The cash contribution of the storage room and balcony to rent — no rental data isolates them.
Achieved (contracted) rent levels in Kallithea — we only have asking-price data.
The precise position of a new-build class A unit within the neighbourhood band — no comparable new-build rental data.
The contractual area tolerance, delay compensation and termination threshold — the contract text is not in our file.
A Golden Visa eligibility assessment for this project — no statement in the brochure, no verified basis in our records, and no legal authority on our part to make one.
Estimated sale and rent levels at the 2028 delivery date — we do not produce projections.
Sources and report details
Unit schedule, prices, areas and status: developer availability file, 16 September 2026 · Avla inventory A0222, last confirmed 16 September 2026.
Technical specification, delivery date, storage and parking: developer project brochure (declaration; not inspected on site).
Rental band: Workenter, 10 August 2026 — compilation based on Q2 2026 market data; Zografou and Kallithea, 40–50 m², asking prices. Go to source
Golden Visa threshold framework: Law 5100/2024, Article 64 · official stegasi.gov.gr page
Transfer tax: government announcement (legislative text not published) · Avla 2027 transfer tax sector report
Images: developer visualisations and floor plans.
Report date: 17 September 2026. Data cut-off: 16 September 2026. This report is for information only and is not investment, tax or legal advice. Prices and availability may change without notice. Every buyer should work with an independent Greek lawyer and tax adviser.
Let's talk about these two apartments
As at 17 September 2026, 2.1 (€282,000) and 2.4 (€279,000) are available. We can share the floor plans, the full technical specification and the current availability position, and request the payment plan and contract terms from the developer in writing on your behalf. Listing page: Boutique one-bedroom residences in Kallithea, near the SNFCC.
Avla Gayrimenkul A.Ş. · avlarealestate.com
Comments