L22 Student Housing — Feasibility Report
- M. Sami Akbeniz
- Jun 18
- 4 min read
KERAMIKOS · CENTRAL ATHENS · GREECE GOLDEN VISA PROGRAMME · FEASIBILITY REPORT
L22 Student Housing — Feasibility Report
L22 is a new-build residence in Keramikos, one of central Athens's fastest-rising neighbourhoods, engineered around a single investment idea: the dual-studio "2-in-1" unit. Instead of one apartment producing one rent, each unit is delivered as two independent studios behind one door — two kitchens, two bathrooms, two lockable living spaces — so a single purchase can generate two separate rental streams. For an investor pursuing the €250,000 Greek Golden Visa, that structure is the headline: it targets roughly 30% higher gross yield than a comparable single flat of the same floor area, in a district where student and young-professional demand is structurally deep. This report sets out the numbers, the location case, and the honest risks.
At a Glance
Location: Keramikos, central Athens — walking distance to Keramikos metro, Gazi and Monastiraki.
Concept: dual-studio "2-in-1" units (two independent studios, 2 bed / 2 bath) plus a number of standard apartments.
Unit size: 44–59 m².
Price range: €225,750 – €315,000.
Yield edge: ~30% higher gross yield via two rent streams from one unit.
Amenities: gym, study / lounge, landscaped garden.
Golden Visa: €250,000 change-of-use route; Golden-Visa-ready documents prepared.
Completion: January 2027.
Views: Acropolis and Lycabettus from upper floors.
The "2-in-1" Income Math
The defining feature of L22 is that the standard residential unit is not one home but two. Each "2-in-1" is configured as two independent studios — each with its own kitchen and bathroom — that can be let to two separate tenants. The same floor area therefore carries two leases instead of one, and because per-square-metre rent in central Athens is highest at the smallest unit sizes, two studios out-earn a single flat of equal size.
Metric | Single flat (comparable) | L22 "2-in-1" (two studios) |
Lettable units | 1 lease | 2 independent leases |
Kitchens / bathrooms | 1 / 1 | 2 / 2 |
Rent streams | One tenant | Two tenants |
Vacancy risk | All-or-nothing | Diversified across two tenants |
Gross yield (relative) | Baseline | ~30% higher |
Two doors, two rents, one purchase: the dual-studio format converts a single Golden-Visa-qualifying asset into a diversified, higher-yielding income unit.
Unit Prices
Unit type | Layout | Size | Price |
"2-in-1" dual studio | 2 bed / 2 bath | 44–59 m² | from €225,750 |
Larger configurations / apartments | varies | up to ~59 m² | up to €315,000 |
All units are priced within the €225,750 – €315,000 band, keeping the entry point efficient relative to the €250,000 Golden Visa threshold and to comparable central-Athens new-build stock.
The €250,000 Golden Visa Math
L22 qualifies for Greek residency through the €250,000 change-of-use route — the reduced threshold available where a property is converted from a non-residential use, rather than the higher minimums applied elsewhere. The developer prepares Golden-Visa-ready documentation so the residency pathway runs alongside the purchase.
Item | Detail |
Qualifying route | €250,000 change-of-use investment |
Minimum investment | €250,000 |
Residency | Greek (Schengen-area) residence permit for investor and family |
Documents | Golden-Visa-ready package prepared by the developer |
Asset retained | Investor keeps the income-producing unit |
Payment Plan
Payment is staged against construction milestones on a 20 / 20 / 20 / 10 / 10 schedule, spreading the commitment across the build to completion in January 2027.
Stage | Share | Trigger |
1 | 20% | Reservation / contract signing |
2 | 20% | Construction milestone |
3 | 20% | Construction milestone |
4 | 10% | Construction milestone |
5 | 10% | Construction milestone |
Balance | 20% | On completion / handover (January 2027) |
Location & Rental Demand
Keramikos — central Athens, on the rise. L22 sits within walking distance of Keramikos metro, with Gazi's nightlife and Monastiraki's tourist core a short walk away. The neighbourhood pairs an authentic, residential character with full central connectivity — the kind of address that holds tenants year-round rather than only in season.
Rental demand here is structurally deep. Central Athens hosts a large student population and a growing base of young professionals, both of whom favour compact, well-located studios over larger flats. That demand profile is exactly what the "2-in-1" format is built to capture: two studios let independently to two of the most reliable tenant segments in the city. Upper floors add Acropolis and Lycabettus views, supporting both rent levels and resale appeal.
Price Context for Central Athens
Central Athens has seen sustained price appreciation over recent years, led by exactly the central, transit-connected districts L22 belongs to. Against that backdrop, an entry band of €225,750 – €315,000 for new-build, Golden-Visa-ready, dual-income stock places L22 competitively: the buyer secures a contemporary asset at a price point still anchored to the €250,000 residency threshold, in a market segment where new supply of this format is limited.
An Honest Risk Note
The most material risk to a short-let-led plan is regulatory. Central Athens districts are subject to a freeze on new short-term rental (Airbnb-style) registrations, which constrains the highest-headline-yield strategy. L22's investment case is therefore built on long-let demand — students and young professionals on annual leases — not on short-stay tourism. This is a more conservative but more durable base: the dual-studio format's yield edge holds on long lets, and long leases reduce turnover and management load. Investors should model returns on long-let assumptions and treat any future easing of short-let rules as upside, not as the base case. As with any off-plan purchase, completion timing (targeted January 2027) and standard construction risk also apply.
Avla Gayrimenkul A.Ş. — your trusted partner for the Greek Golden Visa. To review availability, the dual-studio floor plans, and the €250,000 residency pathway for L22, contact us at realestate@avla.com.tr.
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