Mercy Lofts — A0167 Feasibility Report

FEASIBILITY REPORT · NIKAIA · PIRAEUS · GOLDEN VISA

Mercy Lofts is a 44-unit loft project in Nikaia, an inner Piraeus suburb (Thivon 247), created through the change-of-use conversion of an industrial building of roughly 3,000 m². According to the price list dated 1 July 2026, 41 units are available; prices range from 250.000 € to 325.000 € and delivery is planned block by block between December 2026 and May 2027.

This report is a consolidated summary of the area and project assessments prepared for the August 2026 new-listings selection. Inventory and price data come from the 1 July 2026 list; availability can change during the day and final confirmation takes place at contract stage.

What sets the project apart is the deepest inventory and the lowest entry band in the selection: four units are priced at exactly €250,000, and every unit is a one-bedroom loft layout.

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Location and Transport

Nikaia is one of the inner suburbs of Piraeus — the working face of Athens rather than the touristic one. A broad avenue forms the district's spine, with a shopping mall, cinema, municipal pool, bowling, padel courts and a fun park around it. It is a young district that stays alive in the evenings.

The decisive transport development is the M3 metro extension to Piraeus, opened in 2020: it brought a station to the area and gives a direct link to Syntagma and to the airport without changing lines. Piraeus port and central Piraeus are a short ride away.

For the tenant base, the key factor is that Greece's largest university — the University of West Attica, with roughly 65,000 students — is within walking distance. Student and young-professional demand is year-round and does not depend on the tourist season.

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Project and Build

An industrial building of roughly 3,000 m² is being converted to residential use. The ground and first floors have 5.5 m ceilings with mezzanines, so the registered internal area is smaller than the space actually used. The B block on the second floor has 3 m ceilings and no mezzanine — and that is where project prices start.

There are 44 units on the list, 41 of them available. All are one-bedroom loft layouts: 34–56 m² internal, plus an 18–28 m² mezzanine on the ground and first floors. There is a common roof terrace and dedicated parking, and the building is planned as serviced.

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Unit Inventory and Pricing

This project has the widest price ladder in the selection: up to 15 distinct price points on a single floor, which makes it possible to pick a unit to fit the budget. Internal area means enclosed interior only; prices are list prices as at 1 July 2026.

• 44 units in total; 41 available, 3 sold (B4, B9, B10). All one-bedroom lofts.

• I block — ground floor (I1–I12): 34–56 m² internal + 18–28 m² mezzanine, 5.5 m ceilings; €260,000 – €325,000; all 12 units available.

• A block — 1st floor (A1–A16): 35–50 m² internal + 18–28 m² mezzanine, 5.5 m ceilings; €260,000 – €310,000; all 16 units available.

• B block — 2nd floor (B1–B16): 35–50 m² internal, 3 m ceilings, no mezzanine; €250,000 – €290,000; 13 units available.

• Four units (B7, B8, B11, B12) are priced at exactly €250,000 — leaving no downward room on the deed value.

• Delivery December 2026 – May 2027, by block; availability and final terms are confirmed in conversation.

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Golden Visa

The critical framework: €250,000 is not a location threshold. The standard Golden Visa investment threshold in Attica is €800,000; the special €250,000 route applies only to conversion/reconstruction properties whose change of use (αλλαγή χρήσης) is complete. Mercy Lofts is on this conversion route.

The project's conversion licence has been issued; as at the 1 July 2026 list, the final licence was expected in roughly two months. Because the €250,000 route is granted to completed conversions and construction is ongoing, the residence application falls after completion and handover.

The deed value must not fall below €250,000 under any circumstances; otherwise no residence right arises. For the four units priced at exactly €250,000 there is therefore no room for negotiation on the deed value.

Short-term (Airbnb-type) letting is not permitted on a Golden Visa property, and selling the property cancels the permit. The residence permit runs for 5 years and is renewable while the property is held.

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Rent and Yield

The tenant profile is dominated by students and young professionals: roughly 65,000 students of the University of West Attica are within walking distance, and the metro station supports demand. Demand is year-round, void periods are short, and the area does not depend on the tourist season.

Because the entry price sits well below the Athens Riviera projects, gross rental yield is at the top end of the selection. Rent levels, however, are also below the Riviera: the yield comes from the low entry price, not from the rent.

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Risks

The points below summarise the risk assessments in the area and project reports and must be weighed before any investment decision.

• Not a prestige address; resale demand from foreign buyers is weaker than for the Riviera projects, and there is no sea.

• The area's socio-economic profile is mixed and quality varies street by street — micro-location matters more than the project here.

• Construction is ongoing and the list shows two different delivery dates (December 2026 and May 2027); written confirmation per block is required.

• Because the registered area looks small in a mezzanine layout, there is a discount risk at resale valuation.

• The final licence had not yet been issued at the list date (about two months were expected); the current licence status should be confirmed in writing.

• As the residence application falls after handover, the Golden Visa timeline is tied to the construction timeline.

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Assessment

Mercy Lofts suits a yield-driven investor who is not looking for a prestige address and accepts construction risk in exchange for the price advantage. The deepest inventory and the lowest entry band in the selection are here.

A metro station combined with a very large university keeps rental occupancy close to guaranteed. For an investor who wants to build a portfolio of several units rather than buy a single apartment, this is the most suitable base in the selection.

Conversely, a buyer who wants an immediate deed and immediate residence, or who prioritises central or Riviera prestige, will find the completed projects in the selection a better fit. Current availability, the payment plan and the Golden Visa file steps are finalised in conversation.

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Avla Gayrimenkul A.Ş. — your trusted partner for the Greek Golden Visa. Contact us for current availability, payment plans and the residency file steps for this project: realestate@avla.com.tr · +90 532 282 2657