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NorthStar Residence — A0207 Feasibility Report

FEASIBILITY REPORT · EVOSMOS · THESSALONIKI · GOLDEN VISA


NorthStar Residence is a new A+ energy-class residential project in Evosmos, an established residential district in western Thessaloniki. The project comprises 10 apartments ranging from 90 to 129 sqm, from one to three bedrooms; according to the feed the building is completed in 2026 and ready for delivery.

List prices run from EUR 305,936 to EUR 410,480, corresponding to a unit-price band of EUR 2,840–3,515 per sqm. This report works from the actual unit data in the feed and addresses pricing, rental potential and risks in a data-driven manner; it is a decision-support document, not marketing copy.

As the listing carries a Golden Visa tag, a neutral Golden Visa framework section is included. That section is not an eligibility statement; it summarises the legal framework, which requires file-level verification per route and per unit.



Location and Access


Evosmos is one of the most established residential districts of western Thessaloniki, with daily-life infrastructure largely within walking distance. According to the feed's distance data, the nearest pharmacy is about 150 m away, primary and secondary schools 270–310 m, a supermarket about 390 m, a bus stop 450 m and the Evosmos Health Centre 460 m.

By car, the Thessaloniki Ring Road and the 'Makedonia' intercity coach terminal are about 1.2 km away, while the One Salonica shopping centre is roughly 2.6 km (around 10 minutes). The district combines a neighbourhood fabric with fast access to the wider city; per our policy, location is given at district level in this report.

The target occupier profile is predominantly local families and city-bound professionals; on the rental side this means a stable but more modest demand base than tourism-driven areas.



Project and Units


The project consists of 10 apartments in a single building designed to A+ energy standards. The specification list is notable: autonomous heat-pump heating and cooling in every apartment, photovoltaic panels with net metering, solar water heater, double glazing with energy-efficient, high-sound-insulation aluminium frames, smart-home infrastructure, armoured entrance door, LED lighting and alarm pre-installation. Parking is provided at the piloti (ground) level.

The unit mix comprises one 1-bedroom (90 sqm), four 2-bedroom (95–102 sqm) and five 3-bedroom units (113–129 sqm); units are distributed across the 1/2, 3/4 and 5/6 floor blocks according to their code prefixes. Per the feed, all 10 units are marked available; this should be confirmed against live inventory at the time of application.

The building is flagged as ready for delivery in the feed, with a 2026 construction year. In a newly delivered building we recommend separately verifying the delivery specification, the energy performance certificate and common-area handover at the deed stage.

  • A2 — floors 1/2, 2-bed, 99 sqm, EUR 305,936 (~EUR 3,090/sqm)

  • A4 — floors 1/2, 3-bed, 119 sqm, EUR 337,808 (~EUR 2,840/sqm)

  • A5 — floors 1/2, 3-bed, 116 sqm, EUR 358,640 (~EUR 3,090/sqm)

  • C1 — floors 3/4, 3-bed, 113 sqm, EUR 344,432 (~EUR 3,050/sqm)

  • C2 — floors 3/4, 2-bed, 97 sqm, EUR 322,928 (~EUR 3,330/sqm)

  • C4 — floors 3/4, 3-bed, 121 sqm, EUR 381,872 (~EUR 3,160/sqm)

  • C5 — floors 3/4, 3-bed, 129 sqm, EUR 410,480 (~EUR 3,180/sqm)

  • E1 — floors 5/6, 1-bed, 90 sqm, EUR 307,952 (~EUR 3,420/sqm)

  • E2 — floors 5/6, 2-bed, 95 sqm, EUR 333,200 (~EUR 3,510/sqm)

  • E3 — floors 5/6, 2-bed, 102 sqm, EUR 358,448 (~EUR 3,510/sqm)



Price Analysis


The 10 units in the feed have a combined list value of about EUR 3.46 million over 1,081 sqm. The resulting unit-price band is EUR 2,840–3,515 per sqm, with a weighted average of roughly EUR 3,200 per sqm. The lowest unit price is found in the 119 sqm A4 (~EUR 2,840/sqm), the highest in the 90–102 sqm E-series units on the upper floor block (~EUR 3,420–3,515/sqm).

To be direct: our conservative estimate for new-build, A-class projects in western Thessaloniki and Evosmos is roughly EUR 2,200–2,900 per sqm. This project's average sits clearly above that band, and its lower end only touches the top of it. The A+ energy specification and ready-for-delivery status explain part of the premium, but buyers should be aware they are paying above the district average on a per-sqm basis.

The premium is most pronounced in the smaller units: the upper-floor 1-bed and 2-beds are priced above EUR 3,400 per sqm. Floor and view premiums are normal, but in a resale scenario these units will be benchmarked against district comparables. The most balanced price-to-area ratios are found in the 3-bedroom units on the lower and middle floor blocks (A4, C1).



Rental Potential


Rental demand in Evosmos comes predominantly from local families and long-term tenants — stable occupancy, but a limited rent ceiling. For a new A+ energy-class building, our conservative monthly rent bands are: EUR 700–900 for the 1-bed (90 sqm), EUR 800–1,100 for the 2-beds (95–102 sqm) and EUR 950–1,300 for the 3-beds (113–129 sqm).

Applied to list prices, these bands put gross yields at roughly 3–4.5%. Examples: for A2 (EUR 305,936), EUR 800–1,100 monthly rent implies 3.1–4.3% gross; for C5 (EUR 410,480), EUR 1,000–1,300 implies 2.9–3.8% gross. The per-sqm price premium naturally compresses yield; scenarios approaching 5% would require exceptional rental outcomes at this price level.

Energy efficiency (heat pump, photovoltaics, net metering) lowers running costs for tenants and gives the new building an edge over older stock; that advantage is not a rent assurance, however. No rental guarantee appears in the feed, and this report implies none.



Golden Visa Framework


Under Greek Golden Visa legislation, the EUR 250,000 threshold is not a location-based rule: it applies only to the change-of-use (commercial-to-residential conversion) and listed-building restoration routes. For the standard, location-based route, the minimum investment threshold in major regions including Thessaloniki is substantially higher under current law.

Unit prices in this project range from EUR 305,936 to EUR 410,480. Which route, if any, a given unit could enter — and under what conditions — must be established through file-level verification per route and per unit, based on the title type, the building's legal history and the legislation in force at the application date. This report contains no eligibility statement; the final assessment should be made with independent legal counsel.

Practical guidance for Golden Visa-driven buyers: obtain route confirmation through a lawyer before reservation, structure the payment plan to meet the statutory banking-channel requirements, and include in the threshold calculation only the items the legislation accepts.



Risks and Points of Attention


No investment decision should be made without reading the risk section. The items below are the salient points for this specific project, and each can be addressed during pre-purchase due diligence.

  • Availability data needs verification: the feed shows all 10 units as available; live inventory must be re-confirmed at the time of application.

  • Unit-price premium: the ~EUR 3,200/sqm average sits above our conservative district band (EUR 2,200–2,900/sqm); the premium is most pronounced in the smaller upper-floor units (~EUR 3,400–3,515/sqm).

  • Resale liquidity: an asset bought above the district average may take longer to exit; resale buyers will benchmark against district comparables.

  • Delivery verification: the building is flagged 'ready' (2026); before the deed, the delivery specification, energy performance certificate, occupancy/common-area handover and parking allocation should be verified in writing.

  • Feed data consistency: there are evident data gaps in some unit fields (e.g. bathroom count '0' for A2) and floor fields; unit-level confirmation against floor plans and the specification list is essential.

  • Rental assumptions: the yield band is a model, not a guarantee; scenarios below 3% gross (extended vacancy, rent pressure) are not out of the question.

  • Golden Visa: route and threshold suitability require file-level verification per unit; this report is not an eligibility statement.



Conclusion


NorthStar Residence is a ready-for-delivery, A+ energy-class project with a strong specification list in an established district of western Thessaloniki. Walkable daily infrastructure, 1.2 km to the ring road and new-build quality are its tangible strengths; the small scale (10 apartments) also makes for a simple management and neighbourhood profile.

The counterweight is price: the ~EUR 3,200/sqm average sits above our conservative district band and compresses gross rental yield to the 3–4.5% range. The project therefore points less to short-term yield seekers and more to buyers looking for long-term value and low running costs in an energy-efficient new building — and, on price-to-area balance, primarily to the 3-bedroom units such as A4 and C1.

For Golden Visa-driven buyers, no decision should be made before unit-level legal file verification is complete. In summary: location and build quality are convincing; the price premium is the main variable to manage carefully in negotiation and unit selection.

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