Nuvia UrbanStay Moschato | A0145 Feasibility Report

M. Sami Akbeniz
4 days ago
4 min read

Updated: 3 days ago

MOSCHATO (BETWEEN ATHENS CENTRE AND THE RIVIERA, NEAR THE COAST) · ATHENS · GREECE GOLDEN VISA PROGRAMME

Eleftheriou Venizelou 90 — Moschato 2nd & 3rd

The Eleftheriou Venizelou 90 — Moschato 2nd & 3rd project — a new-build addition of 18 apartments (16x 1+1 + 2x 2+1) on the 2nd and 3rd floors of an existing building (former office use). Under the Law No. 5100/2024 αλλαγή χρήσης (επαγγελματικό/γραφεία → κατοικία) mechanism, the €250,000 GV threshold applies; the new floors added on top of the existing building, within the limit of the area's zoning plan συντελεστής δόμησης (KAKS / floor area utilisation coefficient), are part of this package. Legal completion is achieved via αναθεώρηση οικοδομικής άδειας; as long as the area's zoning plan (NOK 4067/2012) is within the KAKS limit, the new floors are included in the GV package. Pricing is €258-364K, and all units are GV-compliant.

Quick Overview

Entry price:€258,000 – €364,000 · apartments 38-52 m² interior / 49-94 m² total (with balconies)
Unit types:1+1 (16 units) + 2+1 (2 units)
Inventory:18 units
Rental guarantee:No guarantee stated in the brochure — demand in Moschato, between Athens and the Riviera, is strong
Golden Visa:5-year renewable residence permit + Schengen free movement
Energy:A (heating: Heat Pumps)
Delivery:2028 Q2 (2nd Quarter 2028)

01Executive Summary & Area Analysis

Moschato is a rapidly evolving coastal neighbourhood located between central Athens and the Athens Riviera, within the sphere of influence of the Stavros Niarchos Foundation Cultural Center (SNFCC). A blend of rich history, contemporary living and a growing local culture — cafés, boutique shops and an art scene — has drawn an upper-middle-income professional rental base to the district over the past 5 years. The SNFCC is 2.6 km away and the coast 1.8 km — it is located right next to the Faliro Bay regeneration axis (Aenaon Mediterranean Park).

Accessibility Index

DESTINATION	TRANSPORT	TIME
Metro Station	On foot	9 min (700 m)
School	On foot	~5 min
Shops & Restaurants	On foot	~3 min
Coast (start of the Athens Riviera)	By car	~5 min (1.8 km)
Stavros Niarchos Foundation (SNFCC)	By car	~7 min (2.6 km)
Hospital	By car	~10 min
Port of Piraeus	By car	8 min
Athens City Centre	Metro/Car	5 min
Glyfada Marina	By car	~20 min
Athens Airport	By car	35 min

02Legal Framework & Project Description

Law No. 5100/2024 — αλλαγή χρήσης (επαγγελματικό/γραφεία → κατοικία) + Scope of floor addition within KAKS

A new-build addition of 18 apartments (16x 1+1 + 2x 2+1) on the 2nd and 3rd floors of an existing building (former office use). Under the Law No. 5100/2024 αλλαγή χρήσης (επαγγελματικό/γραφεία → κατοικία) mechanism, the €250,000 GV threshold applies; the new floors added on top of the existing building, within the limit of the area's zoning plan συντελεστής δόμησης (KAKS / floor area utilisation coefficient), are part of this package. Legal completion is achieved via αναθεώρηση οικοδομικής άδειας; as long as the area's zoning plan (NOK 4067/2012) is within the KAKS limit, the new floors are included in the GV package. Pricing is €258-364K, and all units are GV-compliant.

Project Highlights

New-build addition of 2nd + 3rd floors to the existing building (18 apartments)
16 units of 1+1 (38-44 m²) + 2 units of 2+1 (52 m²)
Class A Energy Rating + Heat Pumps heating
Grohe fixtures + European kitchen
Balcony-rich layout (8-39 m² balcony/terrace)
39 m² wide terrace in units 3.6 and 3.7
SNFCC 2.6 km + coast 1.8 km
Metro 700 m + airport 30 min (32 km)
2028 Q2 delivery

03Risk Analysis, SWOT & Conclusion

STRENGTHS (S)

• Starting point of the Athens Riviera — coast 1.8 km • SNFCC sphere of influence — Faliro Bay regeneration halo • Class A energy + Heat Pumps + Grohe + European kitchen • Low entry threshold €258K — GV-compliant • Units with wide balconies (3.6/3.7: 39 m² terrace) • Covered by the αλλαγή χρήσης €250K exemption • Mid-sized inventory of 18 apartments — flexible price point

WEAKNESSES (W)

• 2028 Q2 delivery — long capital lock-up period • Parking N/A (brochure) • 9 min walk to the metro (700 m) — medium distance • Upper units (€350-364K) above the GV threshold • Conversion on top of an existing building — there may be structural limitations

OPPORTUNITIES (O)

• Faliro Bay regeneration (Aenaon Park) premium transfer • SNFCC sphere of influence, 6%+ annual increase • Central Athens, 5.5%+ annual value appreciation • Hellinikon mega-project halo effect • Schengen + 7-year path to citizenship • Family inclusion (spouse + child + parents) advantage • Gateway to the Athens Riviera for Turkish investors

THREATS (T)

• The GV threshold may rise in the future (acquired rights are protected) • EUR/TRY exchange-rate volatility • Lack of parking — eliminates some tenants • Trend toward tighter Airbnb regulation • Issues with building on top of the existing structure (long delivery time) • Potential European macroeconomic shock

CONCLUSION & INVESTMENT DECISION

Investment decision:POSITIVE Riviera

Eleftheriou Venizelou 90 Moschato is an αλλαγή χρήσης project located at the starting point of the Athens Riviera, within the sphere of influence of the Stavros Niarchos Foundation Cultural Center (SNFCC). The new-build addition of 18 apartments (16x 1+1 + 2x 2+1) on the 2nd + 3rd floors of the existing building (former office use) is being carried out within the limit of the area's zoning plan συντελεστής δόμησης (KAKS). It is offered together with premium technical equipment: Class A energy rating + Heat Pumps + Grohe fixtures + European kitchen. With a €258K entry threshold, it is one of the most affordable coastal GV alternatives under the αλλαγή χρήσης €250K mechanism; with the coast 1.8 km away, the SNFCC 2.6 km away and the Port of Piraeus 10 minutes away, its location gradually feeds the investor from the Riviera premium-transfer mechanism. The 39 m² wide terrace in units 3.6 and 3.7 attracts upper-segment tenants/buyers. The 2028 Q2 delivery timeline requires a medium-to-long-term capital lock-up; timing aligned with the Hellinikon and Faliro Bay openings creates the potential to benefit fully from the mega-project halo effect.