Riviera Onyx — A0172 Feasibility Report
- M. Sami Akbeniz
- 1 day ago
- 5 min read
FEASIBILITY REPORT · PALEO FALIRO · ATHENS RIVIERA · GOLDEN VISA
Riviera Onyx is a completed eight-unit reconstruction at El. Venizelou 222 in Palaio Faliro, the ring of the Athens Riviera closest to the city. The exterior shell was fully renewed and the interiors were created together with a design studio. 7 of the 8 apartments are sold; the single remaining residence is B2 on the second floor — 137 m² net, three bedrooms, priced at €625,000 and ready for delivery.
This report draws on the price list dated 1 July 2026 and on the area and project reports of our August 2026 new-projects selection. Its purpose is to assess the project stripped of marketing language — location, build, price, Golden Visa status and risks together. Inventory and prices belong to the list date; current availability is confirmed in conversation.
Location and Transport
Palaio Faliro is the ring of the Athens Riviera closest to the centre: a calm but lively, established upper-middle neighbourhood. The seafront and the marina are a short drive away and the city centre is close. The project sits on El. Venizelou avenue; the Stavros Niarchos Foundation Cultural Center (SNFCC) and the marina district are two strong reference points for everyday quality of life.
The backbone of transport is the coastal tram, which runs through the area and gives quick links both to the centre and to the southern Riviera. The area's one clear transport gap is the absence of a direct metro connection — it creates car dependence in daily life and is treated separately in the risks section.
The Project and the Build
Riviera Onyx is a completed eight-unit reconstruction. The exterior shell was renewed from scratch and the interiors were designed together with a design studio. The building has two apartments per floor across four floors; the apartments are large family units of 109–137 m² net with three bedrooms — the only true family-apartment format in our selection.
The project's distinguishing feature is that every apartment comes with 1 parking space and 1 storage unit — the only project in our August 2026 selection that guarantees parking per unit. In a district without a metro, where life runs on the car, guaranteed parking is not just comfort; it protects value at resale. Because the building is fully complete, a buyer can inspect it exactly as it stands today — the gap between render and reality does not exist in this file.
Unit Inventory and Pricing
The eight-unit inventory as at the 1 July 2026 list:
€625,000 for 137 m² corresponds to roughly €4,560 per m² — the lowest per-square-metre price in our selection. For a finished Riviera apartment with parking and storage, that figure is the core of the investment case.
B2 · 2nd floor · 137 m² net · 3-bed · 1 parking + 1 storage · €625,000 · AVAILABLE (last unit)
A1 · 1st floor · 109 m² · 3-bed · Sold
A2 · 1st floor · 137 m² · 3-bed · Sold
B1 · 2nd floor · 110 m² · 3-bed · Sold
C1 · 3rd floor · 109 m² · 3-bed · Sold
C2 · 3rd floor · 137 m² · 3-bed · Sold
D1 · 4th floor · 109 m² · 3-bed · Sold
D2 · 4th floor · 137 m² · 3-bed · Sold
Golden Visa
The framing must be precise: €250,000 is not a location threshold. It is a special route valid only for properties whose change of use (conversion) or reconstruction is complete; in Attica, every non-conversion property is subject to the standard €800,000 threshold.
Riviera Onyx is one of the cleanest files on this route: the reconstruction is complete and the building is ready for delivery, so the completion condition of the €250,000 route is met today — unlike projects still under construction, there is no waiting until after handover. At €625,000 the price is far above the threshold, so there is no deed-value discussion either; in all cases the deed value must not fall below €250,000.
Practical points: the residence permit runs for 5 years and renews while the property is held. A single three-bedroom apartment covers the whole family's application on one deed. Short-term (Airbnb-type) letting is not permitted on a Golden Visa property, and selling the property ends the permit.
Rent and Yield
The tenant profile is family-profile local tenants and long-term foreign residents. Demand for large three-bedroom apartments is thin but high quality: tenants are harder to find and stay longer once found. Void periods are rare, but the search for a tenant can take time.
Because rent per m² falls at larger sizes, gross yield sits in the lower band of our selection. The investment thesis here is not rental income; it is the scarcity of finished apartments of this size, with parking and storage, on the Riviera. As short lets are closed on a Golden Visa property in any case, the letting plan must be built on long-term tenancy.
Risks
The following risks are an integral part of this assessment:
No metro: there is no direct metro connection; despite the coastal tram, car dependence in daily life is real.
Budget: at €625,000 this is the highest budget point in our selection; with one unit left, negotiating room is limited and there is no alternative inside the building.
Liquidity: in the large-apartment segment, finding both a tenant and a future buyer can take longer than for small units; the exit buyer pool is narrower.
Data date: inventory and prices belong to the 1 July 2026 list; availability can change during the day and final terms are confirmed at contract stage.
Assessment
Riviera Onyx is the only true family-apartment format in our selection, and it offers it at the lowest per-m² price: €625,000 for 137 m², roughly €4,560 per m². Supply of finished apartments of this size with parking and storage on the Riviera is very limited; the scarcity premium works in this unit's favour over time.
Who it suits: the right file for a family that wants to solve the Golden Visa with a single large apartment and also plans to use the property from time to time. It is not suitable for a yield-driven investor or for building a multi-unit portfolio; our selection holds better fits for that profile.
Bottom line: no construction risk, deed and residence application possible today, the lowest per-m² price in the selection — set against liquidity and yield that are limited by the nature of the large-apartment segment. The file is strongest for a buyer who weights own use alongside investment.
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
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