Riviera Plato — A0171 Feasibility Report

FEASIBILITY REPORT · KOUKAKI · CENTRAL ATHENS · GOLDEN VISA

Riviera Plato (portfolio code A0171) is a five-unit reconstruction project positioned at the edge of Koukaki, on the Neos Kosmos side — one of the most walked districts of Athens. The building at Lagoumitzi 21 was constructed in 2005 and never used; the reconstruction of the neoclassical-style structure is complete and the apartments are ready for delivery.

Four of the five units are sold. The single available apartment is on the first floor: 59 m² internal with a 12 m² balcony and two bedrooms, at a list price of 465.000 € as at 1 July 2026. The project has proceeded on the change-of-use (conversion) route and is complete, so it meets the completion condition of the Golden Visa 250.000 € route today — no construction or handover needs to be awaited before applying.

This report is based on the price list dated 1 July 2026 and Avla's approved project and area texts. Availability can change during the day; final confirmation takes place at contract stage.

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Location and Transport

The project sits on the southern side of the Acropolis: the museum and restaurant strip on one side, the university quarter on the other. The fabric between these two lines is one of the most walked areas of Athens, and one of the rare zones where tourist demand and local demand overlap. Few locations in the city offer this intersection; demand fed from two separate sources lowers vacancy risk in both letting and resale.

On the transport side, a metro station (around Syngrou-Fix) is roughly 700 metres on foot. The Acropolis, the Koukaki cafés and the city centre are all walkable; daily life can be built without a car. This is not merely a comfort — it is a valuation argument: car-free central locations carry a durable premium in Athens.

• Southern side of the Acropolis, between the museum-restaurant strip and the university quarter

• About 700 m on foot to the metro (near Syngrou-Fix)

• Acropolis, Koukaki cafés and the city centre within walking distance

• Car-free central location; tourist and local demand overlap

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Project and Build

The building was constructed in 2005 and never used — a rarity in central Athens. The reconstruction of the neoclassical-style structure is complete and the apartments are ready for delivery. The corner plot gives the facades light throughout the day.

The unit plan is unusually clean at this scale: one apartment per floor, five units over five storeys. Each apartment occupies its entire floor, with no party-wall neighbour. The specification includes concealed inverter heating and cooling, Italian kitchens and wardrobes, and engineered wood flooring. The available first-floor unit offers, within 59 m² internal, two bedrooms, a large living room with an open-plan kitchen, one bathroom and four balconies.

Ceiling height on the ground floor is 4 metres, and the fourth-floor unit has a 38 m² roof terrace with an Acropolis view (sold). The building has no common areas or estate services — this keeps service charges low, but buyers expecting concierge, pool or reception-type facilities should note it from the outset.

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Unit Inventory and Pricing

Internal area means enclosed interior space only. Prices are list prices as at 1 July 2026.

• 1st floor — 59 m² internal + 12 m² balcony — 2-bed — 465.000 € — AVAILABLE (last unit)

• 2nd floor — 59 m² internal + 10 m² balcony — 2-bed — Sold

• 3rd floor — 59 m² internal + 10 m² balcony — 2-bed — Sold

• 4th floor — 44 m² internal + 15 m² balcony + 38 m² roof terrace with Acropolis view — 1-bed — Sold

• Ground floor — 59 m² internal + 22 m² terrace, 4 m ceiling height — 2-bed — Sold

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Golden Visa

The framework must be set correctly: 250.000 € is not a location threshold. The standard Golden Visa investment threshold across Attica is 800.000 €; the 250.000 € figure is a special route recognised only for properties whose change of use (αλλαγή χρήσης) — conversion from non-residential to residential use — has been completed.

Riviera Plato is on this conversion route and the conversion licence has been issued. Because the building is complete and ready for delivery, it meets the completion condition of the route today: the buyer does not have to defer the application until after handover, as is the case in projects still under construction. At 465.000 € the price sits far above the threshold, so there is no deed-value question either; in all cases the deed value must not fall below 250.000 €.

The residence permit runs for 5 years and is renewable while the property is held; selling the property cancels the permit. Airbnb-type short-term letting is not permitted on a Golden Visa property — the rental thesis must therefore rest on long-term letting.

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Rent and Yield

The tenant profile consists of long-term foreign tenants, the academic community and city-centre workers. The area is in fact one of the strongest short-let districts in Athens; but since that route is closed on a Golden Visa property, the numbers must be run on long-term rent.

The central location premium is already priced in; gross yield sits in the lower band of this selection. The value here is not in yield but in liquidity and the permanence of the location. On the other hand, the two-bedroom layout in 59 m² also appeals to family tenants — a genuine differentiator that widens the tenant pool beyond the single/couple profile.

Service charges are low: the building has no shared facilities and there is one apartment per floor. Carrying costs during vacancy periods therefore remain limited.

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Risks

The points below are given without marketing gloss, as they should enter the buyer's decision calculus.

• Central, dense urban fabric: noise and parking difficulty are real; the project has no parking.

• At 465.000 €, price per m² is at the very top of this selection.

• One apartment per floor: no alternative unit within the building; no common areas or services.

• Gross yield in the lower band — not the right address for a yield-driven investor.

• Only one unit remains; availability can change during the day and the decision window is narrow.

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Assessment

Who it suits: a buyer who puts yield second and wants a central location, liquidity and a finished property; an investor who also plans to spend time in Athens. It is not the right project for someone building a multi-unit portfolio or maximising yield.

Investment thesis: this is the most central and most liquid location in the selection, with the widest resale buyer pool. Being the only project here that offers two bedrooms in 59 m² differentiates it on both the tenant and the resale side. Completion also simplifies the Golden Visa timeline: the condition is met today and the application does not wait for handover.

Summary verdict: for the buyer looking for 'walking distance to the Acropolis, finished, liquid and GV-eligible today', Riviera Plato is the reference project of this selection. The price premium buys the permanence of the location and ease of exit.

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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