Riviera Zen 41 — A0168 Feasibility Report

FEASIBILITY REPORT · PIRAEUS · GOLDEN VISA

Riviera Zen 41 is a boutique 18-unit project created through the full reconstruction of an existing building inside the established residential fabric of Piraeus. According to the list dated 1 July 2026, 14 units are available; prices run from €250,000 for the 27 m² studio to €420,000 for the 97 m² duplex. It is one of six Athens projects newly added to our portfolio in August 2026 and sits on the Golden Visa reconstruction route.

This report gathers location, build, unit inventory, the Golden Visa framework, rent-and-yield expectations and the risks in a single file. Inventory and prices are list data as at 1 July 2026; availability can change during the day and final confirmation takes place at contract stage.

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Location and Transport

The project sits inside the established residential fabric of Piraeus, surrounded by markets, restaurants, green space and a cultural centre. It is not a tourist district but a lived-in neighbourhood — which makes rental demand independent of the season.

Central Piraeus and the port are a short distance away, with M1 and M3 metro connections to central Athens. Day access to the islands from the port supports the area's appeal.

The tenant base is made up of port and maritime workers, public employees and the university community — stable for long-term letting, with little seasonal swing.

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Project and Build

This is a full reconstruction of the existing building. The list plans delivery for May 2026; as that date has passed, the current completion status should be confirmed in writing.

The building holds 18 apartments. The ground floor offers duplex and loft layouts of 27–97 m² (duplexes 69–97 m²); upper floors carry standard one-bedroom units of 47–54 m². Every unit has a balcony — notably generous at 19–23 m² on the ground floor, and in the 4–7 m² band above.

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Unit Inventory and Pricing

Per the 1 July 2026 list, 14 of the 18 units are available; three second-floor units (A1, A2, A4) and the fifth-floor roof studio are sold. Standard upper-floor units run €265,000–285,000 and floor level barely affects price — the fourth floor costs the same as the second. The best price-to-area balance is in the ground-floor duplexes: the 97 m² duplex at €420,000 sits in the lower per-m² band of this selection. Available units:

• Ground floor I1 — 74 m² duplex, 23 m² balcony, 2 beds: €330,000

• Ground floor I2 — 27 m² studio, 23 m² balcony: €250,000 (threshold price — no downward room on the deed)

• Ground floor I3 — 97 m² duplex, 23 m² balcony, 2 beds: €420,000

• Ground floor I4 — 44 m² loft, 19 m² balcony, 1 bed: €270,000

• Ground floor I5 — 69 m² duplex, 19 m² balcony, 1 bed: €320,000

• 2nd floor A3 — 49 m², 4 m² balcony, 1 bed: €265,000

• 3rd floor B1 — 47 m², 7 m² balcony, 1 bed: €265,000

• 3rd floor B2 — 54 m², 5.5 m² balcony, 1 bed: €285,000

• 3rd floor B3 — 49 m², 4 m² balcony, 1 bed: €275,000

• 3rd floor B4 — 47 m², 5 m² balcony, 1 bed: €270,000

• 4th floor C1 — 47 m², 7 m² balcony, 1 bed: €265,000

• 4th floor C2 — 54 m², 5.5 m² balcony, 1 bed: €285,000

• 4th floor C3 — 49 m², 4 m² balcony, 1 bed: €275,000

• 4th floor C4 — 47 m², 5 m² balcony, 1 bed: €270,000

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Golden Visa

In the Greek Golden Visa programme, €250,000 is not a location threshold; it is a special route granted only to properties on the change-of-use (αλλαγή χρήσης) or reconstruction track. In Attica, non-conversion properties are subject to the standard €800,000 threshold.

Riviera Zen 41 is on the reconstruction route. Because the €250,000 route applies to properties whose conversion or reconstruction is complete, and construction here is ongoing, the residence application falls after completion and handover.

The deed value must never fall below €250,000. The 27 m² studio (I2) is priced at exactly €250,000; sitting right on the threshold, it leaves no downward room on the deed value — a critical note for anyone considering that unit.

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

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Rent and Yield

Prices cluster in the €250,000–285,000 band — clearly below a comparable unit on the Riviera. Gross yield therefore ranks near the top of this selection.

The tenant profile — port and maritime workers, public employees, the university community — supports stable long-term letting with low seasonal swing. Since the Golden Visa restriction closes the short-let route anyway, the investment thesis must rest on long-term rent.

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Risks

The following risks must be weighed before an investment decision:

• Delivery was planned for May 2026 on the list and that date appears to have passed; any delay and the occupancy permit status must be confirmed in writing.

• No sea view; parts of Piraeus are dense and noisy.

• Prestige perception stays below the Athens Riviera; the resale buyer profile is shaped accordingly.

• Three ground-floor duplexes share the same 23 m² balcony figure — which unit faces which aspect should be seen on site.

• The I2 studio is priced at exactly €250,000: there is no downward room on the deed value, so expecting a discount on this unit is unrealistic.

• Short-term letting is not permitted on a Golden Visa property; selling the property cancels the residence permit.

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Assessment

Riviera Zen 41 is a file built for an investor who wants to stay in the €250–300k band, prefers not to pay the Riviera premium, and is looking for stable rent. Having duplex/loft and standard units in the same building gives options both to an owner-occupier and to a landlord.

The best price-to-area balance is in the ground-floor duplexes: the 97 m² duplex at €420,000 sits in the lower per-m² band of this selection. Upstairs, the fact that floor level barely affects price means a fourth-floor unit can be bought at the second-floor price — a detail worth weighing when choosing from the inventory.

Summary verdict: a balanced reconstruction project in an established Piraeus neighbourhood, resting on a season-independent tenant base, with a €250,000 entry price. Once the construction status and delivery are confirmed in writing, it stands as one of the most balanced files in this selection for a yield-driven, mid-budget Golden Visa investor.

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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