THE SOCRATES — Feasibility Report
- M. Sami Akbeniz
- Jun 18
- 4 min read
THE SOCRATES · NEO IRAKLEIO · NORTH ATHENS · GREECE GOLDEN VISA PROGRAMME
THE SOCRATES — Feasibility Report
The Socrates Living is a boutique development of only four fully furnished residences in Neo Irakleio, one of North Athens' most established and well-connected residential districts. This report is an investment feasibility analysis, not a region overview: it frames the numbers around the €250,000 Golden Visa threshold available through the change-of-use route, sets out the holding costs and rental-demand context for furnished North-Athens units, and weighs the appreciation case against the risks. Unit prices have not yet been finalised, so every figure below is anchored to the €250,000 residency-by-investment benchmark.
At a Glance
Project: The Socrates Living — a boutique scheme of only 4 fully furnished residences
Location: Neo Irakleio, North Athens — by the Kifisias Avenue business district and the Attiki Odos ring road
Unit sizes: 39–48 m², delivered fully furnished and ready to let
Golden Visa route: €250,000 change-of-use investment — residency for the whole family + visa-free Schengen travel
Completion: Q1 2027
Connectivity: Direct metro Line 1 (ISAP) to the historic centre
Scarcity: Only 4 units in the entire project
Pricing: Not yet finalised — the math below is built around the €250,000 GV threshold
The €250,000 Golden Visa Math
Greece's Golden Visa retains a €250,000 entry point through the change-of-use route — converting a qualifying commercial or other-use property into residential. Neo Irakleio falls outside the high-demand zones where the threshold has risen to €800,000, which is precisely what keeps the €250,000 figure relevant here. The table below frames the indicative capital outlay; it is illustrative around the threshold rather than a quoted unit price.
LINE ITEM | INDICATIVE FIGURE | NOTE |
Qualifying investment | €250,000 | Change-of-use route threshold |
Transfer tax (3.09%) | ~€7,725 | On the property value |
Notary & legal (~1.5–2%) | ~€3,750–5,000 | Notary, lawyer, due diligence |
Golden Visa government fees | ~€2,000 + per-person fees | Main applicant + family add-ons |
Indicative total entry | ≈ €263,000–€265,000 | Investment + acquisition costs |
The residency covers the investor, spouse, dependent children and both sets of parents — a single €250,000 ticket for the whole family, with visa-free movement across the Schengen Area.
Expected Rental Yield Context
Fully furnished, move-in-ready units of 39–48 m² in well-connected North-Athens districts are squarely in the corporate-let and relocation sweet spot. The figures below are market-context ranges for comparable furnished stock in the North-Athens corridor, not a guaranteed return on this project.
METRIC | FURNISHED NORTH-ATHENS CONTEXT |
Gross rental yield | ~4.0–5.0% p.a. |
Net rental yield (after costs) | ~3.0–4.0% p.a. |
Long-let monthly rent (furnished 1-bed) | ~€650–€900 |
Tenant profile | Corporate / relocation / professional |
Void risk | Low — steady year-round demand |
Annual Holding Costs
Ownership in Greece is comparatively low-friction. The recurring costs below are indicative for a furnished apartment in this size band.
COST | INDICATIVE ANNUAL FIGURE |
ENFIA property tax | ~€250–€450 |
Building / common charges | ~€300–€600 |
Insurance | ~€150–€250 |
Management / letting (if used) | ~8–12% of rent |
Income tax on rent | 15% up to €12,000 band |
Location & Demand Drivers
Neo Irakleio sits in the North-Athens belt where rental demand is structural rather than seasonal. Three drivers underpin it: proximity to the Kifisias Avenue business district, where multinationals and head offices cluster; immediate access to the Attiki Odos ring road, linking the unit to the airport and the wider Attica region; and a direct metro Line 1 (ISAP) connection that puts the historic centre within an easy commute. Together these make the area a natural choice for corporate tenants and professionals on relocation — the segment that pays a premium for furnished, ready-to-occupy homes.
Price Context
Because unit prices for The Socrates are not yet finalised, the most useful reference is the broader North-Athens market. Values in the established North-Athens municipalities have appreciated steadily over recent years, supported by limited new-build supply and consistent Golden Visa and lifestyle demand. New, energy-efficient furnished stock typically commands a premium over older walk-up apartments — and a boutique scheme of four residences sits firmly in that newer, scarcer tier.
Delivery Timeline
MILESTONE | TIMING |
Reservation & contract | On selection |
Construction & fit-out | Through 2026 |
Completion & handover | Q1 2027 |
Ready to let (furnished) | On handover |
With only four residences in the entire project, The Socrates is built on scarcity: limited supply in an established North-Athens corridor, delivered furnished and ready to let, positions the asset for both resilient corporate-rental income and solid long-term capital growth.
An Honest Note on Risk
No investment is one-directional. Unit prices are not yet finalised, so the final entry figure and the precise margin to the €250,000 threshold remain to be confirmed. Off-plan delivery carries the usual construction and timing risk through to Q1 2027. Yields move with the wider Athens market, and Golden Visa rules can change. The change-of-use route in particular requires correct legal structuring — which is exactly where working with an experienced partner protects the investment.
Avla Gayrimenkul A.Ş. — your trusted partner for the Greek Golden Visa. Talk to us about reserving one of the four residences at The Socrates and structuring your €250,000 change-of-use investment correctly, from selection to residency.
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