KALLITHEA · SOUTH ATHENS · GREECE GOLDEN VISA · FEASIBILITY
BELLA VISTA — Feasibility Report
BELLA VISTA is a boutique residential development of ten fully furnished and equipped apartments in Kallithea, one of South Athens’ fastest-improving districts. This report assesses it strictly as an investment: the entry price, the €250,000 Golden Visa route, the developer’s guaranteed rental income, the demand drivers behind the location, and the honest risks. Our aim is not to sell a postcard — it is to show whether the numbers work for an investor who also wants residency for the whole family.
At a Glance
- Location: Kallithea, South Athens — 10 minutes to the Athens Riviera, 15 minutes to the city centre.
- Asset: 10 fully furnished and equipped apartments, 31–60 m², on ground, garden and mezzanine levels.
- Entry price: from €205,000; price list from €205,000 to €255,000.
- Golden Visa: qualifies via the €250,000 change-of-use route — residency for the whole family plus visa-free Schengen travel.
- Guaranteed income: the developer offers a 4% gross guaranteed rental for the first 2 years from completion.
- Amenities: communal gym; ground-floor homes have private yards.
- Completion: expected around August 2026.
- Demand: three universities nearby support year-round rental demand.
Unit Price List
Ten apartments are offered across three levels — ground, garden and mezzanine — each fully furnished and ready to let from day one. The current price points are:
| Price point | Units | Notes |
|---|---|---|
| €205,000 | 2 units | Entry-level apartments |
| €220,000 | 1 unit | Mid-range layout |
| €255,000 | 2 units | Larger / premium layouts |
| €205,000–€255,000 | 10 total | All fully furnished & equipped, 31–60 m² |
Ground-floor homes include private yards; all residents share a communal gym.
The €250,000 Golden Visa Math
Greece’s Golden Visa programme grants residency to non-EU investors and their families. BELLA VISTA is positioned on the €250,000 change-of-use route — the threshold available for properties converted from a non-residential to a residential use — which keeps the qualifying investment well below the €400,000 and €800,000 thresholds applied elsewhere.
| Item | Figure |
|---|---|
| Qualifying route | €250,000 change-of-use |
| Minimum qualifying investment | €250,000 |
| Who is covered | Investor + spouse + children + dependent parents |
| Residency benefit | Greek residence permit (renewable) |
| Travel benefit | Visa-free travel across the Schengen Area |
| Entry units in scope | From €205,000 (combine to reach €250,000) |
Because the lowest-priced units sit below €250,000, an investor typically selects a unit at or above the threshold — or combines holdings — to meet the qualifying amount while keeping capital concentrated in a single, lettable asset.
4% Gross Guaranteed Rental Income
To de-risk the early ownership period, the developer offers a 4% gross guaranteed rental for the first two years from completion. The illustration below applies that yield to representative price points:
| Purchase price | 4% gross / year | Over 2 years (guaranteed) |
|---|---|---|
| €205,000 | €8,200 | €16,400 |
| €220,000 | €8,800 | €17,600 |
| €250,000 | €10,000 | €20,000 |
| €255,000 | €10,200 | €20,400 |
The guarantee covers the first two years; thereafter, income depends on the open rental market. Given the location and university-driven demand, the property is built to let beyond the guarantee period rather than to sit empty.
Location & Demand Drivers
Kallithea is a dense, well-connected South Athens district that has been steadily upgrading. Its appeal as a rental asset rests on a simple combination: proximity to the sea, proximity to the centre, and a permanent student population.
| Destination | Distance / time |
|---|---|
| Athens Riviera (coast) | ~10 minutes |
| Athens city centre | ~15 minutes |
| Universities nearby | Three institutions within reach |
Three universities in the catchment underpin year-round rental demand — students, faculty and visiting staff need furnished homes on flexible terms, exactly the product BELLA VISTA delivers. Add weekend and seasonal demand from the nearby Riviera, and the result is a deep, multi-segment tenant pool.
Price Context & Comparables
Kallithea’s rising €/m² reflects a district still catching up to neighbouring South Athens coastal zones, where values are materially higher. An entry from €205,000 for a turnkey, furnished apartment near both the coast and the centre is competitive against comparable South Athens stock — particularly when the unit arrives ready to let with no fit-out cost or delay.
Delivery Timeline
Completion is expected around August 2026. Buyers acquiring before completion typically benefit from earlier pricing and unit choice, while the two-year guarantee clock begins at handover — aligning the income guarantee with the moment the property becomes lettable.
| Milestone | Timing |
|---|---|
| Reservation & selection | Now — best choice of units |
| Completion / handover | ~August 2026 |
| Guaranteed-income period | 2 years from completion |
Appreciation Thesis
A small, fully furnished asset in a rising South Athens district — priced below the coast, let from day one under a 4% guarantee, and qualifying for the €250,000 Golden Visa — combines income, residency and capital-growth potential in a single, low-friction purchase.
An Honest Note on Risk
No investment is without risk. The 4% return is guaranteed only for the first two years; subsequent income depends on the open market and on continued tenant demand. Completion timing can shift, and Golden Visa rules and thresholds can change with policy. Currency movements and local taxes and fees affect net returns. The strength of the case rests on location fundamentals and a furnished, immediately lettable product — not on speculative assumptions. We encourage every investor to review the contract terms and the guarantee documentation in full before committing.
Avla Gayrimenkul A.Ş. — your trusted partner for the Greek Golden Visa. Contact us for the full BELLA VISTA price list, floor plans and the guaranteed-rental contract, and we will guide your family through every step of residency and investment.
A senior economist, graduate of Université Paris 1 Panthéon-Sorbonne, and a graduate of Istanbul University Business Administration with 33 years in business; founder of Avla. Today the focus is Greece: homes for Golden Visa and for investment. He reads every shortlist and every agreement himself.
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