Feasibility report
Faliro Signature Residences
This report examines the eight-unit conversion scheme in Paleo Faliro at unit level: the complete inventory, a reading of the pricing across the two plan types, building history and specification, indicative rent and yield, ownership and delivery terms, and a risk assessment.
01Executive summary
A0173 is a small eight-unit residential scheme produced by converting a 2006 building from non-residential to residential use, in Paleo Faliro at the northern end of the Athens Riviera. The building rises four floors above ground level with two apartments per floor. Every unit carries the same programme: two bedrooms, a separate living room and one bathroom. The product is configured around a single purpose — a rental asset on the coastal strip, within walking distance of public transport, ready to let on handover.
Three factors define the investment case. The first is the delivery horizon: handover is set for 31 October 2026, roughly five weeks after the date of this report. The two-to-three-year capital lock-up typical of schemes under construction does not apply here; capital can begin producing income within weeks. The second is the delivery specification: units are transferred fully furnished and equipped, with all white goods installed, so no further outlay is required before letting. The third is the product type: a two-bedroom plan with a separate living room addresses a broader tenant base than the studio and one-bedroom stock along the coast — couples, small families and sharers at the same time.
Against that, the report records three points from the outset: this is not a new build but the conversion of a 2006 building — the structure, roof and façade are approaching twenty years old; three of the eight units are sold, and the sales are concentrated on the middle floors; and parking is available only with selected units, with the record not stating which units carry an allocation. All three headings should take priority in unit selection and in pre-offer due diligence.
- Reference
- A0173 · Paleo Faliro · Athens Riviera
- Building type
- Conversion · single building · ground + 4 floors · two apartments per floor
- Original building year
- 2006 — converted from non-residential use
- Inventory
- 8 residences — 4 compact plan, 4 larger plan
- Availability
- 5 available (A1 · A2 · B1 · D1 · D2) · 3 sold (B2 · C1 · C2)
- Unit programme
- Two bedrooms · separate living room · one bathroom
- Total area
- 48.50 m² (compact plan) and 59.10 m² (larger plan)
- Net interior area
- 48.30 m² on the compact plan · not in the record for the larger plan, to be confirmed
- Price range
- €325,000 – €365,000 (inventory record, 23.09.2026)
- €/m² on total area
- 5,922 – 7,113 · scheme average 6,448
- Delivery specification
- Fully furnished and equipped · all white goods installed
- Climate control
- Central air conditioning throughout
- Façade and joinery
- Thermally and acoustically insulated double glazing · steel entrance door · large windows
- Common parts
- Lift serving all floors
- Parking
- With selected units — allocation to be confirmed unit by unit
- Storage
- Not stated in the record — to be confirmed
- Rental guarantee
- Not offered
- Ownership
- Full freehold title
- Delivery
- 31 October 2026
- Energy performance certificate
- Class not in the record — to be confirmed
- Area tolerance
- Not in the record — to be confirmed
02Scheme and location overview
Location and Surroundings
Paleo Faliro is the established suburb of Athens' southern coastal strip closest to the centre. It is not a holiday district but a residential suburb lived in year-round: the seafront promenade, the marina, the parks and the schools are part of daily life, and most of the demand rests not on the tourist cycle but on a population working in the centre and at the port. The distinction matters for the investment case — seasonal vacancy risk is low compared with summer-led coastal locations.
The scheme sits within walking distance of the marina, the social focus of the coastal strip. Tram and metro connections are also within walking distance, which keeps the unit accessible to tenants without a car — a feature that directly affects letting speed for furnished stock. Both the city centre and the Piraeus axis are within reasonable daily commuting time, so the tenant base does not depend on a single employment hub.
| Landmark | Distance | What it means for the investor |
|---|---|---|
| Flisvos Marina | 850 m | The social and commercial focus of the coastal strip. Walking distance is priced in both in rental demand and on resale. |
| Flisvos Park | 900 m | Everyday open space; a deciding factor for tenants with children. |
| Averof Battleship Naval Museum | 1.3 km | A cultural stop on the seafront promenade, supporting footfall along the pedestrian axis. |
| Stavros Niarchos Foundation Cultural Centre | 2.0 km | The largest cultural and events venue in the area. The employment and visitor flow around it is an independent source feeding demand year-round. |
| Port of Piraeus | 6.5 km | The second employment source for the tenant base: port and maritime sector staff. |
| Acropolis / historic centre | 6.7 km | Daily commuting to the centre is reasonable; for tenants working on the central office axis the suburb is an accessible alternative. |
| Tram and metro | Walking distance | Decisive for tenants without a car. Furnished stock close to public transport lets faster and holds occupancy through the winter. |
| Seafront promenade, beaches, restaurants and shopping | Immediate surroundings | Meeting daily needs on foot raises the tendency of long-term tenants to renew. |
Building Configuration
The building rises four floors above ground level with two apartments on each floor; all eight residential units sit on the first to fourth floors. A lift serves every floor. There are no residential units on the ground floor, and the record does not state its use (commercial space, common parts or parking); this is to be confirmed with the developer.
The eight-unit scale should be read both ways. On the positive side, common-part management is simple, density is low and the occupancy profile is homogeneous — in a building of eight similar units, the tenant profile and the service charge structure remain predictable. On the negative side, any common expense or repair is shared among fewer units: where a 2006 building calls for roof, façade or lift renewal, the share per unit is high compared with a larger building.
Distribution by Floor
| Floor | Units | Plan types | Total area | Price band | Status |
|---|---|---|---|---|---|
| Ground | — | No residential units | — | — | Use not in the record |
| 1st floor | A1 · A2 | Compact + larger | 48.50 / 59.10 m² | €325,000 – €350,000 | 2 available |
| 2nd floor | B1 · B2 | Compact + larger | 48.50 / 59.10 m² | €335,000 – €355,000 | 1 available · 1 sold |
| 3rd floor | C1 · C2 | Compact + larger | 48.50 / 59.10 m² | €340,000 – €360,000 | 2 sold |
| 4th floor | D1 · D2 | Compact + larger | 48.50 / 59.10 m² | €345,000 – €365,000 | 2 available |
| Scheme total | 8 units | 4 compact · 4 larger | 430.40 m² | €325,000 – €365,000 | 5 available · 3 sold |
03Unit mix and pricing
The tables below contain all eight rows of the Avla inventory record. Prices are the list prices held in the record at the date of this report; availability reflects the same record and is subject to confirmation. The scheme has two plan types, each repeated once on every floor.
Full Inventory
| Unit | Floor | Net m² | Total m² | List price | €/m² total | Status |
|---|---|---|---|---|---|---|
| A1 | 1st floor | 48.30 | 48.50 | €325,000 | 6,701 | Available |
| A2 | 1st floor | To be confirmed | 59.10 | €350,000 | 5,922 | Available |
| B1 | 2nd floor | 48.30 | 48.50 | €335,000 | 6,907 | Available |
| B2 | 2nd floor | To be confirmed | 59.10 | €355,000 | 6,007 | Sold |
| C1 | 3rd floor | 48.30 | 48.50 | €340,000 | 7,010 | Sold |
| C2 | 3rd floor | To be confirmed | 59.10 | €360,000 | 6,091 | Sold |
| D1 | 4th floor | 48.30 | 48.50 | €345,000 | 7,113 | Available |
| D2 | 4th floor | To be confirmed | 59.10 | €365,000 | 6,176 | Available |
| Scheme total (8 units) | 48.30 (compact) | 430.40 | €2,775,000 | 6,448 | 5 available | |
Plan Type Comparison
| Plan type | Units | Count | Available | Total area | Price band | €/m² avg. |
|---|---|---|---|---|---|---|
| Compact plan | A1 · B1 · C1 · D1 | 4 | 3 | 48.50 m² | €325,000 – €345,000 | 6,933 |
| Larger plan | A2 · B2 · C2 · D2 | 4 | 2 | 59.10 m² | €350,000 – €365,000 | 6,049 |
| Scheme total | 8 units | 8 | 5 | 430.40 m² | €325,000 – €365,000 | 6,448 |
Floor Premium
The inventory record states that prices rise with floor level; the table shows the size of that increase. The premium is regular and moderate on both plan types.
| Floor | Compact plan | €/m² total | Larger plan | €/m² total | Increase over floor below |
|---|---|---|---|---|---|
| 1st floor | A1 · €325,000 | 6,701 | A2 · €350,000 | 5,922 | — (base) |
| 2nd floor | B1 · €335,000 | 6,907 | B2 · €355,000 | 6,007 | +€10,000 / +€5,000 |
| 3rd floor | C1 · €340,000 | 7,010 | C2 · €360,000 | 6,091 | +€5,000 / +€5,000 |
| 4th floor | D1 · €345,000 | 7,113 | D2 · €365,000 | 6,176 | +€5,000 / +€5,000 |
| Total premium, 1st to 4th floor | +€20,000 | +6.2% | +€15,000 | +4.3% |
Reading the Pricing
- The larger plan is markedly cheaper per square metre. On the same floor, the larger plan costs €20,000 more than the compact plan (€25,000 on the first floor only) and delivers 10.60 m² of additional area in return. The marginal cost of that additional area is therefore roughly €1,900 – €2,400/m² — about a third of the scheme's average rate (≈ €6,450). For a buyer whose budget stretches to it, the larger plan is clearly superior in terms of value per square metre.
- The floor premium is moderate and regular. On the compact plan the step from first to second floor is €10,000 and €5,000 on each of the two floors above; on the larger plan it is €5,000 per floor. Across four floors the total premium is 6.2% on the compact plan and 4.3% on the larger. Given the gain in light and outlook on the upper floors the premium is inexpensive, while the lower floors remain a reasonable entry point for a price-sensitive buyer.
- The €/m² band looks wide, but the width comes from the basis. Rates on total area run from 5,922 to 7,113; the spread is a function of plan type (compact average 6,933, larger average 6,049). Each plan type is narrow within itself — 6,701 to 7,113 on the compact, 5,922 to 6,176 on the larger. That narrowness indicates pricing set consistently by type.
- The sold units are concentrated on the middle floors. B2, C1 and C2 — that is, the second and third floors. Among the five remaining units, the extremes dominate: the first floor (lowest price) and the fourth (highest). A mid-band option exists only as B1 on the compact plan, so inventory has narrowed for a buyer seeking a middle floor.
- On the compact plan the gap between net and total area is only 0.20 m². The record holds 48.30 m² net interior against 48.50 m² total. That difference suggests either that no balcony or exclusive outdoor area is captured in the record, or that none exists. Whether there is outdoor space, its size and how it feeds into the total area should be confirmed in writing before offer.
- Net interior area is absent for the larger plan. The rate per square metre for these units could only be calculated over the 59.10 m² total area. Once the net interior figure is confirmed, the net-basis rate for the larger plan will correct upwards; the comparison has therefore been fixed to a single basis (total area).
04Build, specification and energy
Conversion and Building History
The scheme is produced by converting a 2006 building from non-residential to residential use. For the investor this sits between "new build from the ground up" and "refurbished existing stock", and both sides should be read correctly. On the positive side, the delivery period is short and the cost predictable: construction risk is markedly lower than on a scheme still under construction. On the negative side, the structure, the roof, the façade and the building services date from 2006 — the interiors and installations may be renewed, but the age of those components is approaching twenty years.
Due diligence on a conversion differs from that on a new build. The change-of-use permit, the updated building permit, an assessment of structural adequacy, and the alignment of the post-conversion horizontal-ownership schedule with the title record unit by unit — all of these should be verified against documents before offer. This report is not a document review and does not confirm the existence of any permit or certificate.
Energy and Insulation
The inventory record holds no information on the energy performance certificate class; the certificate to be issued on handover and its class should be confirmed with the developer. This report does not build any calculation on a class value it does not have.
The insulation elements held in the record are thermally and acoustically insulated double glazing and central air conditioning throughout. Central air conditioning covers both heating and cooling from a single system, so the tenant needs no separate air-conditioning investment. Acoustic insulation is particularly relevant on the coastal strip, where activity along the promenade and the shore axis can reach even upper floors in uninsulated stock. On a conversion, façade and roof insulation performance matters as much as interior specification; the presence of the energy performance certificate in the handover file should therefore be secured contractually.
Specification and Delivery Standard
- Delivery standard. Fully furnished and equipped, with all white goods installed. For an investor buying a rental asset this is a direct advantage: no further outlay or time is needed between handover and letting. In Paleo Faliro, furnished stock lets faster than unfurnished.
- Unit programme. Two bedrooms, a separate living room and one bathroom in every unit. The separate living room is a meaningful distinction in a two-bedroom plan — a layout in which the living room has not been absorbed into a bedroom is more attractive to family and couple tenants.
- Climate control. Central air conditioning throughout — heating and cooling from one installation.
- Façade and joinery. Thermally and acoustically insulated double glazing; large windows. Light and outlook improve noticeably on the upper floors, and the price ladder reflects this.
- Security. Steel entrance door.
- Common parts. A lift serving all floors. In a four-storey building the lift is the basic element preserving the rental value of the upper-floor units.
Parking, Storage and Documents — An Honest Reading
| Item | Position | What it means for the investor |
|---|---|---|
| Parking | With selected units | The record does not state, unit by unit, which units carry a parking space. On-street parking is constrained along the coastal strip; a space feeds directly into both rental pricing and resale. The allocation and its legal character (separate title unit or right of use) should be confirmed in writing before offer. |
| Storage | Not in the record | Demand for storage in a furnished two-bedroom unit is lower than in studio stock; even so, whether storage exists should be confirmed. |
| Bathrooms | One per unit | Two bedrooms share a single bathroom. This is not an issue for couples and small families; it is a relative disadvantage for sharers and larger households. |
| Energy performance certificate | Class not in the record | The certificate to be issued on handover and its class should be confirmed. Tenants decide on the sum of rent and utility bill, so the class is an argument usable in rental pricing. |
| Area tolerance | Not in the record | The tolerance rate and any price-adjustment mechanism for variance should be sought in the contract. This clause matters all the more because net interior area is also absent for the larger plan. |
| Ground floor use | Not in the record | The residential units sit on the first to fourth floors. The use of the ground floor (commercial space, common parts or parking) affects noise and privacy for the first-floor units as well as the service charge structure; it should be confirmed. |
| Rental guarantee | Not offered | The inventory record states that no rental guarantee applies to any of the eight units. The yield calculation therefore rests entirely on a market rent assumption, with no guaranteed income floor. |
05Indicative rent and gross yield
The rental figures in this section are indicative assumptions. They are not a market measurement and do not rest on a cited index; their purpose is to let the investor see the order of magnitude. A final calculation for any given unit must be built together with current, local rental evidence. Since the inventory record shows no rental guarantee on any of the eight units, the bands below are entirely a market rent assumption.
Typical Unit Calculation
The calculation is built on the two extremes of the available inventory: A1, the lowest entry ticket in the scheme and a first-floor compact plan, and D2, the highest priced unit and a fourth-floor larger plan.
| Item | A1 | D2 |
|---|---|---|
| Plan type and floor | Compact · 1st floor | Larger · 4th floor |
| Total area | 48.50 m² | 59.10 m² |
| Net interior area | 48.30 m² | To be confirmed |
| List price | €325,000 | €365,000 |
| €/m² on total area | 6,701 | 6,176 |
| Approximate all-in cost (≈ 8%) | ≈ €351,000 | ≈ €394,200 |
| Indicative monthly rent | €900 – €1,150 | €1,050 – €1,350 |
| Indicative annual gross rent | €10,800 – €13,800 | €12,600 – €16,200 |
| Gross yield — on list price | 3.3% – 4.2% | 3.5% – 4.4% |
| Gross yield — on all-in cost | 3.1% – 3.9% | 3.2% – 4.1% |
| Indicative net yield (after operating costs) | 2.4% – 3.1% | 2.5% – 3.2% |
Commentary
The figures sit within the band expected in the established suburbs of the Athens Riviera closest to the centre. What stands out is that the larger plan comes out ahead of the compact plan on both absolute rent and yield: because the marginal cost of the additional area is low, the higher price is more than covered by higher rent. This confirms on the income side what the pricing analysis showed on the capital side.
The second decisive factor is the delivery horizon. On a scheme under construction, capital produces no return for two to three years, and that period pulls the effective yield down noticeably. At A0173 handover falls roughly five weeks after the date of this report, and because units are delivered furnished and equipped, rental income can begin in the delivery quarter. The same nominal yield is therefore worth more here than on a scheme still being built.
On the tenant base, the suburb offers a profile that draws long-term tenants year-round: professionals commuting to the centre and the port, small families, and staff in the service and healthcare cluster around the marina. Furnished two-bedroom stock close to the tram lets quickly and holds occupancy through the winter — and for net yield, that matters more than peak summer rates.
06Acquisition costs
The rates below are the approximate bands generally applied on residential purchases in Greece. Final amounts vary with the structure of the transaction, the assessed value and the service providers engaged; they should be confirmed against current legislation and on a transaction basis before every purchase.
| Item | Approximate rate | Note |
|---|---|---|
| Transfer tax (φόρος μεταβίβασης) | ~3.1% | On units produced by conversion, whether transfer tax or VAT applies depends on the permit and use history of the building and on the regulation in force; it must be confirmed before purchase. |
| Notary | ~1.0 – 1.5% | Tiered scale linked to the contract value. |
| Legal | ~1.0 – 1.5% | Includes title investigation and transaction handling. The scope of review is wider on conversion schemes. |
| Land registry / cadastre (Κτηματολόγιο) | ~0.5 – 0.7% | Registration duties and disbursements. |
| Agency fee | ~2% + VAT | Market standard. |
| Total acquisition costs (approximate) | ~7 – 9% | 8% is assumed in the calculations. |
Pre-Transaction Requirements
- Tax number (ΑΦΜ). A precondition for acquiring property in Greece; it can be obtained by power of attorney.
- Bank account. Payments must be made through banking channels with a documented source of funds.
- Legal and technical due diligence. Title history, planning status, permits and title-unit definitions; on a conversion, also the change-of-use permit, the updated building permit and the post-conversion horizontal-ownership schedule.
- Furniture and equipment inventory. On a furnished handover, the furniture and white goods should be annexed to the contract as a schedule listing quantities and specification, with warranty periods recorded in writing.
- Annual charges. Property tax (ΕΝΦΙΑ), building service charges, insurance and taxation on rental income all form part of operating costs.
07Payment, ownership and delivery
Ownership Structure
Residential ownership in Greece is freehold; there is no leasehold regime. The inventory record states that A0173 units are transferred with full freehold title. In multi-unit buildings, each residence is defined as a separate title unit under the οριζόντια ιδιοκτησία (horizontal ownership) framework, with an undivided share of the land attached to it. The buyer acquires full ownership of their own unit and a proportionate interest in the common areas.
On a conversion this framework needs particular attention: because the building was produced for non-residential use, the original horizontal-ownership schedule may rest on a different subdivision. It should be verified that the updated post-conversion schedule matches both the title record and the physical boundaries of the unit being purchased.
Delivery and Timing
- Scheduled delivery: 31 October 2026 (fourth quarter of 2026).
- Capital lock-up: roughly five weeks from the date of this report to handover. This is markedly shorter than on schemes under construction and feeds directly and positively into the effective yield.
- Contractual grace period: not stated in the inventory record. Whether a grace period and a remedy for delay are defined in the contract should be confirmed.
- Area tolerance: not stated in the inventory record. The contract should be checked for a tolerance rate and a price-adjustment mechanism for variance.
- Delivery standard: fully furnished and equipped, all white goods installed. The furniture and white goods inventory should be annexed to the contract as a schedule.
Payment Schedule
No standard instalment schedule has been shared for the scheme at the date of this report. On conversion schemes close to handover, payment is usually structured as a deposit under a preliminary contract with the balance at transfer of title; the long tranche structure seen on schemes under construction is not expected here. It is recommended that the payment timetable be obtained in writing at offer stage, and that the conditions for refund of the deposit and the tying of the final payment to handover and transfer of title be set out explicitly in the contract.
Pre-Contract Checklist
1. Alignment of the change-of-use permit, the updated building permit and the post-conversion title-unit definitions with the land registry record, unit by unit · 2. Which unit the parking space is allocated to and its legal character · 3. Written confirmation of net interior area on the larger plan units, the area tolerance and the price-adjustment clause for variance · 4. Furniture and white goods annexed to the contract as a schedule of quantities and specification, with warranty periods · 5. The energy performance certificate included in the handover file · 6. Delivery date, grace period and the remedy applying on delay; the final payment tied to transfer of title · 7. Estimated common-area service charge, the management arrangement, and a structural and building services condition report for the 2006 structure.
08Swot
Strengths
- Delivery on 31 October 2026 — roughly five weeks from the date of this report; capital can start producing income quickly
- Fully furnished and equipped handover with all white goods installed: no further outlay before letting
- Two bedrooms with a separate living room — a broader tenant base than the studio and one-bedroom stock along the coast
- Athens Riviera position: 850 m to the marina, seafront promenade and beaches in the immediate surroundings
- Tram and metro within walking distance — decisive for tenants without a car and a driver of letting speed
- Central air conditioning throughout; thermally and acoustically insulated double glazing; steel entrance door
- Full freehold title; a lift serving all floors
- Low marginal cost of the additional area on the larger plan (≈ €1,900 – €2,400/m²)
- An eight-unit building: simple common-part management, low density, homogeneous occupancy profile
- Demand rests on employment along the centre and port axis rather than on the tourist cycle
Weaknesses
- Not a new build: the conversion of a 2006 structure, with roof, façade and structure approaching twenty years old
- Three of the eight units are sold; among the remainder, a middle-floor option exists as only one compact unit
- Two bedrooms share a single bathroom — a relative disadvantage for sharers and larger households
- Net interior area is absent from the record on the larger plan units, limiting comparison to total area
- The energy performance certificate class is not in the record, so the utility-cost argument cannot be quantified
- Parking only with selected units, and the allocation is not stated unit by unit
- No rental guarantee — no income floor; the calculation rests entirely on market rent
- Small inventory: limited scope for multi-unit negotiation or diversification within the scheme
- Contractual grace period and area tolerance are not defined in the record
Opportunities
- The proximity of handover allows the rental assumptions to be validated against real market evidence within weeks
- The larger plan is clearly advantageous on value per square metre — the priority choice where budget allows
- Moderate floor premium (€5,000 per floor): the gain in light and outlook upstairs is inexpensive
- With both the first and fourth floors among the five remaining units, different budgets can be served in one building
- Furnished two-bedroom stock close to transport holds occupancy through the winter
- Employment and events activity around the cultural centre and the marina feed the long-term tenant base
- At eight units, the service charge and management arrangement can be shaped by the buyer at an early stage
Threats
- Risk of mismatch between conversion permit, building permit and title records at unit level — legal review before offer is essential
- Medium-term renewal cost in the 2006 building fabric (roof, façade, services, lift); in an eight-unit building the share per unit is high
- The direction of tax and regulatory measures affecting foreign buyers; current confirmation required before purchase
- Changes in rental income taxation and service charge burdens
- A simultaneous increase in supply along the coastal strip creating short-term rental pressure
- Wear and replacement cost of furniture and white goods in a furnished letting
- No contractual remedy for delay defined in the record should handover slip
- The effect of interest rate and currency conditions on buyer demand and resale liquidity
09Investment view
Investment View: Positive — Income-Led · Near-Term Delivery
A0173 is a coherent product for an income-focused investor who wants to reach cash flow quickly on the Athens Riviera. The scheme rests not on an ambitious yield promise or on new-build prestige but on three concrete facts: handover is roughly five weeks away, the units transfer fully furnished and equipped, and the two-bedroom plan with a separate living room addresses the broadest tenant base in the suburb. Against that, the product is not a new build but the conversion of a 2006 structure; the decision depends on accepting that fact and the document review that comes with it.
Near-Term Delivery
Handover is set for 31 October 2026. The two-to-three-year capital lock-up of schemes under construction does not apply, and the furnished handover means rental income can begin in the delivery quarter. The same nominal yield is worth more as a result.
Tenant Base
Professionals commuting to the centre and the port, small families, and the service cluster around the marina — three independent employment sources. Demand is not tied to the tourist cycle and holds occupancy through the winter.
Value per Square Metre
The larger plan delivers 10.60 m² of additional area for only €20,000 more, with a marginal cost about a third of the scheme average. Where budget allows, the choice is clear.