Feasibility report
Terra Gardens Residences
This report examines the three-unit ground-floor residential scheme in Peristeri at unit level: the complete inventory, a reading of the pricing on two separate bases, the delivered specification, the district and access profile, indicative rent and yield, ownership and delivery terms, and a risk assessment. Because the inventory runs to three units, the weight of this report lies in depth of analysis rather than in unit count.
01Executive summary
A0175 is a three-unit run of ground-floor residences in Peristeri, an established suburb of west Athens, produced through the change-of-use conversion of an existing building. All three residences have two bedrooms and one bathroom; each is allocated a walled private rear garden of between 23 and 30 m² and its own separate street entrance. Delivery is fully furnished and equipped.
Three factors define the investment case. The first is product scarcity: the dominant product in the Athens housing stock is the upper-floor apartment, so a ground-floor, two-bedroom unit with its own garden and an independent street entrance is rare within local supply and speaks directly to family tenants. The second is the short capital lock-up: delivery is recorded as 31 December 2026, roughly fifteen months from the date of this report — materially shorter than most comparable schemes under construction. The third is the delivery standard: fully furnished and equipped handover removes any outlay before letting and shortens the time to the first tenant.
Against that, the report records three points from the outset. First, the inventory is limited to three units; a single reservation closes off a third of the choice. Second, all three units are on the ground floor; privacy, security and external noise present a different risk profile from an upper-floor product. Third, the records do not define the energy class, the heating and cooling system, parking, storage, the area tolerance or the original construction year; every one of these headings must be confirmed in writing from the developer at offer stage.
- Reference
- A0175 · Peristeri · West Athens
- Building type
- Change-of-use conversion · run of ground-floor residences
- Inventory
- 3 residences — all two-bedroom, one-bathroom
- Availability
- 3 available · no reserved units at the date of this report
- Net interior area
- 46.4 – 50.6 m²
- Total area
- 69.4 – 80.6 m² (including the private garden)
- Outdoor space
- Walled private rear garden of 23 – 30 m² per residence
- Access arrangement
- A separate private street entrance for each residence
- Price range
- €320,000 – €329,000
- €/m² net
- 6,502 – 6,897 · scheme average 6,671
- €/m² total area
- 4,082 – 4,611 · scheme average 4,354
- Delivery standard
- Fully furnished and equipped
- Energy class
- Not defined in the records — to be confirmed with the developer
- Parking and storage
- Not defined in the records — to be confirmed with the developer
- Rental guarantee
- None
- Ownership
- Freehold title · units may be purchased individually
- Delivery
- 31 December 2026
- Area tolerance
- Not defined in the records — to be sought in the contract
02Scheme and district overview
Product Configuration
The scheme comprises three independent residences, all on the ground floor. The arrangement reads closer to a terraced-house logic than to a conventional apartment block: each residence has its own street entrance, its own walled rear garden and direct access to that garden from the bedroom. The façade is beige render with dark olive-bronze shutter cladding; internally, the layout is open-plan living articulated by arched fluted-glass windows and sage-green joinery.
What this means for the investor is straightforward: the product stands apart from the upper-floor apartment that dominates the Athens rental market. A unit with no shared staircase or lift and with outdoor space of its own carries a clear preference advantage among families with small children, pet-owning tenants and tenants seeking long tenancies. That same characteristic ties the unit to a narrow but loyal demand segment.
District and Access
Peristeri is one of the largest established suburbs of west Athens by population; its residential fabric is predominantly mid-rise apartment blocks and its tenant profile is more settled and less seasonal than in the central suburbs. The distances below are the approximate figures held in the listing record and are given at suburb scale.
| Access point | Approximate distance | What it means for the investor |
|---|---|---|
| Bournazi Square | 1.5 km | The commercial and social core of the suburb, where everyday retail, food and service provision concentrate. For a tenant, a fully served centre within walking or short driving distance. |
| Peristeri Park | 2.2 km | The main green space in the area. A direct draw for the family tenant segment; positioned alongside a garden product it forms a coherent lifestyle proposition. |
| Anthoupoli metro station | ~2 km | Rail access to the centre. The primary transport link for a tenant without a car, and a direct influence on the breadth of rental demand. |
| Peristeri metro station | ~2.3 km | A second rail access point. Two station options reduce dependence on a single stop. |
| Omonia / Monastiraki / Syntagma | 6.5 / 7 / 8 km | The central business, administrative and tourism axis. A reasonable daily commute band for an office-worker tenant. |
| University of West Attica | 4 km | Demand from students and from academic and administrative staff. The two-bedroom product also suits a shared-tenancy scenario. |
| Agricultural University | 5 km | Demand from a second campus. Two independent institutions keep the tenant base from resting on a single source. |
| Athens International Airport | ~38 km | Long-distance access. A measure of reachability for an owner resident abroad. |
Reading the Tenant Base
Peristeri lets steadily to service and public-sector staff working across west Athens and to settled families. Unlike the central and coastal suburbs, demand is not tied to the tourist cycle, which limits seasonality and vacancy swings in rental income. The same structure, however, means unit rent levels remain lower than in northern Athens or along the coastal axis. The two facts must be read together: stability is high, unit yield is measured.
03Unit mix and pricing
The table below contains all three rows of the Avla inventory record. All three units appear available at the date of this report; availability and prices are subject to confirmation.
The Complete Inventory
| Unit | Floor | Net m² | Garden m² | Total m² | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|---|
| A1 | Ground | 50.6 | 30.0 | 80.6 | €329,000 | 6,502 | Available |
| A2 | Ground | 46.4 | 23.0 | 69.4 | €320,000 | 6,897 | Available |
| A3 | Ground | 49.0 | 24.7 | 73.7 | €325,000 | 6,633 | Available |
| Scheme total (3) | 146.0 | 77.7 | 223.7 | €974,000 | 6,671 | ||
Cost per Square Metre on Two Bases
Because the garden's weight within total area varies from unit to unit, the cost per square metre has been calculated on two separate bases. The two rankings confirm one another.
| Unit | List Price | €/m² net interior | €/m² total area | Garden share of total area | Cost-per-m² ranking |
|---|---|---|---|---|---|
| A1 | €329,000 | 6,502 | 4,082 | 37.2% | Best value (on both bases) |
| A3 | €325,000 | 6,633 | 4,410 | 33.5% | Middle |
| A2 | €320,000 | 6,897 | 4,611 | 33.1% | Most expensive (on both bases) |
| Scheme average | €324,667 | 6,671 | 4,354 | 34.7% |
Reading the Pricing
- The lowest price is the dearest square metre. A2, at €320,000, is the lowest entry ticket in the scheme; at 6,897 €/m² net it is also the most expensive unit per square metre. A1, at €329,000, carries the highest absolute price yet offers the best unit cost at 6,502 €/m². For a buyer without a budget constraint, the decision should rest on unit cost, not on the headline price.
- Stepping up is cheap. Moving from A2 to A1 adds 4.2 m² of net interior area and 7.0 m² of garden for only €9,000. That works out at roughly €2,143 per additional interior square metre and roughly €804 per additional square metre of total area — both far below the scheme averages of 6,671 and 4,354. Within this inventory, the upper step is more efficient than the lower one.
- The price band is extremely narrow. Just €9,000 separates the three units, or 2.8% of the lowest price. That leaves no room for hunting a bargain unit; the choice should be made on garden size, orientation and internal layout preference rather than on price.
- The garden share is not fully reflected in price. A1's garden is 30% larger than A2's (30.0 m² against 23.0 m²), yet A1's garden-inclusive cost per square metre is 11.5% lower than A2's. Garden area evidently does not enter the pricing at the same coefficient as interior area — an asymmetry that favours A1 for a buyer who values outdoor space.
- The unit price sits above the district average. The 6,502 – 6,897 €/m² band is the upper band for established west Athens housing stock and reflects a product premium arising from the conversion, the furnished delivery, the private garden and the independent entrance. That premium is defensible to the extent it is recovered on the rental side; on resale it depends on the next buyer being willing to pay the same premium.
- All three units can be assembled in one hand. The entire inventory amounts to €974,000 and units may be purchased individually. Three rental units under single management lower the management cost per unit and spread vacancy risk across three assets. In that scenario, a discount on price and payment terms for the block purchase is a heading open to negotiation.
04Build, specification and delivery standard
Building Type
The scheme is not new construction but rests on the conversion of an existing building to residential use through a change of use. In conversion schemes, three technical headings govern the investor's position: the age and condition of the structural frame, the stage reached by the change-of-use permit, and how the title units are defined at the land registry. The original construction year could not be found in the records; that information should be obtained from the developer at offer stage for the purposes of structural assessment and seismic-code compliance.
Interior Specification
- Layout. Two bedrooms and one bathroom in each residence; 46.4 – 50.6 m² of net interior area. Open-plan living, articulated by arched fluted-glass windows.
- Delivery standard. Fully furnished and equipped handover. No further furniture or appliance outlay is required before letting, and the time to the first tenant is shortened.
- Joinery and storage. Sage-green joinery and a timber shelving system with integrated LED lighting. In a compact product, designed-in internal storage provides partial mitigation against the possible absence of a separate storeroom.
- Bathroom. Travertine-effect bathroom with an oak vanity unit and a fluted ceramic shower. All three units have a single bathroom.
- Principal bedroom. A full-height timber headboard with LED backlighting; direct access from the bedroom to the private courtyard.
Outdoor Space and Façade
- Private garden. A walled private rear garden of 23 – 30 m² per residence. The fact that it is walled is decisive for privacy in a ground-floor product.
- Shading and seating. A sail canopy and a cast-concrete seating bench — fixed, maintenance-free elements.
- Outdoor kitchen. An outdoor dining arrangement and a barbecue unit with a concrete worktop. This contributes directly to listing presentation and to rental pricing.
- Access arrangement. A separate private street entrance for each residence; there is no shared staircase or lift.
- Façade. Beige render with dark olive-bronze shutter cladding.
Headings Not Defined in the Records — An Honest Reading
The headings below are absent from the records at the date of this report. They are recorded not as adverse findings but as missing data; the investment decision should not be brought to conclusion without written confirmation at offer stage.
| Item | Position | What it means for the investor |
|---|---|---|
| Energy class | Not defined in the records | An energy performance certificate is mandatory for letting and sale in Greece. In conversion schemes the class can land anywhere across a wide band depending on insulation and glazing; it bears directly on the tenant's utility burden and on the product's competitiveness. |
| Heating and cooling system | Not defined in the records | The system type (heat pump, air conditioning, gas) determines both running costs and any post-handover outlay. Whether the furnished-delivery promise extends to climate control should be asked separately. |
| Parking | Not defined in the records | The share of car-owning tenants in west Athens is high. Whether a parking space exists and, if so, whether it is registered as a separate title unit or as a right of use feeds directly into rental pricing and resale liquidity. |
| Storage | Not defined in the records | Demand for storage is high in a two-bedroom product of around 50 m². Designed-in shelving and joinery provide partial mitigation; whether a separate storeroom exists should be confirmed. |
| Area tolerance | Not defined in the records | In schemes under construction, the area tolerance is written into the contract. On a 46.4 m² net unit, a 3% tolerance corresponds to roughly ±1.4 m². The tolerance rate and the price-adjustment mechanism for exceeding it should be sought in the contract. |
| Original construction year | Not found in the records | In a conversion, the age of the structural frame, the seismic code in force when it was built and the scope of any strengthening works are decisive. A technical survey report should be requested. |
| Rental guarantee | None | No rental guarantee is offered by the developer. Cash-flow risk rests entirely with the investor, and the yield calculation is built on that assumption. |
| Common-area service charge | Not defined in the records | Common costs in a three-unit building are low but not nil. The management arrangement and an estimated monthly charge should be requested for inclusion in the operating-cost calculation. |
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.
Calculation by Unit
Because the inventory runs to three units, the calculation is built on all three rather than on a selected representative unit.
| Item | A1 | A2 | A3 |
|---|---|---|---|
| Net interior area | 50.6 m² | 46.4 m² | 49.0 m² |
| Private garden | 30.0 m² | 23.0 m² | 24.7 m² |
| List price | €329,000 | €320,000 | €325,000 |
| €/m² net | 6,502 | 6,897 | 6,633 |
| Approximate all-in cost (≈ 8%) | ≈ €355,300 | ≈ €345,600 | ≈ €351,000 |
| Indicative monthly rent | €800 – €1,000 | €800 – €1,000 | €800 – €1,000 |
| Indicative annual gross rent | €9,600 – €12,000 | €9,600 – €12,000 | €9,600 – €12,000 |
| Gross yield — on list price | 2.9% – 3.6% | 3.0% – 3.8% | 3.0% – 3.7% |
| Gross yield — on all-in cost | 2.7% – 3.4% | 2.8% – 3.5% | 2.7% – 3.4% |
| Indicative net yield (after operating costs) | 2.1% – 2.6% | 2.2% – 2.7% | 2.1% – 2.7% |
Portfolio Scenario
If all three units are assembled in one hand, the list consideration is €974,000 and the approximate all-in cost is €1,052,000. Indicative annual gross rent falls in the €28,800 – €36,000 band and the indicative net yield in the 2.1% – 2.7% band. This scenario has two advantages over a single purchase: management cost per unit falls, and vacancy risk is spread across three units. Against that, capital concentrates in a single building and a single micro-location, which is a disadvantage in portfolio diversification terms.
Commentary
The figures sit within the band expected in the established suburbs of west Athens, but not at the top of it. The reason is plain: the product is sold at a unit price above the district average while rent forms at district levels. The product premium is paid in full on acquisition and only partly recovered on the rental side.
That picture clarifies the investment logic: A0175 is an asset bought for low vacancy risk and a light operating burden, not for yield maximisation. Furnished delivery shortens the time to the first tenant; the private garden and independent entrance slow tenant turnover and so reduce re-letting costs. The short delivery horizon likewise limits the period for which capital sits idle.
On the subject of a rental guarantee: no rental guarantee is offered by the developer. The calculations above are built on that assumption, and the difference should be kept in view when comparing against a scheme whose figures assume a guarantee.
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% | Whether VAT applies to change-of-use conversions depends on the regulation in force and 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. Scope may widen in a conversion because of the permit review. |
| 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 due diligence. Title history, checks for encumbrances and mortgages, planning status and title-unit definitions. In a conversion, the change-of-use consent and the approved architectural drawings must be examined in addition.
- Technical due diligence. The age and condition of the structural frame, the scope of any strengthening works, and the extent of insulation and services renewal. An independent structural engineer's report should be requested.
- Specification schedule. With furnished delivery, the furniture and appliances to be handed over should be listed at make-and-model level and annexed to the contract. Otherwise a dispute over scope arises at handover.
- Annual charges. Property tax (ΕΝΦΙΑ), building common costs, 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. 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. For this scheme the inventory record states freehold title and confirms that units may be purchased individually.
The legal character of the private gardens should be confirmed separately: is the garden area registered as an appurtenance of the title unit, or as a right of exclusive use over common land? The two definitions produce different outcomes on resale and in the apportionment of common costs.
Delivery and Timing
- Scheduled delivery: 31 December 2026 (inventory record).
- Capital lock-up: roughly fifteen months separate the date of this report from handover. That is shorter than most comparable schemes under construction and limits the period for which capital sits idle — a measurable advantage of this scheme.
- Contractual grace period: not defined in the records. The contract should be checked for any grace period, its length and the remedy applying on delay.
- Area tolerance: not defined in the records. The tolerance rate and the price-adjustment mechanism for exceeding it should be sought in the contract.
- Scope of delivery: the fully furnished and equipped handover promise should be itemised in an annex to the contract.
Payment Schedule
No standard instalment schedule has been shared for the scheme at the date of this report. On schemes under construction or conversion, payment is typically structured as a preliminary contract followed by tranches linked to progress; the definitive schedule is set per unit in the contract. It is recommended that the payment timetable be obtained in writing at offer stage and that tranches be tied to the permit and to evidence of construction progress. Where all three units are acquired together, payment terms may be negotiated separately.
Pre-Contract Checklist
1. Verification of the change-of-use consent, building permit and approved architectural drawings for each unit · 2. Original construction year, structural survey report and scope of strengthening works · 3. The legal character of the private garden at the land registry (appurtenance or right of exclusive use) · 4. Parking and storage provision and how each is defined on title · 5. The energy performance certificate and the type of heating and cooling system · 6. The furnished-delivery scope annexed to the contract at make-and-model level · 7. Area tolerance, grace period and delay remedy clauses · 8. Payment tranches tied to the permit and to evidence of progress · 9. The management arrangement and estimated common costs in a three-unit building · 10. The scope and duration of the warranty provided on handover.
08Swot
Strengths
- All three units are two-bedroom — a departure from Athens's predominantly one-bedroom new supply
- A walled private garden of 23 – 30 m² per residence; genuine outdoor space at ground level
- A separate private street entrance for each residence; no shared staircase or lift
- Fully furnished and equipped delivery — no outlay required before letting
- Delivery 31.12.2026; capital lock-up of roughly fifteen months — short against comparables
- A very narrow price band (€320,000 – €329,000); pricing is consistent unit by unit
- Garden-inclusive cost per square metre in the 4,082 – 4,611 € band; the outdoor premium is measured
- All three units available; full freedom of choice for a single or block purchase
- Two separate metro stations at roughly 2 – 2.3 km; no dependence on a single line
- A multi-channel tenant base drawn from two university campuses and the suburb centre
Weaknesses
- The inventory runs to three units only; a single reservation closes off a third of the choice
- All three units are on the ground floor — privacy, security and external noise form a different risk profile
- A single bathroom against two bedrooms; a bottleneck in family use
- Energy class and heating and cooling system not defined in the records
- Parking and storage provision not defined in the records
- Original construction year not found; in a conversion the age of the frame is decisive
- No rental guarantee offered; cash-flow risk rests entirely with the investor
- Unit price (6,502 – 6,897 €/m²) is in the upper band for west Athens; the product premium is only partly recovered in rent
- Area tolerance and contractual grace period not defined in the records
Opportunities
- The ground floor + private garden + two bedroom combination is scarce in local supply
- Furnished delivery opens access to the medium-term and corporate tenant segments
- A garden product slows turnover among pet-owning tenants and families with small children
- The upper step is cheap: the marginal cost per square metre from A2 to A1 is far below the scheme average
- Assembling all three units in one hand lowers management cost and spreads vacancy risk
- Price and payment terms are open to negotiation in a block-purchase scenario
- The outdoor kitchen and shading provision differentiate the listing and support rental pricing
- The near delivery horizon allows rental assumptions to be verified close to prevailing market conditions
Threats
- Uncertainty over completion of the change-of-use consent process; no payment should be made before the permit stage is confirmed
- Delivery risk — with no contractual grace period defined, the basis for a remedy may be weak
- The direction of tax and regulatory measures affecting foreign buyers; current confirmation required before purchase
- Resale liquidity for a ground-floor product may remain narrower than for an upper-floor one
- District rent levels may not cover the product premium paid over the long term
- Furniture wear and renewal in furnished letting may exceed the allowance made
- Changes in rental income taxation and common-cost burdens
- Simultaneous local supply around handover creating short-term rental pressure
09Investment view
Investment View: Conditionally Positive — Niche Product · Limited Inventory
A0175 is an investment built on product differentiation rather than on yield maximisation. The dominant product in the Athens rental market is the upper-floor apartment; the two-bedroom, walled-garden, separately entered and fully furnished ground-floor residence offered here occupies a rare position within local supply. That rarity carries the potential to slow tenant turnover and shorten vacancy. Against it, the unit price sits in the upper band for established west Athens stock, and the product premium paid is only partly recovered on the rental side.
Product Differentiation
Ground floor, private garden, independent street entrance and two bedrooms in one package; a scarce combination in local supply. A direct preference advantage in the family and pet-owning tenant segments.
Fast Activation
Delivery 31.12.2026 — a capital lock-up of roughly fifteen months. Fully furnished handover removes both the outlay before letting and the lead time to the first tenant.
Measured Yield
Indicative net yield falls in the 2.1% – 2.7% band. The product premium is paid in full on acquisition and partly recovered in rent; this is a stability asset, not a yield asset.