Glyfada Maison Residences

02Scheme and location

Layout and Concept

The scheme occupies a contemporary five-storey building in Glyfada. The units offered for sale are the five residences on the building's first floor, produced through the renovation of the existing structure. The approach is boutique in scale: a small number of units, a single product type and uniformity of handover standard. For the investor this has two direct consequences — competition from simultaneous lettings within the same building is limited, but the range of choice is narrow and the room for negotiation is more constrained than on a large scheme.

The interior layout is designed to widen the perception of a compact floor area: a track-lit open-plan living and dining space, a warm neutral palette and a plan configured to maximise natural light. The bathroom features a glass-enclosed rain shower, a backlit LED mirror and matte black fittings. All units have a single bathroom.

Building and Inventory Summary

Location and Access

Reading the Location

Glyfada is the centre of the Athens Riviera and the only suburb along the coastal axis that functions as a town centre in its own right. The shopping street, the density of restaurants and services, the schools, the medical facilities and the golf club are all concentrated in the same area. That density makes the suburb not only the most expensive but also the most liquid sub-market on the Riviera: buyers and tenants are present year-round.

What matters most about the tenant base is that this demand is not tied to the tourist cycle. The suburb draws on three separate and independent sources of demand: white-collar professionals, diplomatic and corporate tenants, and long-stay international residents. Furnished one-bedroom stock close to the shopping district is the tightest segment of that market, and it is the segment least exposed to seasonal swings.

The central strand of the medium-term value story is the Ellinikon regeneration area, 4 km from the scheme. The potential for that proximity to support local demand is real, but it is an expectation, not a commitment. The investment decision should stand on its own without being tied to the delivery timetable of that regeneration.

03Unit mix and pricing

The table below contains all five rows in the Avla inventory record. The inventory consists of five units and no more; this report has not generated a single apartment, door number, square metre or price absent from the record in order to lengthen the table. Prices are those recorded at the date of this report; availability is subject to confirmation.

Unit Schedule

Reading the Pricing

• One product, two price points. The inventory comprises two sizes: the 46 m² units at €510,000 and the 41 m² unit at €500,000. The absolute price band is just €10,000 wide — 2% of the entry price. That narrowness shows pricing set not unit by unit but as a single decision at scheme level.
• The lowest price carries the highest cost per square metre. The 41 m² Unit 03, which is the entry ticket, is the most expensive unit in the inventory per square metre at 12,195 €/m². The 46 m² units stand at 11,087 €/m². The difference is 10.0%. In other words, an entry ticket €10,000 lower is bought at a tenth more per square metre.
• The marginal square metre is very cheap. Moving from 41 m² to 46 m² costs €10,000 for the additional 5 m² — that is €2,000 per square metre. With an inventory average of 11,341 €/m², those five extra square metres come in at roughly one sixth of the average square-metre price. If the budget stretches to €510,000, the 46 m² unit is unambiguously the more efficient purchase. This is the clearest and most readily actionable decision in the inventory.
• There is no floor premium. All five units are on the same floor, so the price difference derives entirely from area. The conclusion follows: aspect, orientation and outlook are not reflected in the price. Meaningful differences of that kind are likely to exist among the three 46 m² units sold at the same price; which unit faces which aspect, its position relative to noise sources and to neighbouring buildings, should be assessed on site or from the plans before an offer is made. Equal pricing does not mean equivalent units.
• The inventory has no depth. Four available units means, in practice, two options: 46 m² (three units, one price) or 41 m² (a single unit). That works in two directions — competition from simultaneous lettings or resales within the same building is limited, but the buyer's negotiating leverage and ability to generate alternatives are weak.

Pricing in its Local Context

A band of 11,087 – 12,195 €/m² is pricing at the upper end of Glyfada. How that band should be read is the most important judgement in this report, and it should be stated plainly: this price cannot be defended by a rental multiple. The indicative calculation in section 05 shows the band corresponding to a net yield of around 2%. The defence of the price rests on three other pillars:

• Liquidity of the address. Glyfada has the deepest buyer pool on the Riviera. What a high square-metre price buys is a short time to find a buyer on exit — something absent in cheaper but thinly traded suburbs.
• Handover standard. Fully furnished delivery is included in the price. In a 41 – 46 m² unit a quality furniture and appliance package is a material sum in its own right, and this item explains part of the square-metre price. The scope of the package, with brand and model schedule, must be annexed to the contract — otherwise this component of the price becomes impossible to measure.
• Timing. Delivery is roughly three months away. On a scheme under construction, a buyer absorbs two or three income-free years by expecting a discount on price. Here there is no such wait; capital can begin producing rent within a short period. That legitimately explains part of the price band.

04Build, specification and handover standard

Build Type — As Recorded

The inventory record shows the build type for all five units as "renovation of an existing building". This is a different product from ground-up new construction, and because the price band sits at new-build level it is a direct matter for assessment by the investor. The building's original construction year is not present in the record available to us, and this report does not estimate it; it must be confirmed in writing by the developer.

On renovation schemes the decisive question is where the scope begins and ends. An interior refurbishment and a comprehensive renovation covering the structural frame, roof, façade, primary services and common areas are two entirely different products in both cost and remaining life. That distinction cannot be read from the price; it can only be read from a written scope document.

Handover Standard and Specification

• Furniture. Units are handed over fully furnished. Requiring no further outlay before letting is the most tangible factor shortening the interval between handover and first rent.
• Living space. Track-lit open-plan living and dining area; warm neutral palette and contemporary finishes; a plan configured to maximise natural light.
• Bathroom. Glass-enclosed rain shower, backlit LED mirror, matte black fittings. All units have a single bathroom.
• Scale. Five residences on the first floor of a five-storey building; boutique in scale, with a limited number of units.

Items for Confirmation — An Honest Reading

The table below lists the headings absent from the record available to us. None has been estimated. All of them should be closed in writing at offer stage; the conclusion of this feasibility assessment depends in large part on how this table is completed.

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.

Typical Unit Calculation

The calculation is built on the two sizes in the inventory: Unit 03, the 41 m² entry ticket, and Unit 01, which at 46 m² represents the majority type (the same calculation applies to Units 02 and 04).

Commentary

The figures sit within the band expected in the prime suburbs of the Athens Riviera, and they are plainly measured. This is not a yield product. The indicative net yield is around 2%; rent alone does not defend this price band. The rationale for the investment must be sought not in the rental multiple but in three other places: the liquidity of the address, the short period remaining to delivery, and a handover standard that accelerates the move into letting.

On the demand side, the strongest characteristic of the location is its independence from seasonality. Glyfada holds the strongest year-round rental demand on the Riviera, drawn from white-collar professionals, diplomatic and corporate tenants, and long-stay international residents. Furnished one-bedroom stock close to the shopping district is the tightest segment of that market and the one least exposed to seasonal swings. Vacancy risk is therefore low — but low vacancy risk does not compensate for a low yield; it only makes it predictable.

There is no rental guarantee. The inventory record is explicit on this heading: no rental guarantee is offered on this scheme. Both the bottom and the top of the band above therefore depend entirely on market performance and are supported by no contractual security.

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.

In cash terms for this property the band means approximately €35,000 – €45,000 on the €500,000 Unit 03 and approximately €36,000 – €46,000 on the €510,000 units. At the 8% assumed in the calculations, that is roughly €40,000 and €40,800 respectively. The amount should be added to the budget from the outset; the yield calculation is likewise built on the figure inclusive of these costs.

Pre-Transaction Requirements

With delivery roughly three months away, preparation ahead of the transaction needs to move quickly. Several of the items below take time and should be started early.

• Tax number (ΑΦΜ). A precondition for acquiring property in Greece; it can be obtained by power of attorney. The timeline depends on how quickly the power of attorney is drawn up and apostilled.
• Bank account. Payments must be made through banking channels with a documented source of funds. Account opening and source-of-funds documentation can run to several weeks depending on the buyer's country of residence; given the delivery timetable, this is the first item to start.
• Power of attorney. If the buyer will not attend in person, a power of attorney with a correctly defined scope must be prepared and the apostille process completed.
• Legal due diligence. Title history, encumbrance and mortgage checks, planning status, title-unit definitions; on a renovation scheme, also the building permit, the refurbishment permit and the legal basis of the renovation scope. On this property the centre of gravity of the legal review is verifying that the renovation was carried out under permit and in compliance with the applicable rules.
• Technical due diligence. Inspection of the renovation scope on site; the condition of the structural frame, roof, façade and primary services. Because the building's original construction year is absent from the record, an independent technical survey carries more than routine importance on this property.
• Furniture schedule. As fully furnished delivery is included in the price, an item-by-item inventory of the package with brand and model schedule must be annexed to the contract. Otherwise a dispute over scope arises at handover and this component of the price becomes impossible to measure.
• Annual charges. Property tax (ΕΝΦΙΑ), building service charges, insurance and taxation on rental income all form part of operating costs. In boutique-scale buildings the common-area charge per unit can be higher; an estimate should be requested in writing.

07Payment, ownership and delivery

Ownership Structure

Residential ownership in Greece is freehold; there is no leasehold regime. The inventory record expressly states full freehold title for this property. 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.

One further point applies here: the five units offered are on the first floor only of a five-storey building. The use and ownership of the building's other floors are not in the record. Whether a horizontal ownership deed (σύσταση οριζόντιας ιδιοκτησίας) is in place, how common-area shares are apportioned and what the management arrangement provides should all be examined at offer stage.

Delivery and Timing

• Scheduled delivery: 31 December 2026.
• Capital lock-up: roughly three months separate the date of this report from handover. This is a distinct advantage over schemes under construction: capital sits idle for only a short period and the unit can reach the 2027 letting season.
• Contractual grace period: not in the record — the grace period defined in the contract and the remedy applying on delay should be confirmed.
• Area tolerance: not in the record — the tolerance rate and the price-adjustment mechanism where it is exceeded should be sought in the contract.
• Scope of handover: fully furnished. Annexing that scope to the contract is essential.

Payment Schedule

No standard instalment schedule has been shared for the scheme at the date of this report. On a scheme roughly three months from handover, the payment structure is configured differently from one under construction: there are few tranches and the weighting sits close to the handover date. It is recommended that the payment timetable be obtained in writing at offer stage, that any sum paid between preliminary contract and transfer of title be secured, and that the remaining tranches be conditioned on handover.

08Swot