Arditos Residences

02Scheme and district overview

Layout and Concept

The scheme is produced by refurbishing an existing building within an established residential fabric on the Vyronas–Imittos boundary. The configuration is deliberately small: a collection of four private residences and a single common entrance serving all four. The inventory record describes the architectural language as natural materials and muted tones throughout, clean contemporary lines with timeless finishes and bright, open living and dining areas.

In a refurbishment the building envelope and structural frame are retained while the internal layout, finishes and services are rebuilt. That shortens the delivery timetable and reduces construction risk; in exchange, the scope of the refurbishment and the condition of the retained structural elements become the central question of the feasibility. The inventory record covers neither heading, and both are addressed separately in section 04.

Unit Configuration

• A single product type. All four residences are two-bedroom layouts. The usable-area band runs 62.65 – 69.64 m², which means a difference of roughly 11% between the bottom and the top of the band.
• Common entrance. One entrance serves all four units. The common-area burden is divided among a small number of owners — service charges remain predictable; in exchange, maintenance and improvement decisions depend on the agreement of four owners.
• Naming. The units are individually named The Agora, The Atelier, The Corner Residence and The Garden Residence. The naming indicates that the units differ from one another; however, which position, level or outdoor feature attaches to which unit, and the unit-level distribution of floor area, are absent from the inventory record and are to be confirmed with the developer.
• Bathroom provision. Each residence has one bathroom. In a two-bedroom product a single bathroom is a constraint for family tenants and should be weighed in rental pricing.

Location and Connectivity

The scheme sits on the immediate fringe of central Athens. The distances below are taken from the location information in the inventory record.

Reading the Connectivity

• Proximity to the centre is real. Syntagma 3.5 km, the National Garden 3 km, the Acropolis and Kolonaki 4 km. The scheme lies within the daily-life radius of central Athens, which for a long-term tenant translates directly into a shorter commute.
• The metro is not within walking distance. The nearest station is 2 km away, so daily use involves a bus or a car. That points to a different tenant pool from products positioned at the metro door: an established tenant who drives or has a short commute. The distinction should be recorded in pricing and in rental expectations.
• The advantage of a direct line. Once the station is reached, Line 2 runs to Syntagma without an interchange; access to the centre is completed on a single line.
• Character of the fabric. The Vyronas–Imittos boundary is described in the inventory record as an established residential fabric. This is a profile suited to long-term resident tenants rather than short-let tourism; the 29–31 km distance to the airport supports the same reading.
• Coast and port axis. Flisvos 9 km, Glyfada 11–12 km, Piraeus 13–14 km. This is not a coastal product; the coast is within the weekend radius, not the daily one.

03Residence mix and pricing

The table below contains all four rows of the Avla inventory record. Prices are the list prices held in that record; availability is as recorded at the date of this report and is subject to confirmation.

Reading the Pricing

• The price band and the area band are close to one another. The area band spans 11.2% (62.65 → 69.64 m²); the price band spans 13.6% (€440,000 → €500,000). The proximity of the two figures suggests pricing may have been set largely in proportion to area. That, however, is an inference: it is not confirmed in the record that the most expensive unit is the largest one.
• Two scenarios, two different outcomes. If the price order matches the area order one for one, the scheme's €/m² figures cluster around 7,030 and unit-level dispersion stays narrow. If it does not — if, say, the most expensive unit is mid-sized but has garden use or a corner position — the realised €/m² can widen to 7,982. In terms of square metres acquired for the same budget, the difference between the two scenarios is decisive.
• The naming is a pricing clue, not evidence. The Garden Residence sits at the top of the band (€500,000) and The Atelier at the bottom (€440,000). The naming suggests that differentiating features such as garden use or a corner position are reflected in price; but the extent of those features — whether the garden is for exclusive use, its size, the frontage gained by a corner position — is not defined in the record. A written description of each unit should be obtained before an offer.
• The entry point. The €440,000 floor should be read as the entry ticket to a refurbished two-bedroom product above 60 m² on the fringe of central Athens. This report assesses that level against the scheme's own internal structure rather than against district comparables; the comparable analysis should be built separately, with current evidence, at valuation stage.
• The spread within the band is narrow. The total price difference across the four units is €60,000. That points to pricing set consistently unit by unit, leaving no room for hunting a bargain unit; the choice will turn on the character of the unit rather than on price.
• Negotiating room depends on scale. On a four-unit inventory a seller's flexibility on the price of a single unit tends to be more limited than on larger schemes. In exchange, all four units being available — combined with the proximity of delivery — may create room to discuss the acquisition of more than one unit at once. This is not a finding but an option relating to offer strategy.
• No rental guarantee is priced in. The inventory record states that there is no rental guarantee for this scheme. The distinction should be weighed when comparing the list price against products that include a guaranteed return.

04Build character and specification

Build Type: Refurbishment

This is not a new build; it is produced by refurbishing an existing building. That carries three consequences for the feasibility. The first is favourable: the delivery timetable is short and construction risk is largely behind the product compared with schemes still under construction. The second is conditional: the quality of the envelope, the structural frame and the services infrastructure depends on the scope of the refurbishment. The third is decisive: the original construction year is the underlying variable behind the price, governing the seismic code generation, insurance terms, energy performance and the future maintenance budget.

The inventory record does not contain the original construction year. Without it, neither the position of a refurbished product in the resale market nor its long-term maintenance burden can be forecast. The information is to be confirmed with the developer.

Interior Specification

• Product type. Two-bedroom layout, 62.65 – 69.64 m² of usable area.
• Material language. Natural materials and muted tones throughout; clean contemporary lines with timeless finishes.
• Living space. Bright, open living and dining areas — in a two-bedroom plan, the volume of the shared space is decisive in tenant choice.
• Bathrooms. One bathroom per residence. In a two-bedroom product a single bathroom is a constraint for families or for two sharing tenants.
• Area advantage. The inventory record describes these units as the largest usable areas in the central Athens portfolio. The format advantage is the product's principal point of differentiation.

Headings to Confirm — An Honest Reading

05Indicative rent and gross yield

The rental figures in this section are indicative assumptions. They are not a precise market measurement and do not rest on a cited index; their purpose is to let the investor see the order of magnitude. The final calculation for each unit should be built alongside current, local rental evidence.

Reading the Tenant Base

The inventory record describes the district's rental profile as follows: Vyronas and the Pangrati axis let to an established local tenant base — families, academics and professionals — who want space and a short commute rather than a central address. Two-bedroom units above 60 m² are the scarce product in this market, and they hold tenants for longer terms than the small central stock.

This profile has two practical consequences. First, demand is not tied to the tourist cycle; vacancy risk and seasonality are low compared with products that depend on short-term letting. Second, tenancies run longer, which reduces management effort and re-letting costs — while also reducing how often the rent can be revised upward to market.

Indicative Calculation by Unit

Rent Required for a Target Yield

The table below inverts the calculation: instead of moving from a rental assumption to a yield, it gives the monthly rent required to reach a given gross yield on the list price. The weight of the assumption thereby passes from the report to the buyer — if that rent is achieved in the market the target holds; if it is not, it does not.

Commentary

On the list price, the indicative band produces a gross yield of 2.2% – 3.3%. That is a measured band for a yield-driven portfolio, and the report should record it plainly: the investment case for A0177 does not rest on rental yield. It rests on three headings — a scarce product format (two bedrooms above 60 m²), the proximity of delivery (the capital lock-up is measured in weeks) and freehold ownership within an established fabric 3–4 km from the centre.

The yield band can be lifted in three ways, all of them subject to confirmation. Furnished handover and a medium-term letting structure raise the achievable rent. Parking at unit level is reflected directly in rent in a location where car use is common. Outdoor space — a garden or a generous terrace — produces a rental premium on the same floor area. None of the three is defined in the inventory record, so this report has excluded them; if confirmed, the table above must be rebuilt.

On rental guarantees: the inventory record states that there is no rental guarantee for this scheme. The yield calculation is therefore built entirely on market rent, and the distinction should be weighed when comparing against products that offer a guaranteed return.

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.

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, planning status, title-unit definitions and common-area shares. On a refurbishment, the renovation permit, the certificate of use and the horizontal-ownership structure as updated after the works must also be examined.
• Technical due diligence. An item-by-item schedule of the refurbishment scope: which of the structural frame, roof, façade, insulation, electrical and plumbing installations have been renewed. That schedule is the only basis for the post-handover maintenance budget.
• Verification of physical completion. Given the proximity of delivery, a site inspection at offer stage and a first-hand view of the state of completion are recommended.
• Unit schedule. Written confirmation of floor area, level, outdoor space, parking and storage for each residence — reducing the €/m² band in this report to a single figure depends on it.
• Annual charges. Property tax (ΕΝΦΙΑ), building service charges, insurance and taxation on rental income all form part of operating costs.
• Golden Visa assessment. The thresholds, zoning and application route under the programme are a matter for legal assessment per unit under the legislation in force; this report contains no eligibility assessment.

08Swot