Feasibility report
Pirea Katerina Residences
This report examines, at unit level, a five-unit new-build product occupying the entire second floor of a five-storey building in central Piraeus: the complete inventory, a reading of the pricing, location and tenant-base analysis, indicative rent and yield, ownership and delivery terms, the items still to be confirmed, and a risk assessment.
01Executive summary
A0179 is a five-unit new-build residential product forming the entire second floor of a five-storey building in central Piraeus. All five residences share the same layout: a living room, a kitchen, two bedrooms and one bathroom. Areas run from 47.33 to 60.83 m² and list prices from €285,000 to €362,000. The product mix is deliberately singular — the scheme does not offer variety; it repeats one rental product across a single floor.
Three factors define the investment case. The first is location: 500 m to the metro and rail station, 600 m to the port and 600 m to the commercial centre; central Athens is roughly 20 minutes by metro and the airport 55–60 minutes with no change. The second is the breadth of the tenant base: port employment, the university, the state hospital and city-centre office demand are four independent sources of demand, none of which is decisive on its own. The third is the short capital lock-up: delivery is scheduled for the end of January 2027, roughly four months from the date of this report — unusually short for a product bought off-plan.
Against that, the report records two points from the outset. First, the two-bedroom units have only one bathroom. Second, parking, storage, energy class, the heating and cooling system, and the ownership and use of the other floors of the building are absent from the record, and each of these is to be confirmed in writing by the developer. These headings should be settled before a decision is taken, for rental pricing as well as for resale liquidity.
- Reference
- A0179 · Piraeus · Athens
- Building type
- New build · five-storey building · the whole second floor
- Inventory
- 5 residences — all two-bedroom
- Availability
- 5 available (per the record at the date of this report; subject to confirmation)
- Unit layout
- Living room, kitchen, two bedrooms and one bathroom in every unit
- Net interior area
- 47.33 – 60.83 m² · 270.09 m² in total
- Total area
- Balcony and outdoor dimensions absent from the record — to be confirmed with the developer
- Price range
- €285,000 – €362,000 · €1,622,000 for the whole floor
- €/m² net
- 5,951 – 6,121 · scheme average 6,005 (area-weighted)
- Energy and systems
- Energy class and heating/cooling system absent from the record — to be confirmed with the developer
- Specification
- Fitted kitchen with dining area · built-in wardrobes · contemporary finishes with timber-slat detailing
- Parking
- Absent from the record — to be confirmed with the developer
- Storage
- Absent from the record — to be confirmed with the developer
- Rental guarantee
- None — no rental guarantee is offered on this scheme
- Ownership
- Freehold title
- Delivery
- End of January 2027 · under construction
- Area tolerance
- Absent from the record — to be sought and confirmed in the contract
02Scheme overview
Layout and Concept
The product consists of five residences occupying the entire second floor of a five-storey building in central Piraeus. It is this floor, not the whole building, that sits in the Avla portfolio. All five units are two-bedroom; each has a living room, a kitchen, two bedrooms and one bathroom. The living areas are proportioned to draw in natural light, and the interior finishes use a contemporary language with timber-slat detailing.
For the investor this configuration has two direct consequences. The first is floor integrity: all five units are available at the date of this report, so the floor can be acquired as a whole. The second is product uniformity: a single product type gives a repeatable position in the rental market, but offers no scope for diversification within the portfolio.
Inventory Summary
| Size band | Units | Type | Floor | Net area | Price band | €/m² avg. |
|---|---|---|---|---|---|---|
| Compact (47 – 52 m²) | 2 | 2-bed | 2nd floor | 47.33 – 51.30 m² | €285,000 – €314,000 | 6,073 |
| Mid (54 – 56 m²) | 2 | 2-bed | 2nd floor | 54.66 – 55.97 m² | €327,000 – €334,000 | 5,975 |
| Large (above 57 m²) | 1 | 2-bed | 2nd floor | 60.83 m² | €362,000 | 5,951 |
| Floor total | 5 | 2-bed | 2nd floor | 270.09 m² | €1,622,000 | 6,005 |
Location and Access
The product sits in central Piraeus. The access data below is taken from the listing record and is given at district level.
- Public transport. Metro and rail station 500 m — about a six-minute walk. Central Athens roughly 20 minutes by metro; a direct metro connection to the airport in 55–60 minutes.
- Port and commerce. Piraeus Port 600 m — about a seven-minute walk. The Piraeus commercial centre 600 m; the Piraeus Municipal Theatre 700 m.
- Institutions. University of Piraeus 1.2 km; Tzaneio General Hospital 1.5 km.
- Coast and culture. Marina Zeas – Pasalimani 1.7 km; Mikrolimano 2.5 km; Stavros Niarchos Foundation Cultural Center 5.5 km.
Reading the District
Central Piraeus is an employment and service centre in its own right within the Athens metropolitan area; it is not a dormitory suburb. The distinction matters for the rental analysis: demand rests not on a population commuting into central Athens but on the employment and education clusters within the district itself. Port operations and the shipping, logistics and service firms attached to them generate year-round professional demand; the university feeds student demand and the state hospital medical-staff demand.
On top of that sits the two-way effect of the direct metro connection. In one direction, around twenty minutes to central Athens makes Piraeus a genuine alternative for a tenant who works in the centre but does not wish to pay centre prices. In the other, a direct link to the airport puts short-stay demand within reach — to the extent that regulation permits it. A station within walking distance is the condition that makes both effects usable in practice.
03Unit mix and pricing
The table below contains all five rows in the Avla inventory record. The record holds no more than five units; the table is the inventory in full. Prices are the list prices at the date of this report; availability is per the record and subject to confirmation.
Unit Schedule
| Unit | Floor | Layout | Net m² | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|
| B1 | 2nd Floor | 2-bed | 51.30 | €314,000 | 6,121 | Available |
| B2 | 2nd Floor | 2-bed | 47.33 | €285,000 | 6,022 | Available |
| B3 | 2nd Floor | 2-bed | 55.97 | €334,000 | 5,967 | Available |
| B4 | 2nd Floor | 2-bed | 60.83 | €362,000 | 5,951 | Available |
| B5 | 2nd Floor | 2-bed | 54.66 | €327,000 | 5,982 | Available |
| Floor total (5 units) | 270.09 | €1,622,000 | 6,005 | |||
Reading the Pricing
- The band is exceptionally narrow. €/m² net figures cluster between 5,951 and 6,121; the gap between the extremes is only 2.9%. The area-weighted scheme average is 6,005. That narrowness shows pricing has been set consistently unit by unit and that there is no overlooked unit on the list; it leaves no room for bargain-hunting.
- There is no floor premium. All five units sit on the same floor. Since area (and, in all likelihood, aspect or corner position) is the only variable creating a price difference in A0179, the floor-premium discussion seen in other schemes does not apply here. That simplifies the comparison: the buyer chooses on area and positioning alone.
- The marginal square metre is cheaper than the average one. Moving from the smallest unit (B2 · 47.33 m² · €285,000) to the largest (B4 · 60.83 m² · €362,000) costs €77,000 for 13.50 m² — that is €5,704 per additional square metre. That figure sits below the scheme average of 6,005. The conclusion: larger units are more efficient per square metre, and a buyer whose budget allows will find better unit cost in B3 and B4.
- B1 sits outside the band and needs explaining. Although B1 is the second-smallest unit at 51.30 m², it carries the highest rate on the list at €6,121 per m² — 2.9% above B4. Across the other four units the rate falls steadily as area grows (6,022 → 5,982 → 5,967 → 5,951); B1 breaks that pattern. The reason for the difference — aspect, corner position, outdoor space, view or a plan advantage — is absent from the inventory record and is to be confirmed with the developer. If no justification can be evidenced, B1 is the unit on the list most open to negotiation.
- The entry ticket sits in a narrow range. The gap between the lowest and highest price on the list is €77,000, an ordinary spread for a five-unit schedule; but the absolute entry threshold of €285,000 corresponds to the middle rather than the lower band for a new-build two-bedroom unit in central Piraeus. The price rests not on cheap square metres but on location and new-build status.
Whole-Floor Acquisition Scenario
Because all five units are available, acquiring the floor as a whole is an open option at the date of this report. The total consideration is €1,622,000 for a total net area of 270.09 m², giving an average unit price of €324,400 and an average unit area of 54.02 m².
That scenario has three practical consequences. The first is negotiating power: acquiring five units in a single transaction is real leverage for a discount to list and for flexibility on the payment timetable — though no discount rate for multiple purchases appears in the record at the date of this report, and it is to be negotiated separately at offer stage. The second is management efficiency: letting five units on the same floor through a single channel lowers management and maintenance cost per unit. The third is concentration risk: holding the entire position in one building, one floor and one product type means any adverse event at building level feeds through to all five units at once.
04Build quality and specification
Interior and Specification
All five units are built to the same specification. The headings recorded are set out below; nothing absent from the record has been added to this report.
- Plan layout. A living room, a kitchen, two bedrooms and one bathroom in every unit. A two-bedroom layout in a 47.33 – 60.83 m² band means a compact but workable distribution.
- Kitchen. Fitted kitchen with a dining area — ready for use on handover, with no further kitchen outlay before letting.
- Storage. Built-in wardrobes. Demand for storage is high in compact products; built-in wardrobes meet the in-unit part of that demand.
- Finishes. Contemporary finishes with timber-slat detailing; living areas well proportioned for natural light.
- Bathroom. One bathroom per unit. In a two-bedroom product a single bathroom is a clear constraint in the sharer segment; for couples and small families it remains an acceptable standard.
Items Subject to Confirmation — An Honest Reading
The headings below do not appear in the inventory or listing record. This report does not speculate about them; each is to be obtained in writing from the developer before an offer is made.
| Item | Position in the record | What it means for the investor |
|---|---|---|
| Parking | Absent from the record | Central Piraeus has a dense urban fabric and limited street parking. If parking is included it commands a direct premium in rental pricing; if not, the car-owning tenant segment narrows. To be settled before an offer. |
| Storage | Absent from the record | Two-bedroom products attract demand for luggage, seasonal-item and bicycle storage. Built-in wardrobes meet part of that demand; a separate store adds value where it exists, and where it does not the gap is met with in-unit solutions. |
| Energy class | Absent from the record | Tenants decide on the sum of rent and energy bill. New-build status creates an expectation of a high energy class, but an expectation is not a certificate; the energy performance certificate to be issued on handover should be required in the contract. |
| Heating and cooling system | Absent from the record | The type of system (heat pump, boiler, individual air conditioning) determines both running costs and whether further outlay is needed before letting. |
| Outdoor space (balcony) | No dimensions in the record | In a central location a balcony makes a measurable difference to rental pricing. Without confirming whether it exists and its dimensions, no total-area calculation can be built. |
| Area tolerance | Absent from the record | A standard clause in off-plan purchases. The tolerance percentage and the price-adjustment mechanism applying where it is exceeded should be sought in the contract. |
| The other floors of the building | Absent from the record | Only the second floor of the five-storey building is in the portfolio. The ownership, intended use (residential or commercial) and delivery status of the other floors bear directly on common-area management and the apportionment of service charges. |
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.
The Tenant Base
Rental demand in central Piraeus does not rest on a single source, and this is A0179's greatest strength. Four independent sources can be counted: port and shipping employment (year-round and largely free of seasonality), university students (tied to the academic calendar and well suited to sharing in a two-bedroom unit), professionals working in central Athens (a direct consequence of the metro within walking distance) and international visitors (short-stay accommodation, to the extent regulation permits). Since none of the four is decisive on its own, a contraction in any one of them does not collapse total demand.
The two-bedroom layout sits at the centre of that picture: it addresses a wider range of tenants than a one-bedroom product does — couples, small families, two students, two professionals. Against that, a single bathroom per unit limits the rent achievable in a sharing scenario, and this has been taken into account in the rental assumption.
Typical Unit Calculation
The calculation is built on two units: B2, the entry ticket and the smallest unit on the list, and B4, the largest and highest-priced. These two extremes also set the band for the three units in between.
| Item | B2 | B4 |
|---|---|---|
| Net interior area | 47.33 m² | 60.83 m² |
| Layout | 2-bed · one bathroom | 2-bed · one bathroom |
| List price | €285,000 | €362,000 |
| €/m² net | 6,022 | 5,951 |
| Approximate all-in cost (≈ 8%) | ≈ €307,800 | ≈ €391,000 |
| Indicative monthly rent | €800 – €1,000 | €900 – €1,150 |
| Indicative annual gross rent | €9,600 – €12,000 | €10,800 – €13,800 |
| Gross yield — on list price | 3.4% – 4.2% | 3.0% – 3.8% |
| Gross yield — on all-in cost | 3.1% – 3.9% | 2.8% – 3.5% |
| Indicative net yield (after operating costs) | 2.4% – 3.0% | 2.2% – 2.8% |
Commentary
The figures sit within the band expected of a central, new-build product. What stands out is that the smaller unit is the more efficient on yield: B2 produces 3.4% – 4.2% on list price against B4's 3.0% – 3.8%. The reason is that rent does not rise linearly with area — in a central location rent depends far more on position and room count than on square metres. It follows that small units suit the investor chasing yield and large units the investor chasing area efficiency; in A0179 these two objectives pull against each other, and the buyer must decide at the outset which one takes priority.
The yield band should be read together with the low vacancy risk that the central location brings. Demand spread across four independent sources, and a station within walking distance, both shorten void periods. Against that, the product carries no ambitious yield promise; indicative annual net yield sits in the 2.2% – 3.0% band.
On the subject of a rental guarantee: no rental guarantee is offered on this scheme. Yield risk therefore rests entirely with the investor, and the calculation above contains no committed-income item.
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 new builds 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. |
| 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. Completing it before the preliminary contract shortens the transaction timetable on an off-plan purchase.
- Bank account. Payments must be made through banking channels with a documented source of funds. Source-of-funds evidence (sale proceeds, income, inheritance and the like) should be prepared in advance.
- Power of attorney. Where the buyer will not be in Greece at the time of the transaction, a power of attorney with a clearly defined scope should be drawn up. Delivery at the end of January 2027 leaves a reasonable window to prepare it.
- Legal and technical due diligence. Title history, planning status, building permit and title-unit definitions. For this product it is also necessary to examine the horizontal-ownership structure of the building as a whole and the definition of the second-floor units as separate title units.
- Common areas and management. Since only one floor of the five-storey building is in the portfolio, the management arrangement, the definition of common areas and the basis for apportioning service charges should be examined before purchase.
- Annual charges. Property tax (ΕΝΦΙΑ), building service charges, insurance and taxation on rental income all form part of operating costs and are covered by the 22% assumption used in section 05.
07Payment, ownership and delivery
Ownership Structure
Residential ownership in Greece is freehold; there is no leasehold regime. The inventory record confirms freehold title for this product. 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.
The particular point to note here is that only one floor of the building sits in the portfolio. Under the horizontal-ownership arrangement, the land shares of the second-floor units, their rights over common areas and their standing in the management arrangement will have been settled together with the owners of the other floors. The text of that arrangement should be examined before purchase.
Delivery and Timing
- Scheduled delivery: end of January 2027. The scheme is under construction at the date of this report.
- Capital lock-up: roughly four months separate the date of this report from handover. That is a short period for an off-plan product and a distinct advantage of A0179: capital does not sit idle for long, and the rental assumptions can be expected to hold largely good between today and delivery.
- Contractual grace period: no grace period is defined in the record. It is a standard clause in off-plan contracts; its length and the remedy applying if it is exceeded should be sought in the contract and confirmed with the developer.
- Area tolerance: absent from the record. The tolerance percentage and the price-adjustment mechanism applying where it is exceeded should be sought in the contract.
- Construction progress: on a scheme four months from delivery, the actual stage of completion should be verified on site or through an independent technical report. A short delivery horizon makes progress verification both easier and necessary.
Payment Schedule
No standard instalment schedule has been shared for the scheme at the date of this report. On schemes under construction, payment is typically structured as a preliminary contract followed by tranches linked to construction progress; the definitive schedule is set per unit in the contract. On a scheme four months from delivery, few tranches at short intervals would be expected. It is recommended that the payment timetable be obtained in writing at offer stage and that tranches be tied to evidence of construction progress.
Pre-Contract Checklist
1. Written confirmation of parking, storage, energy class, the heating and cooling system and balcony dimensions · 2. The ownership and use of the other floors, the management arrangement and the basis for apportioning service charges · 3. Area tolerance and the price-adjustment clause for variance · 4. Delivery date, contractual grace period and the remedy applying on delay · 5. Payment tranches tied to evidence of construction progress · 6. Legal confirmation of the tax regime that will be in force at the moment of transfer · 7. The energy performance certificate and the scope of the build warranty provided on handover · 8. Where a multiple purchase is contemplated, written negotiation of discount and payment flexibility.
08Swot
Strengths
- 500 m to the metro and rail station — about a six-minute walk; central Athens ~20 minutes
- Direct metro connection to the airport — 55–60 minutes
- Tenant base spread across four independent sources: port, university, hospital, central office demand
- About four months to delivery — unusually short capital lock-up for an off-plan product
- Freehold title
- A two-bedroom layout addresses a wider range of tenants than a one-bedroom product
- Very narrow €/m² band (5,951 – 6,121, 2.9%): pricing consistent unit by unit
- Fitted kitchen and built-in wardrobes ready for use on handover
- The whole floor is available — open to multiple-unit or whole-floor acquisition
Weaknesses
- Parking, storage, energy class and heating/cooling system absent from the record — confirmation required before a decision
- Two-bedroom units have one bathroom; this caps achievable rent in a sharing scenario
- Inventory limited to five units; choice and in-portfolio diversification are narrow
- A single product type (two-bedroom only); no scope to address different demand segments
- Only one floor of the building is in the portfolio — common-area management and service-charge apportionment unclear
- Balcony and outdoor dimensions absent from the record; no total-area calculation can be built
- No rental guarantee — yield risk rests entirely with the investor
- Indicative net yield band is measured (2.2% – 3.0%)
- The higher rate on B1 (6,121) is not evidenced
Opportunities
- Whole-floor or multiple-unit acquisition — five units in one transaction is real leverage on discount and payment flexibility
- The marginal square metre sits below the average (€5,704 / m²): larger units are advantaged on unit cost
- Smaller units are the more efficient on yield — unit selection can follow the objective
- If no justification can be evidenced, B1 is the unit most open to negotiation
- The short delivery horizon raises the likelihood that today's rental assumptions still hold at handover
- The direct airport connection leaves a short-stay option open to the extent regulation permits
- Limited new-build supply in central Piraeus may give a positioning advantage on delivery
Threats
- Risk of delayed delivery — with no contractual grace period in the record, the remedy is undefined
- As transfer will occur in 2027, the transfer tax regime in force at that date may change acquisition costs
- A tightening of short-term letting regulation narrowing that source of demand
- Concentration in one building and one floor — any adverse event at building level feeds through to all five units
- The effect of noise, aspect and parking constraints on achievable rent in a dense urban fabric
- Changes in the taxation of rental income and in service-charge burdens
- The effect of interest rate and currency conditions on buyer demand
09Investment view
Investment View: Positive — Location-Led · Subject to Confirmation
A0179 is a coherent product built on the quality of its location and the breadth of its tenant base in central Piraeus. The scheme rests not on an ambitious yield promise or a rich specification list but on the right product type in the right district: new-build two-bedroom apartments within walking distance of the station, four months from delivery and ready for use on handover. Pricing is consistent unit by unit and the €/m² band is very narrow. Against that, the decision turns on written confirmation of seven headings absent from the inventory record.
Location Quality
Metro and rail station 500 m, port 600 m, commercial centre 600 m. Central Athens ~20 minutes; a direct connection to the airport in 55–60 minutes. A station within walking distance is what makes the location's rental value usable in practice.
Tenant Base
Port employment, the university, the state hospital and central office demand — four independent sources. Since none is decisive on its own, a contraction in any one of them does not collapse total demand.
Short Capital Lock-up
About four months to delivery. Capital does not sit idle for long, and the likelihood that the rental assumptions still hold at handover is markedly higher than on long-dated schemes.