Feasibility report
Elliniko Boutique Residences
This report examines the eight-home boutique building within walking distance of the metro in Elliniko at unit level: the complete inventory, a reading of the pricing, specification and delivery standard, indicative rent and yield, ownership and delivery terms, and a risk assessment.
01Executive summary
A0219 is a boutique building of eight homes in Elliniko, one of the fastest-changing districts of the Athens Riviera, arranged over four levels: ground floor and mezzanine, two upper floors and a roof terrace. The product mix is deliberately broad: four garden duplexes, two single-level ground-floor apartments, a premium full-floor residence and a penthouse duplex with a roof garden. Every home is offered fully furnished and turnkey.
Three factors define the investment case. The first is location: the building sits right next to The Ellinikon, one of Europe's largest urban regeneration projects, within walking distance of the metro and about five minutes from the beach. The second is the turnkey product: fully furnished delivery including branded appliances removes the need for further outlay before letting. The third is two distinct segments: the ground-level homes in the €290,000 – €330,000 band address the entry segment, while the €750,000 and €800,000 upper-floor residences address the upper segment.
Against that, the report records two points from the outset: the delivery schedule, building type and energy class are to be confirmed by the developer, and parking and storage are likewise subject to confirmation. These headings should be settled in writing at offer stage, for the timing of the yield calculation as well as for resale liquidity.
- Reference
- A0219 · Elliniko · Athens Riviera
- Building
- Four-level boutique building · ground + mezzanine, 1st floor, 2nd floor and roof terrace · lift
- Inventory
- 8 residences — 4 garden duplexes, 2 single-level apartments, 1 full-floor residence, 1 penthouse duplex
- Availability
- 7 available · 1 sold
- Net interior area
- 41.23 – 132.78 m²
- Total area
- 41.23 – 254.24 m² (including terraces and outdoor areas attached to the unit)
- Outdoor space
- Private gardens or courtyards with the ground-floor duplexes · 26.91 m² outdoor area with G6 · 121.46 m² of terraces and roof garden with BC
- Price range
- €290,000 – €800,000 (list, 24.09.2026)
- €/m² net
- 5,869 – 7,079 · scheme average 6,575
- Specification
- Fully furnished, turnkey · branded appliances · built-in oven and hob · fitted wardrobes · walk-in showers
- Energy and systems
- To be confirmed by the developer
- Parking
- To be confirmed by the developer
- Storage
- To be confirmed by the developer
- Delivery
- To be confirmed by the developer
02Scheme overview
Layout and Concept
The building sits within the residential fabric of Elliniko, next to The Ellinikon regeneration area. The four-level arrangement is small in scale: the ground floor and mezzanine are given to garden duplexes and single-level apartments, the first floor to a single full-floor residence, and the second floor and roof to a penthouse duplex with a roof garden. The architectural language is contemporary and minimal: floor-to-ceiling glazing, warm wood and natural stone textures, and pergola-covered garden areas.
Distribution by Level
| Level | Apartments | Duplexes | Total units | Net area band | Price band | €/m² avg. |
|---|---|---|---|---|---|---|
| Ground + mezzanine | 2 | 4 | 6 | 41.23 – 56.23 m² | €290,000 – €330,000 | 6,750 |
| 1st floor + 2nd floor / roof | 1 | 1 | 2 | 120.00 – 132.78 m² | €750,000 – €800,000 | 6,138 |
| Scheme total | 3 | 5 | 8 | 41.23 – 132.78 m² | €290,000 – €800,000 | 6,575 |
Floor Arrangement
- Ground floor and mezzanine. Four garden duplexes (GM1 – GM4) connect the ground floor to the mezzanine by an internal spiral staircase; each has a private garden or courtyard. Two single-level apartments sit on the same level: G5 (42.65 m², sold) and the two-bedroom G6 (56.23 m² with a 26.91 m² outdoor area).
- First floor. A1 is a premium full-floor residence of 120.00 m² net, with three bedrooms and two bathrooms.
- Second floor and roof. BC is a 132.78 m² net penthouse duplex spanning the second floor and the roof level, with 121.46 m² of terraces and roof garden; the roof carries a jacuzzi and a barbecue area.
03Unit mix and pricing
The tables below contain all eight rows of the Avla inventory record. Prices are list prices dated 24.09.2026; availability reflects the record at the date of this report and is subject to confirmation.
Garden Duplexes
| Unit | Floor | Net m² | Total m² | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|
| GM1 | Ground + mezz. | 41.23 | 41.23 | €290,000 | 7,034 | Available |
| GM2 | Ground + mezz. | 45.39 | 45.39 | €305,000 | 6,720 | Available |
| GM3 | Ground + mezz. | 42.56 | 42.56 | €300,000 | 7,049 | Available |
| GM4 | Ground + mezz. | 42.38 | 42.38 | €300,000 | 7,079 | Available |
| Garden duplexes (4) | 41.23 – 45.39 | €290,000 – €305,000 | 6,970 | |||
Single-Level Apartments
| Unit | Floor | Net m² | Total m² | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|
| G5 | Ground | 42.65 | 42.65 | — | — | Sold |
| G6 | Ground | 56.23 | 83.14 | €330,000 | 5,869 | Available |
| Single-level apartments (2) | 42.65 – 56.23 | €330,000 | 5,869 | |||
Upper-Floor Residences
The top two levels of the building are given to two large homes. A1 is a three-bedroom full-floor residence and BC a penthouse duplex with a roof garden; both are priced below the ground-level homes on a per-square-metre basis — a difference worth weighing when selecting a unit.
| Unit | Floor | Net m² | Total m² | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|
| A1 | 1st floor | 120.00 | 120.00 | €750,000 | 6,250 | Available |
| BC | 2nd floor + roof | 132.78 | 254.24 | €800,000 | 6,025 | Available |
| Upper-floor residences (2) | 120.00 – 132.78 | €750,000 – €800,000 | 6,138 | |||
Reading the Pricing
- Larger floor areas are more efficient. The upper-floor residences average 6,138 €/m² net against 6,750 for the ground-level homes — a difference of about 9%. The absolute ticket is higher, but the most efficient cost per square metre is found on the upper floors.
- The garden duplex band is narrow. Net rates across GM1 – GM4 run from 6,720 to 7,079 €/m². GM2, the largest duplex at 45.39 m², also offers the lowest rate per square metre.
- G6 stands out. The two-bedroom G6 offers 56.23 m² net and a 26.91 m² outdoor area for €330,000; at 5,869 €/m² net it has the lowest rate in the scheme. Over its 83.14 m² total including the outdoor area, the rate falls to about 3,969.
- The entry ticket. GM1, at €290,000, is the lowest entry point; with G5 sold, G6 (€330,000) is the single-level alternative. The five available ground-level homes cluster between €290,000 and €330,000, a band of €40,000.
- The penthouse premium lies in the terrace. BC is priced at 6,025 €/m² on net area; over its 254.24 m² total including 121.46 m² of terraces and roof garden, the rate falls to about 3,147. The roof garden, jacuzzi and barbecue are included in that price.
04Build quality and energy
Energy Performance
The energy class and the heating and cooling system are to be confirmed by the developer. In the Riviera rental market tenants decide on the sum of rent and energy bill, so the energy performance certificate (ΠΕΑ) and the climate-control solution are among the first documents to be obtained in writing at offer stage. The floor-to-ceiling glazing is a strong gain in daylight; the performance of the frames and glazing should be assessed within the same confirmation.
Specification
- Delivery standard. Fully furnished and turnkey, including branded appliances — no further outlay required before letting.
- Kitchen. Open-plan living and kitchen; natural-stone splashback, built-in oven and hob.
- Bathrooms and storage. Walk-in showers, fitted wardrobes and a washing-machine position in every home. A1 has two bathrooms.
- Vertical circulation and outdoor space. A lift serving all floors; internal spiral staircases in the duplexes; pergola-covered gardens on the ground floor; a roof garden with jacuzzi and barbecue with BC.
Parking and Storage — An Honest Reading
| Item | Position | What it means for the investor |
|---|---|---|
| Parking | To be confirmed by the developer | The share of car-owning tenants on the Riviera is high; for family and upper-segment homes such as A1 and BC in particular, parking feeds directly into rental pricing and resale. |
| Storage | To be confirmed by the developer | Demand for storage is noticeable in furnished compact homes; fitted wardrobes meet part of that need. |
| Area confirmation | Approved plans prevail | The m² figures to be used in the sale contract and the ground-floor garden allocations are to be confirmed by the developer against the approved architectural plans. |
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 two units: GM1, the lowest entry ticket in the scheme, and A1, the full-floor residence in the upper segment.
| Item | GM1 | A1 |
|---|---|---|
| Net interior area | 41.23 m² | 120.00 m² |
| Level | Ground + mezzanine | 1st floor (full floor) |
| List price | €290,000 | €750,000 |
| €/m² | 7,034 | 6,250 |
| Approximate all-in cost (≈ 6%) | ≈ €307,400 | ≈ €795,000 |
| Indicative monthly rent | €900 – €1,100 | €2,200 – €2,800 |
| Indicative annual gross rent | €10,800 – €13,200 | €26,400 – €33,600 |
| Gross yield — on list price | 3.7% – 4.6% | 3.5% – 4.5% |
| Gross yield — on all-in cost | 3.5% – 4.3% | 3.3% – 4.2% |
| Indicative net yield (after operating costs) | 2.7% – 3.3% | 2.6% – 3.3% |
Commentary
The figures sit within the band expected in the Riviera's market for new, furnished homes. The turnkey product shortens the time to letting and folds the furnishing investment into the price. The coastline and The Ellinikon axis feed corporate and long-stay demand alongside year-round long-term tenants. This scheme makes sense for a portfolio seeking a location premium and turnkey convenience.
The calculation should be rebuilt with its time dimension once the delivery date has been confirmed by the developer; capital generates no rent in the period up to handover.
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 depends on the building type and 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 | 0% | No agency fee is charged to the buyer on this listing. |
| Total acquisition costs (approximate) | ~5.5 – 7% | 6% 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; also the building permit, the horizontal-ownership structure and the right-of-use definitions for gardens and terraces.
- 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. 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.
Delivery and Timing
- Scheduled delivery: to be confirmed by the developer.
- Delivery standard: fully furnished and turnkey; ready to let on handover.
- Capital lock-up: until the delivery date is settled, the time dimension of the yield calculation cannot be built. The delivery date and the remedy for delay should be obtained in writing together at offer stage.
- Area confirmation: the m² figures used in the contract should be matched against the approved architectural plans, and a price-adjustment mechanism for variance should be sought.
Payment Schedule
The payment schedule and reservation terms are to be confirmed by the developer on a per-unit basis. On schemes under construction or nearing completion, payment typically starts with a reservation deposit, with the balance paid in tranches linked to construction progress or on transfer of title. 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. Delivery date, grace period and the remedy applying on delay · 2. Building type, building permit and energy performance certificate · 3. Parking and storage position and, where applicable, their legal character · 4. Which unit each ground-floor garden is attached to as an exclusive-use right · 5. The furniture and appliance inventory delivered, with warranty scope · 6. Payment tranches tied to construction progress · 7. Common-area service charge and a management arrangement covering lift and roof maintenance.
08Swot
Strengths
- Next to The Ellinikon regeneration area; about 5 minutes to the beach, metro within walking distance
- Fully furnished, turnkey product: no further outlay before letting
- Entry ticket from €290,000 — an accessible threshold for a turnkey home on the Riviera
- Broad product mix: four types, from garden duplex to full-floor residence and penthouse
- Private garden duplexes; 121.46 m² of terraces with jacuzzi and barbecue roof garden with BC
- Eight-home boutique scale with a lift: low density, calm operation
- Glyfada centre about 10 minutes, the airport about 20 minutes
Weaknesses
- Delivery schedule to be confirmed by the developer — the time dimension of the yield case cannot yet be built
- Energy class and heating and cooling system subject to confirmation
- Parking and storage subject to confirmation
- Small net areas in the entry segment (41.23 – 45.39 m² duplexes); the duplex plan splits usable area over two levels
- Indicative net yield band is measured (2.6% – 3.3%)
- Per-unit allocation of garden areas subject to confirmation
Opportunities
- Strengthening residential and rental demand on the Riviera as The Ellinikon opens in phases
- Upper-floor residences cost about 9% less per net square metre than the ground level
- G6: the most efficient cost per square metre in the scheme at 5,869 €/m² net, with two bedrooms and an outdoor area
- The furnished product answers corporate and long-stay tenant demand directly
- Limited supply of new, turnkey compact homes on the Riviera
Threats
- Delivery delay risk and an unsettled timetable
- The direction of tax and regulatory measures affecting foreign buyers; current confirmation required before purchase
- Simultaneous new supply around The Ellinikon creating short-term rental pressure
- Changes to short-term rental regulation
- Changes in rental income taxation and service charge burdens
- The effect of interest rate and currency conditions on buyer demand
09Investment view
Investment View: Positive — Location-Led · Subject to Confirmation
A0219 is a strong product for an investor seeking a location premium and turnkey convenience on the Athens Riviera. The scheme rests on furnished, ready-to-use homes in the right micro-location: an eight-home boutique building next to The Ellinikon, within walking distance of the metro and a few minutes from the beach. The product mix answers both the entry and the upper segment.
Location Premium
The Ellinikon regeneration, the coastline and metro access meet in the same micro-location. The transformation of the Riviera supports both the rental and the value side over the medium term.
Turnkey Delivery
Fully furnished delivery removes additional outlay and lost time before letting; the furnished product speaks directly to corporate and long-stay tenants.
Segment Flexibility
A €290,000 entry ticket and an €800,000 penthouse sit in the same building; the upper-floor residences offer a more efficient cost per square metre.