Feasibility report
Boutique one-bedroom residences in Kallithea — near SNFCC, Athens
This report examines, from the investor's standpoint, a new low-rise building in the Kallithea district of Athens, within walking distance of the Stavros Niarchos Foundation Cultural Center (SNFCC): unit mix and pricing, build quality, indicative rent and yield arithmetic, purchase costs, ownership and delivery notes. The district-level context is covered in a separate area report.
| Property code | A0222 |
| Location | Kallithea district, Athens — walking distance to SNFCC and its 21-hectare park; near ISAP Line 1 and the tram |
| Building | New build; ground + 3 floors; 16 one-bedroom apartments, all from the same layout family |
| Available units | 9 apartments — GF.1, GF.2, GF.3, GF.4, 2.1, 3.1, 3.2, 3.3, 3.4 (availability list, 4 September 2026) |
| List prices | €250,000 – €298,000 (available units) |
| Net interior area | 36.8 – 42.8 m² (42.8 – 59.8 m² including balcony/garden) |
| Outdoor space | Balconies of 4–7 m² on upper floors; private gardens of up to 20 m² on selected ground-floor homes |
| Specification | Energy Class A · heat-pump heating and cooling · fitted kitchen · Grohe sanitary ware and fittings · private storage room with every apartment |
| Parking | None |
| Delivery | Q2 2028 (contractual +3-month grace period) |
| Tenure | Freehold, held under horizontal property (οριζόντια ιδιοκτησία) |
| Gross yield (indicative) | Roughly 3.0–3.8% on typical unit 2.1 (long-term letting assumption) |
| Report date | 5 September 2026 · Prepared by Avla Gayrimenkul A.Ş. |
01Overview
The scheme is a compact, low-rise new build in Kallithea, the established residential district between the historic centre of Athens and the Athens Riviera: sixteen one-bedroom apartments over a ground floor and three upper floors, with planted balcony fronts and a landscaped ground level. Every apartment follows the same layout family — an open-plan living and kitchen area opening onto a balcony, a separate bedroom and a full bathroom — and each comes with its own storage room in the building.
The product definition is clear: small, new, efficient and lettable. An investor should not look here for generous floor area or parking; the case rests on the features that lower running costs and lead tenant choice — Energy Class A, heat pumps, storage — combined with a location within walking distance of SNFCC.
Investment thesis — in three sentences
1. Within Kallithea's deep rental market, Energy A new-build supply is scarce; this scheme sits in that narrow segment.
2. The one-bedroom format maps directly onto the district's university and young-professional demand; vacancy risk is low.
3. Pricing carries a new-build premium; yield expectations should be held in a 3–4% gross band and the return read through capital preservation and occupancy.
02Unit Mix & Pricing
The table below reflects the availability list dated 4 September 2026. Available and reserved units are marked separately; reserved units appear only to show the building as a whole and its pricing logic. €/m² net is list price divided by net interior area; balconies and gardens are excluded from that ratio. The highlighted row is unit 2.1, used as the "typical unit" in the yield calculation.
| Unit | Floor | Net m² | Total m² | Outdoor | List price | €/m² net | Status |
|---|---|---|---|---|---|---|---|
| GF.1 | Ground | 36.8 | 56.8 | Garden 20.0 m² | €250,000 | €6,793 | Available |
| GF.2 | Ground | 36.8 | 42.8 | Balcony 6.0 m² | €255,000 | €6,929 | Available |
| GF.3 | Ground | 39.8 | 45.8 | Balcony 6.0 m² | €277,000 | €6,960 | Available |
| GF.4 | Ground | 39.8 | 59.8 | Garden 20.0 m² | €270,000 | €6,784 | Available |
| 1.1 | 1 | 41.3 | 45.8 | Balcony 4.5 m² | €269,000 | €6,513 | Reserved |
| 1.2 | 1 | 41.3 | 47.3 | Balcony 6.0 m² | €276,000 | €6,683 | Reserved |
| 1.3 | 1 | 40.8 | 46.8 | Balcony 6.0 m² | €273,000 | €6,691 | Reserved |
| 1.4 | 1 | 41.6 | 46.1 | Balcony 4.5 m² | €273,000 | €6,562 | Reserved |
| 2.1 | 2 | 41.3 | 45.3 | Balcony 4.0 m² | €282,000 | €6,828 | Available |
| 2.2 | 2 | 41.3 | 48.3 | Balcony 7.0 m² | €285,000 | €6,901 | Reserved |
| 2.3 | 2 | 40.8 | 47.8 | Balcony 7.0 m² | €282,000 | €6,912 | Reserved |
| 2.4 | 2 | 40.8 | 44.8 | Balcony 4.0 m² | €279,000 | €6,838 | Reserved |
| 3.1 | 3 | 41.3 | 45.3 | Balcony 4.0 m² | €284,000 | €6,877 | Available |
| 3.2 | 3 | 42.8 | 49.8 | Balcony 7.0 m² | €298,000 | €6,963 | Available |
| 3.3 | 3 | 42.3 | 49.3 | Balcony 7.0 m² | €295,000 | €6,974 | Available |
| 3.4 | 3 | 41.8 | 45.8 | Balcony 4.0 m² | €286,000 | €6,842 | Available |
Net m² = interior usable area; Total m² = net area plus balcony or garden. Prices are list prices; VAT/tax regime, payment schedule and any discount terms are settled at contract stage. Availability can change daily.
Summary by floor
| Floor | Units | Net m² | List price | €/m² net | Status |
|---|---|---|---|---|---|
| Ground | GF.1 – GF.4 | 36.8 – 39.8 | €250,000 – €277,000 | €6,784 – €6,960 | 4 available |
| 1st | 1.1 – 1.4 | 40.8 – 41.6 | €269,000 – €276,000 | €6,513 – €6,691 | 4 reserved |
| 2nd | 2.1 – 2.4 | 40.8 – 41.3 | €279,000 – €285,000 | €6,828 – €6,912 | 1 available · 3 reserved |
| 3rd | 3.1 – 3.4 | 41.3 – 42.8 | €284,000 – €298,000 | €6,842 – €6,974 | 4 available |
Pricing logic — reading notes
- First floor fully reserved: the floor with the lowest price per net m² (€6,513–6,691) attracted the first demand. This shows buyers are sensitive to the price-to-area ratio and that the scheme drew interest early.
- Garden ground-floor units (GF.1, GF.4): the 20 m² private garden is only lightly reflected in price; at €6,784–6,793 per net m² they offer the most favourable ratio among available units. Measured on total area (56.8 and 59.8 m²), the figure falls to €4,401–4,515/m².
- Top-floor premium: third-floor units sit at the top of the band at €6,842–6,974/m²; units 3.2 and 3.3, each with a 7 m² balcony, carry the highest list prices (€298,000 and €295,000).
- Overall band for available units: €6,784–6,974 per m² net; average list price roughly €277,000, average net area roughly 40.3 m².
03Build Quality & Energy
Specification
- Energy Class A — new-build standard; low heating and cooling costs
- Heat pumps for both heating and cooling (single system)
- Fitted kitchen, integrated with the open-plan living area
- Grohe sanitary ware and fittings
- Private storage room with every apartment — a decisive comfort factor in a small home
- Planted balcony fronts, landscaped ground level
Honest limits
- No parking. Parking is scarce across the district; a drawback for tenants with a car, of secondary importance to those who use ISAP and the tram.
- Compact areas: 36.8–42.8 m² net. Suited to a single occupant or a couple; not to family use.
- Single layout family: little variety; simplicity for management and letting, but a limit on product differentiation.
- Delivery Q2 2028: an off-plan purchase; at the date of this report the asset produces no income.
04Indicative Rent & Gross Yield
The calculation uses unit 2.1, selected as the scheme's "typical unit": second floor, 41.30 m² net + 4.00 m² balcony (45.30 m² total), list price €282,000. The rent range is an indicative value based on market observation as at September 2026; it carries no guarantee or commitment.
| Item | Low case | High case | Note |
|---|---|---|---|
| List price (unit 2.1) | €282,000 | €282,000 | 41.30 m² net → €6,828/m² net; 45.30 m² total → €6,225/m² |
| Monthly rent — indicative | €700 | €900 | Long-term, new-build Energy A one-bedroom, Kallithea / SNFCC corridor |
| Annual gross rent | €8,400 | €10,800 | Assumes 12 months full occupancy |
| Gross yield — on list price | ≈ 3.0% | ≈ 3.8% | Indicative |
| Purchase costs (approx. 6%) | ≈ €17,000 | ≈ €17,000 | See table below; depends on VAT regime |
| Total outlay (approx.) | ≈ €299,000 | ≈ €299,000 | List price plus purchase costs |
| Gross yield — on total outlay | ≈ 2.8% | ≈ 3.6% | Indicative |
Purchase costs — general rates for Greece (approximate)
| Item | Approx. rate | For unit 2.1 (approx.) | Note |
|---|---|---|---|
| Property transfer tax (φόρος μεταβίβασης) | 3.09% | ≈ €8,700 | Where the VAT suspension for new builds applies; if VAT (24%) applies instead, the table changes — to be confirmed at contract stage |
| Notary fees | ≈ 1.0–1.5% + VAT | ≈ €3,500–5,200 | Scaled to contract value |
| Lawyer fees | ≈ 1.0–1.5% + VAT | ≈ €3,500–5,200 | Includes title review and contract follow-through |
| Land registry / cadastre (Κτηματολόγιο) | ≈ 0.5–0.7% | ≈ €1,400–2,000 | Duties and registration costs |
| Total (VAT-suspension scenario) | ≈ 5.5–7% | ≈ €16,000–20,000 | Excluding any agency fee; indicative |
Rates show the approximate levels of the items generally borne by the buyer in Greece; exact amounts depend on contract value, VAT regime and service-provider tariffs. Transactional costs such as obtaining a tax number (ΑΦΜ) and opening a bank account are assessed separately.
Annual holding costs and net yield — indicative
- Property tax (ΕΝΦΙΑ): in the low hundreds of euros per year for an apartment of this size; calculated on zone coefficients and building age.
- Building service charges: new building with limited common-area burden — expected to be modest; the management plan is settled at delivery.
- Tax on rental income: rental income in Greece is taxed on a progressive scale (15% up to €12,000 per year); declaration in the investor's home country is assessed separately under the applicable double-taxation treaty.
- Insurance, maintenance, vacancy allowance: low in the early years of a new build; 5–10% of annual rent is a prudent allowance.
05Payment & Ownership Notes
Ownership
- Freehold (πλήρης κυριότητα): the apartment, its allocated storage room and, where applicable, the garden right of use are registered in the buyer's name under horizontal property (οριζόντια ιδιοκτησία).
- A foreign buyer needs a Greek tax number (ΑΦΜ) and a bank account in Greece; payments are documented through the banking system.
- Title and building-permit review (due diligence) by a lawyer, a notarial contract and cadastre registration are the standard steps.
Payment and delivery
- Off-plan purchase: the payment plan takes the form of staged instalments tied to construction progress and is fixed by contract; exact percentages and dates are settled at contract stage.
- Delivery: Q2 2028, with a contractual 3-month grace period. The start of rental income should be planned accordingly.
- The relationship between list price and the VAT/transfer-tax regime (VAT suspension on new builds) is confirmed by the lawyer before signing.
Timeline — summary
Reservation → legal review → notarial contract → staged payments (by construction progress) → delivery Q2 2028 (+3 months) → title registration and handover → letting. The duration and documents for each step are provided in writing at contract stage.
06Swot
Strengths (S)
- New build, Energy Class A, heat pumps — low running costs
- Private storage room with every apartment
- Walking distance to SNFCC; ISAP and tram nearby
- One-bedroom format matches the district's demand profile
- Low-rise, manageable 16-unit building
Weaknesses (W)
- No parking
- Compact areas (36.8–42.8 m² net)
- Delivery Q2 2028 — no income until then
- Price per net m² in the upper-middle part of the new-build band
Opportunities (O)
- Scarcity of Energy A new-build supply in the district — quality premium
- Garden ground-floor units (GF.1, GF.4): most favourable price per net m²
- Faliro seafront regeneration and northward Ellinikon spill-over
- Growing weight of energy efficiency in tenant choice
Threats (T)
- Construction delay beyond the contractual 3-month grace period
- Changes to the VAT/transfer-tax regime
- Interest rates and financing conditions; secondary-market liquidity
- Tightening of short-term rental regulation
07Conclusion & Investment View
Location
Kallithea's SNFCC corridor; two universities, ISAP and the tram — durable one-bedroom demand.
Product
New build, Energy A, heat pumps, storage. Small but complete; a clear edge over older stock in tenant choice.
Price & timing
A justified new-build premium; yield expectation 3–4% gross. Q2 2028 delivery — suited to patient capital.