Feasibility report
Ano Glyfada Residences
This report examines, at unit level, the 12-apartment commercial-to-residential conversion in the upper part of Glyfada, delivered fully furnished with a private garden or terrace: all units, a reading of the pricing, specification and delivery standard, indicative rent and yield, ownership and delivery terms, and a risk assessment.
01Executive summary
A0235 is a 12-apartment scheme created by the conversion of a commercial building to residential use, on a quiet residential street in the upper part of Glyfada (Ano Glyfada), the most established suburb of the Athens Riviera. The mix is small in scale: three studios, eight one-bedroom apartments and a single two-bedroom penthouse duplex across the top two floors. Every apartment is delivered fully furnished and every apartment has its own outdoor space — a private garden on the ground floor, a private terrace on the upper floors.
Three factors define the investment case. The first is the address: Glyfada, with its beaches, marina, golf club, schools and medical care, is a year-round town and one of the most liquid residential markets in Greece; it borders The Ellinikon, one of Europe's largest urban regeneration projects. The second is a turnkey product: furniture and appliances are included in the price, so no further investment is needed before letting. The third is the pace of sales: 4 of the 12 apartments have been sold and 2 reserved; 6 units are available at the date of this report.
Against that, the report records two points from the outset: the cost per square metre is high (9,767 – 10,541 €/m² on internal area for available units), and no rental guarantee is offered; the return rests entirely on long-term market rent. Parking, the energy class and the heating and cooling solution are to be confirmed by the developer. Delivery is scheduled for Q1 2028.
- Reference
- A0235 · Ano Glyfada · Athens Riviera
- Building type
- Commercial-to-residential conversion · ground + 1st floor + two-level penthouse
- Unit mix
- 12 apartments — 3 studios, 8 one-bedroom, 1 two-bedroom penthouse duplex
- Availability
- 6 available · 2 reserved · 4 sold
- Internal area
- 30 – 74 m² (30 – 39 m² in the studios and one-bedroom apartments)
- Outdoor space
- 8 – 24 m² private gardens on the ground floor · 4 – 19 m² private terraces on the 1st floor · two private terraces totalling 50 m² with the penthouse
- Price range
- €293,000 – €780,000 (available units, list 14.09.2026)
- €/m² (internal area)
- 9,767 – 10,541 · available-unit average 9,966
- Furnishing
- Fully furnished; appliances included
- Rental guarantee
- None
- Payment
- Instalments possible up to delivery; schedule to be confirmed by the developer
- Parking
- To be confirmed by the developer
- Energy class
- To be confirmed by the developer
- Delivery
- Q1 2028
- Area measurement
- Internal and outdoor areas rounded to the nearest whole m²
02Scheme overview
Layout and Concept
Glyfada is the largest and most established of the Riviera districts on the southern Athens coast: beaches, beach clubs and a marina on one side; on the other, a full town with schools, medical care, supermarkets and parks that works as a year-round home. The scheme sits in the upper part of the suburb, on a quiet residential street away from the main commercial strip, a few minutes by car from the coast. Tram and bus lines serve the suburb; the airport is about 35 – 40 minutes by car and central Athens about 30 – 40 minutes. The suburb borders The Ellinikon, the urban regeneration project rising on the former airport site, whose first phase is being delivered through 2026 and 2027.
Distribution by Floor
| Floor | Studio | 1-bed | 2-bed duplex | Total units | Internal area band | Price band |
|---|---|---|---|---|---|---|
| Ground floor · private garden | 2 | 4 | 0 | 6 | 30 – 39 m² | €293,000 – €386,000 |
| 1st floor · private terrace | 1 | 4 | 0 | 5 | 30 – 39 m² | €296,000 – €389,000 |
| 2nd + 3rd floor · two private terraces | 0 | 0 | 1 | 1 | 74 m² | €780,000 |
| Scheme total | 3 | 8 | 1 | 12 | 30 – 74 m² | €293,000 – €780,000 |
Floor Arrangement
- Ground floor. Six apartments — two studios and four one-bedrooms. Each has its own walled private garden (8 – 24 m²). In a densely built suburb, a private garden is a genuine rarity.
- 1st floor. Five apartments — one studio and four one-bedrooms. Each opens onto a private terrace (4 – 19 m²) and takes more light and air than the ground floor.
- 2nd and 3rd floors. A single two-bedroom penthouse duplex (MZ1): living room, kitchen, dining area and private terrace on the lower level; two bedrooms, a bathroom and a second terrace on the upper (attic) level. Internal area 74 m², terraces 50 m² in total.
03Unit mix and pricing
The table below contains all 12 apartments in the scheme. Prices are list prices dated 14.09.2026; availability reflects the current list at the date of this report and is subject to confirmation. Sold and reserved units are kept in the table to show the scheme's price structure and pace of sales.
All Apartments — Ground Floor to Penthouse
| Unit | Floor | Internal m² | Total m² | List Price | €/m² internal | Status |
|---|---|---|---|---|---|---|
| G1 | Ground | 30 | 38 | €293,000 | 9,767 | Available |
| G2 | Ground | 32 | 56 | €311,000 | 9,719 | Reserved |
| G3 | Ground | 39 | 53 | €386,000 | 9,897 | Available |
| G4 | Ground | 39 | 53 | €382,000 | 9,795 | Available |
| G5 | Ground | 30 | 45 | €294,000 | 9,800 | Sold |
| G6 | Ground | 32 | 54 | €311,000 | 9,719 | Sold |
| A1 | 1st floor | 34 | 53 | €333,000 | 9,794 | Available |
| A2 | 1st floor | 39 | 48 | €389,000 | 9,974 | Sold |
| A3 | 1st floor | 30 | 37 | €300,000 | 10,000 | Available |
| A4 | 1st floor | 30 | 34 | €296,000 | 9,867 | Reserved |
| A5 | 1st floor | 31 | 44 | €299,000 | 9,645 | Sold |
| MZ1 | 2nd + 3rd floor | 74 | 124 | €780,000 | 10,541 | Available |
| All apartments (12) | 30 – 74 | €293,000 – €780,000 | 9,876 | |||
Reading the Pricing
- G1 is the entry ticket. At €293,000 it is a studio with an 8 m² private garden and the lowest-priced unit in the scheme.
- A3 is the lowest-priced one-bedroom. At €300,000 it offers 30 m² internal area and a 7 m² private terrace; its rate per square metre (10,000 €/m²) sits at the upper end of the band because of the small area.
- The larger one-bedrooms differ on outdoor space. A1 (€333,000) adds a 19 m² terrace to 34 m² internal — the largest terrace on the upper floor; G3 and G4 (€386,000 / €382,000) are the largest one-bedrooms at 39 m², each with a 14 m² garden.
- The penthouse is a separate segment. MZ1 at €780,000 carries 10,541 €/m² on internal area; on total area including 50 m² of terraces the rate falls to about 6,290 €/m².
- Demand signal. 4 of the 12 apartments have been sold and 2 reserved; sold and reserved units are priced within the same band as the available ones.
04Build quality and energy
Energy Performance
The building's energy class and heating and cooling solution are to be confirmed by the developer. In conversion schemes, new windows, insulation and installations can markedly improve energy consumption compared with the older stock; in the rental market, however, the certificate is what counts. The energy performance certificate (ΠΕΑ) to be issued on handover should be requested at offer stage.
Specification
- Furniture and appliances. All apartments are delivered fully furnished and equipped; furnishing is included in the list price.
- Interiors. A consistent standard of finish across every home, built on warm timber, natural stone and daylight. Visuals are representative.
- Bathrooms. One bathroom in the studios and one-bedroom apartments; two bathrooms in the penthouse duplex.
- Outdoor space. Private outdoor space with every apartment: a walled garden on the ground floor, a terrace on the 1st floor, and a terrace on each level of the penthouse.
Parking, Furnishing and Guarantee — An Honest Reading
| Item | Position | What it means for the investor |
|---|---|---|
| Parking | To be confirmed by the developer | Car use is common in Glyfada; parking matters for both rent and resale liquidity and should be settled in writing at offer stage. |
| Furnishing | Delivered fully furnished | No further furnishing investment is needed before letting; the furniture list and warranty scope should be attached to the contract. |
| Rental guarantee | None | The return rests entirely on long-term market rent; rental assumptions should be rebuilt with current evidence close to handover. |
| Area measurement | Rounded to whole m² | Internal and outdoor areas are rounded figures; exact areas and the tolerance clause should be defined in the contract against an approved plan. |
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 three units: G1, the garden studio that is the scheme's entry ticket; A3, the lowest-priced one-bedroom; and MZ1, the penthouse duplex.
| Item | G1 | A3 | MZ1 |
|---|---|---|---|
| Type | Studio | 1-bed | 2-bed penthouse duplex |
| Internal area | 30 m² | 30 m² | 74 m² |
| Private outdoor space | 8 m² private garden | 7 m² private terrace | 50 m² (two terraces) |
| List price | €293,000 | €300,000 | €780,000 |
| €/m² | 9,767 | 10,000 | 10,541 |
| Approximate all-in cost (≈ 6%) | ≈ €310,600 | ≈ €318,000 | ≈ €826,800 |
| Indicative monthly rent | €750 – €900 | €800 – €1,000 | €2,000 – €2,500 |
| Indicative annual gross rent | €9,000 – €10,800 | €9,600 – €12,000 | €24,000 – €30,000 |
| Gross yield — on list price | 3.1% – 3.7% | 3.2% – 4.0% | 3.1% – 3.8% |
| Gross yield — on all-in cost | 2.9% – 3.5% | 3.0% – 3.8% | 2.9% – 3.6% |
| Indicative net yield (after operating costs) | 2.3% – 2.7% | 2.4% – 2.9% | 2.3% – 2.8% |
Commentary
The figures point to a measured gross yield band, the natural result of Glyfada's high price per square metre. In this scheme the weight of the return lies less in rental income than in the address's capacity to hold value: Glyfada is a market with steady domestic and international buyer demand, where well-located homes have held their value through the cycle, and The Ellinikon regeneration is raising its surroundings to an international standard. The tenant base is the population of a year-round suburb: professionals working in the city, families and long-stay foreign residents.
On the subject of a rental guarantee: the developer does not offer a rental guarantee on these apartments; the return rests entirely on market rent.
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% | The tax regime applying to conversion schemes (transfer tax or VAT) must be confirmed on a transaction basis. |
| 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 and title-unit definitions; for a conversion, also the permits for the change of use (commercial → residential) and the building's use documents.
- 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: Q1 2028.
- Delivery standard: fully furnished and equipped.
- Capital lock-up: about 15 – 18 months separate the date of this report from handover. Capital generates no return in that period; the option to pay in instalments eases the capital tied up.
- Area measurement: internal and outdoor areas are rounded figures; exact areas and the private garden / terrace use rights should be clearly defined in the contract.
Payment Schedule
The developer indicates that payment can be spread in instalments up to delivery; the payment schedule, percentages and reservation terms are to be confirmed by the developer. It is recommended that interim payments be tied to construction progress and the balance to handover and the transfer of title.
Pre-Contract Checklist
1. Internal, private garden and terrace areas defined against an approved plan · 2. Change-of-use permits and the condition of the structural frame · 3. Delivery date and the remedy applying on delay · 4. The energy performance certificate, the heating and cooling solution and the parking position · 5. The furniture and appliance list delivered, with warranty scope · 6. Private gardens and terraces registered as exclusive-use rights attached to the title · 7. The instalment schedule tied to construction progress and the transfer of title.
08Swot
Strengths
- A Glyfada address: one of the most established and liquid residential markets on the Riviera
- Next to The Ellinikon urban regeneration project
- Delivered fully furnished and equipped — no further investment before letting
- Private outdoor space with every apartment: gardens on the ground floor, terraces above
- Strong pace of sales: 4 of 12 sold, 2 reserved
- Instalment payments possible up to delivery
Weaknesses
- High cost per square metre (9,767 – 10,541 €/m² internal)
- Compact internal areas (30 – 39 m² in the studios and one-bedrooms)
- Indicative net yield band is measured (2.3% – 2.9%)
- No rental guarantee; the return rests entirely on market rent
- Parking, energy class and heating and cooling solution subject to confirmation
- Delivery in Q1 2028 — capital generates no return for an extended period
Opportunities
- Delivery of The Ellinikon's first phases lifting the surroundings' value
- Limited supply of new homes with private gardens or terraces in Glyfada
- Steady domestic and international buyer demand — resale liquidity
- Long-term tenant demand in a year-round suburb: professionals, families, long-stay foreign residents
- The penthouse duplex positioned as scarce top-segment product
Threats
- Delay in the construction and conversion works
- The short-term letting restriction limiting return scenarios to long-term rent
- The direction of tax and regulatory measures affecting foreign buyers; current confirmation required before purchase
- Risk of a market correction at a high price level
- 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 — Riviera Address · Furnished Delivery
A0235 is a coherent product for an investor seeking a turnkey home with private outdoor space at an established Athens Riviera address. The scheme rests on the address and the completeness of the product: 12 apartments in Glyfada, next to The Ellinikon, each fully furnished and each with a garden or terrace. The pace of sales shows the product has found its market.
Address Strength
Glyfada is the Riviera's most established and liquid residential market; The Ellinikon regeneration is raising its surroundings to an international standard.
Product Completeness
Fully furnished delivery and a private garden or terrace with every apartment remove the need for further investment, whether let or lived in.
Value Retention
The weight of the return lies less in rental income than in the address's capacity to hold value; well-located Glyfada homes have held their value through the cycle.