Feasibility report
Nea Ionia Park Residences
This report examines, at unit level, the 9-unit fully furnished loft-style scheme opposite the park in Nea Ionia: all units, a reading of the pricing, specification and delivery standard, the 2-year net rental guarantee and the indicative return after it, ownership and delivery terms, and a risk assessment.
01Executive summary
A0236 is a 9-unit, loft-style residential scheme in Nea Ionia, a lively neighbourhood of North Athens, directly opposite the Nea Filadelfeia park. All units are at ground level: four are single-level apartments and five extend over the ground floor with a mezzanine in a loft or duplex configuration. The range runs from studios to two-bedroom apartments, and every apartment is delivered fully furnished and equipped.
Three factors define the investment case. The first is guaranteed income: the developer states a 2-year net rental guarantee for every apartment, ranging from €15,000 to €20,100 a year and equal to 6% of the list price. The second is the cost per square metre: a band of 5,503 – 8,766 €/m² (scheme average 6,730) offers a measured entry cost, with furniture and appliances included in the price. The third is location: an open frontage facing the park and easy metro access to central Athens.
Against that, the report records two points from the outset: at the date of this report all nine apartments are reserved — current availability is available from your advisor — and after the guarantee term rent reverts to market level; indicative market rent is below the guaranteed amounts. Delivery is shown as Q3 2027 in the developer's brochure and as 1 June 2027 on the developer's current list; the exact date should be fixed in the contract.
- Reference
- A0236 · Nea Ionia · North Athens
- Building type
- Ground floor + mezzanine · loft-style interiors · 9 units
- Unit mix
- 2 studios · 2 two-bedroom apartments · 3 duplexes (ground + mezzanine) · 1 apartment with loft bed · 1 single-level apartment
- Availability
- 9 reserved — current position available from your advisor
- Area
- 28.52 – 56.15 m² (total usable area including mezzanine)
- Price range
- €250,000 – €335,000 (list 23.09.2026)
- €/m²
- 5,503 – 8,766 · scheme average 6,730
- Rental guarantee
- 2 years net · €15,000 – €20,100 a year · 6% of list price
- Furnishing
- Fully furnished; appliances and air conditioning included
- Location
- Opposite the Nea Filadelfeia park · open park frontage
- Parking
- To be confirmed by the developer
- Energy class
- To be confirmed by the developer
- Delivery
- Q3 2027 (brochure) · 1 June 2027 on the current list
- Area tolerance
- ±1 – 2% on plans
02Scheme overview
Layout and Concept
Nea Ionia is a lively North Athens neighbourhood that has kept its local character, with a strong shopping scene and easy metro connections to central Athens. The scheme sits directly opposite the Nea Filadelfeia park; its front elevation looks onto an open green view that is rare in the urban fabric. The building is arranged as a single-level ground floor, with a mezzanine in some units; the interior design language is described as loft and “New York style”. Visuals are design concepts and may differ in reality.
Distribution by Configuration
| Configuration | Units | Total units | Reserved | Area band | Price band | Annual net guarantee |
|---|---|---|---|---|---|---|
| Single level (ground) | 3, 4, 5, 9 | 4 | 4 | 28.52 – 56.15 m² | €250,000 – €335,000 | €15,000 – €20,100 |
| Ground + mezzanine | 1, 2, 6, 7, 8 | 5 | 5 | 37.28 – 53.61 m² | €270,000 – €295,000 | €16,200 – €17,700 |
| Scheme total | 1 – 9 | 9 | 9 | 28.52 – 56.15 m² | €250,000 – €335,000 | €15,000 – €20,100 |
Unit Arrangement
- Single-level units (3, 4, 5, 9). Apartment 3 is the scheme's largest unit, a two-bedroom apartment of 56.15 m². Apartment 4 is a compact single-level apartment; Apartments 5 and 9 are studios.
- Units with a mezzanine (1, 2, 6, 7, 8). Apartment 1 is a spacious apartment with a sleeping gallery on the mezzanine (28 m² ground + 10.8 m² mezzanine); Apartment 2 is a two-bedroom apartment extended by a mezzanine (39.2 m² + 12 m²). Apartments 6, 7 and 8 are duplexes across the ground floor and mezzanine (21.8 + 15.5 m², 26.8 + 26.8 m² and 32.4 + 20.7 m² respectively).
- Delivery standard. All apartments are delivered fully furnished and equipped; furnishing is included in the list price.
03Unit mix and pricing
The table below contains all 9 apartments in the scheme. Prices are list prices dated 23.09.2026; availability reflects the current list at the date of this report. At that date all apartments are reserved; should a reservation not proceed and a unit return to the market, the current position is available from your advisor.
All Apartments
| Unit | Floor | Area m² | Total m² | List Price | €/m² | Status |
|---|---|---|---|---|---|---|
| Apt. 1 | Ground + mezz. | 38.84 | 38.84 | €270,000 | 6,952 | Reserved |
| Apt. 2 | Ground + mezz. | 51.18 | 51.18 | €290,000 | 5,666 | Reserved |
| Apt. 3 | Ground | 56.15 | 56.15 | €335,000 | 5,966 | Reserved |
| Apt. 4 | Ground | 33.87 | 33.87 | €250,000 | 7,381 | Reserved |
| Apt. 5 | Ground | 34.46 | 34.46 | €260,000 | 7,545 | Reserved |
| Apt. 6 | Ground + mezz. | 37.28 | 37.28 | €270,000 | 7,242 | Reserved |
| Apt. 7 | Ground + mezz. | 53.61 | 53.61 | €295,000 | 5,503 | Reserved |
| Apt. 8 | Ground + mezz. | 53.13 | 53.13 | €295,000 | 5,552 | Reserved |
| Apt. 9 | Ground | 28.52 | 28.52 | €250,000 | 8,766 | Reserved |
| All apartments (9) | 28.52 – 56.15 | €250,000 – €335,000 | 6,730 | |||
Reading the Pricing
- Apartments 4 and 9 are the entry tickets. Both are priced at €250,000; Apartment 4 is 33.87 m² and Apartment 9 a 28.52 m² studio.
- The mezzanine duplexes are the most efficient units per square metre. Apartment 7 (5,503 €/m²) and Apartment 8 (5,552 €/m²) offer more than 53 m² at €295,000.
- Apartment 3 is the largest single-level product. A 56.15 m² single-level two-bedroom apartment at €335,000; at 5,966 €/m² it carries the lowest rate among the single-level units.
- The guarantee is proportional to price. In every apartment the annual net guarantee equals 6% of the list price; the guaranteed return is therefore independent of the unit chosen, and the choice should rest on area, configuration and the market rent achievable once the guarantee ends.
04Build quality and energy
Energy Performance
The building's energy class is to be confirmed by the developer. Air conditioning and water heaters are included in the delivery specification. The energy performance certificate (ΠΕΑ) to be issued on handover should be requested at offer stage, and the insulation and window standard assessed within the same confirmation.
Specification
- Furniture. Bed and mattress, bedside shelves, wardrobes, sofa, coffee table, dining set, desk or vanity, armchair or pouf, bathroom furniture and curtains.
- Appliances. Fridge, oven, hob, extractor hood, dishwasher, washing machine, TV and TV unit, air conditioning.
- Bathrooms and finishes. Shower cabin, sanitary fixtures, water heaters, LED-lit mirror, kitchen cupboards, Italian and Spanish tiles.
- Design. Loft-style interiors; in mezzanine units, a sleeping gallery or a second living level.
Parking, Furnishing and Guarantee — An Honest Reading
| Item | Position | What it means for the investor |
|---|---|---|
| Parking | To be confirmed by the developer | In a neighbourhood linked to the centre by metro, the target tenant profile has limited need for a car; parking 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 | 2 years net | Predictable income for the first two years; after the guarantee, rent is set by market conditions. |
| Area tolerance | ±1 – 2% | The deviation stated on the plans; how mezzanine areas are counted in the total should be defined in the contract. |
05Indicative rent and gross yield
The market-rent 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. The guarantee amounts, by contrast, are stated in writing for each apartment on the developer's list.
Guaranteed Period — First 2 Years
| Unit | List price | Annual net guaranteed rent | Monthly equivalent | On list price | 2-year total |
|---|---|---|---|---|---|
| Apt. 1 | €270,000 | €16,200 | €1,350 | 6.0% | €32,400 |
| Apt. 2 | €290,000 | €17,400 | €1,450 | 6.0% | €34,800 |
| Apt. 3 | €335,000 | €20,100 | €1,675 | 6.0% | €40,200 |
| Apt. 4 | €250,000 | €15,000 | €1,250 | 6.0% | €30,000 |
| Apt. 5 | €260,000 | €15,600 | €1,300 | 6.0% | €31,200 |
| Apt. 6 | €270,000 | €16,200 | €1,350 | 6.0% | €32,400 |
| Apt. 7 | €295,000 | €17,700 | €1,475 | 6.0% | €35,400 |
| Apt. 8 | €295,000 | €17,700 | €1,475 | 6.0% | €35,400 |
| Apt. 9 | €250,000 | €15,000 | €1,250 | 6.0% | €30,000 |
| All apartments (9) | €250,000 – €335,000 | €15,000 – €20,100 | €1,250 – €1,675 | 6.0% |
Typical Unit Calculation — Market Rent After the Guarantee
The calculation is built on three units: Apartment 9, the studio with the lowest entry ticket; Apartment 7, the most efficient duplex per square metre; and Apartment 3, the largest single-level apartment.
| Item | Apt. 9 | Apt. 7 | Apt. 3 |
|---|---|---|---|
| Type | Studio | Duplex (ground + mezz.) | 2-bed, single level |
| Area | 28.52 m² | 53.61 m² | 56.15 m² |
| Annual net guarantee (first 2 years) | €15,000 | €17,700 | €20,100 |
| List price | €250,000 | €295,000 | €335,000 |
| €/m² | 8,766 | 5,503 | 5,966 |
| Approximate all-in cost (≈ 6%) | ≈ €265,000 | ≈ €312,700 | ≈ €355,100 |
| Indicative monthly rent | €550 – €650 | €800 – €950 | €850 – €1,000 |
| Indicative annual gross rent | €6,600 – €7,800 | €9,600 – €11,400 | €10,200 – €12,000 |
| Gross yield — on list price | 2.6% – 3.1% | 3.3% – 3.9% | 3.0% – 3.6% |
| Gross yield — on all-in cost | 2.5% – 2.9% | 3.1% – 3.6% | 2.9% – 3.4% |
| Indicative net yield (after operating costs) | 1.9% – 2.3% | 2.4% – 2.8% | 2.2% – 2.6% |
Commentary
The scheme's return profile has two phases. The first two years provide a predictable income, well above indicative market rent, through a net guarantee equal to 6% of the list price. After the guarantee, rent is set by market conditions; as indicative market rent is below the guaranteed amounts, the return falls to a measured band in this phase. The decision should weigh both phases together. The tenant base is the population of an established neighbourhood linked to the centre by metro: people working in the city, young professionals and students.
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 (transfer tax or VAT) depends on the nature of the building and 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; also the building permit, the building's use documents and the legal status of the mezzanine areas.
- 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: Q3 2027 in the developer's brochure; 1 June 2027 on the developer's current list. The exact delivery date should be fixed in the contract.
- Delivery standard: fully furnished and equipped.
- Capital lock-up: about 8 – 12 months separate the date of this report from handover. The start date of the guaranteed rent (handover, transfer of title or tenant move-in) should be clearly defined in the contract.
- Area tolerance: ±1 – 2% on plans; ground-floor and mezzanine areas should be defined separately in the contract.
Payment Schedule
The payment schedule and reservation terms are to be confirmed by the developer. On schemes under construction, payment typically starts with a reservation deposit, interim payments are tied to construction progress and the balance is paid on transfer of title. 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. Ground-floor and mezzanine areas defined separately against an approved plan · 2. Building permit, use documents and the legal status of the mezzanines · 3. The exact delivery date and the remedy applying on delay · 4. The rental guarantee's definition of “net”, start date, payment frequency and guaranteeing party · 5. The furniture and appliance list delivered, with warranty scope · 6. The energy performance certificate and the parking position · 7. Payments tied to construction progress and the transfer of title.
08Swot
Strengths
- 2-year net rental guarantee equal to 6% of the list price
- A measured price-per-square-metre band (5,503 – 8,766 €/m²), with furnishing included
- Opposite the Nea Filadelfeia park, with an open green frontage
- Delivered fully furnished and equipped — no further investment before letting
- A narrow €250,000 – €335,000 price band; a range from studios to two-bedrooms
- Easy metro connection to central Athens
Weaknesses
- All apartments reserved at the date of this report
- Indicative market rent after the guarantee is below the guaranteed amounts
- All units at ground level; privacy and security should be assessed on site
- Mezzanine areas are included in the total area; care needed when comparing €/m²
- Energy class and parking subject to confirmation
- Delivery date differs between the brochure and the current list
Opportunities
- Units returning to the market if reservations do not proceed
- The park frontage as a lasting differentiator in rental and resale demand
- Steady long-term rental demand in metro-linked North Athens neighbourhoods
- Demand for loft-style product among young professional tenants
- The guarantee period allowing market rent to be tested against current evidence
Threats
- Construction delay postponing the start of the guarantee
- Return falling as rent reverts to market level after the guarantee
- The direction of tax and regulatory measures affecting foreign buyers; current confirmation required before purchase
- Changes in rental income taxation and service charge burdens
- The effect of interest rate and currency conditions on buyer demand
09Investment view
Investment View: Watch List — All Units Reserved
A0236 is an attractive product for an investor seeking guaranteed net income for the first two years and a low cost per square metre: 9 fully furnished loft-style units opposite the park in Nea Ionia, each with a 2-year net rental guarantee equal to 6% of the list price. However, all nine apartments are reserved at the date of this report; this report serves as a preliminary assessment to allow a quick decision should a unit return to the market.
Income Visibility
The 2-year net guarantee stated in writing for each apartment makes the first phase of the return predictable and provides a starting income above indicative market rent.
Cost Advantage
A band of 5,503 – 8,766 €/m² and an entry ticket from €250,000, together with furnished delivery, offer a low total entry cost.
Location Quality
The open frontage facing the park and the metro connection to the centre are lasting qualities that support long-term tenant demand.