Feasibility report
Piraeus Zea Marina Garden Apartment
This report examines a seven-home boutique new-build building in Piraeus, 140 metres from Zea Marina, and its last available unit, the ground-floor garden apartment: the full inventory, a reading of the pricing, build and energy specification, indicative rent and yield, ownership and delivery terms, and a risk assessment.
01Executive summary
A0307 is a boutique new-build building of eight levels and seven homes, set in a quiet street next to the centre of Piraeus and only 140 metres from Zea Marina. It comprises six one-bedroom apartments and a one-bedroom maisonette on the top two floors. Six of the seven homes have been sold; the only available unit is the ground-floor apartment I.1, which opens onto a private garden of about 30 m² for exclusive use.
Three factors define the investment case. The first is location: Piraeus is the largest passenger port in the Mediterranean and the centre of the Greek shipping industry; the marina, a school, shops and restaurants are all within a few hundred metres. The second is the product: a new-build one-bedroom home at energy class A, with a heat pump and a ready-for-use specification, stands out within the largely older housing stock of Piraeus. The third is outdoor space: 30 m² of exclusive-use garden added to 45.20 m² of interior is a rare gain in a city-centre setting.
Against that, the report records two points from the outset: the apartment has no parking space and no storage room, and the price per net square metre (€6,084) sits in the upper band for Piraeus — a significant part of the price pays for the garden and the new-build status. Both points should be weighed at the decision stage for rental pricing and resale liquidity.
- Reference
- A0307 · Piraeus · Zea Marina area
- Building type
- New build · single building · ground + 7 levels
- Inventory
- 7 homes — 6 one-bedroom apartments, 1 one-bedroom maisonette (6th–7th floor)
- Availability
- 1 available (I.1) · 6 sold
- Net interior area
- I.1: 45.20 m² (building range 45.20 – 60.00 m²)
- Total area
- I.1: 75.20 m² (building range 66.20 – 87.00 m²)
- Outdoor space
- I.1: 30 m² exclusive-use garden · upper-floor balconies 10 – 18 m² · maisonette 27 m²
- Price
- €275,000 (list, 28.09.2026)
- €/m² net
- 6,084 · 3,657 on total area
- Energy and systems
- Energy class A · heat pump
- Specification
- European-made kitchen · Grohe sanitary ware
- Parking
- None
- Storage
- None
- Delivery
- Q2 2027
- Area tolerance
- ±3%
02Scheme overview
Layout and Concept
The building stands in a quiet residential street next to the centre of Piraeus. The architectural language is contemporary and restrained: a white rendered volume, deep balconies with glass balustrades and planted terraces. With one home per floor, the building stays boutique in scale, with limited common areas and few neighbours. The ground-floor apartment I.1 opens onto the exclusive-use garden at the rear of the building, while the upper floors enjoy partial or full sea views from their balconies according to the developer's data. The coastal walk runs from the metro station along the harbour, past the Naval Academy and Peiraiki, to Zea Marina and on to Mikrolimano.
Distribution by Type
| Type | Units | Available | Sold | Net area band | Total area band | Price |
|---|---|---|---|---|---|---|
| One-bedroom apartment | 6 | 1 | 5 | 45.20 – 57.20 m² | 66.20 – 75.20 m² | €275,000 (I.1) |
| One-bedroom maisonette | 1 | 0 | 1 | 60.00 m² | 87.00 m² | — |
| Building total | 7 | 1 | 6 | 45.20 – 60.00 m² | 66.20 – 87.00 m² |
Floor Arrangement
- Ground floor. Apartment I.1 — 45.20 m² interior and a 30 m² exclusive-use garden; open-plan living, dining and kitchen, a double bedroom and a bathroom. The only available unit in the building.
- Floors 1–5. One one-bedroom apartment per floor; interiors of 48.70 – 57.20 m², balconies of 10 – 18 m². All sold.
- Floors 6–7. A one-bedroom maisonette of 36.50 + 23.50 m² with two bathrooms and 27 m² of outdoor space. Sold.
03Unit mix and pricing
The table below contains all seven rows of the developer's price and availability table. The price is the list dated 28.09.2026; availability reflects the record at the date of this report and is subject to confirmation.
Building — All Units
| Unit | Floor | Net m² | Total m² | List price | €/m² net | Status |
|---|---|---|---|---|---|---|
| I.1 | Ground | 45.20 | 75.20 | €275,000 | 6,084 | Available |
| 1.1 | 1st | 56.20 | 66.20 | — | — | Sold |
| 2.1 | 2nd | 57.20 | 69.20 | — | — | Sold |
| 3.1 | 3rd | 57.20 | 69.20 | — | — | Sold |
| 4.1 | 4th | 57.20 | 69.20 | — | — | Sold |
| 5.1 | 5th | 48.70 | 66.70 | — | — | Sold |
| M.1 | 6th–7th | 60.00 | 87.00 | — | — | Sold |
| Building (7) | 45.20 – 60.00 | €275,000 | 6,084 | |||
Reading the Pricing
- One unit, one price. The comparison belongs at neighbourhood level rather than within the building. The €275,000 list price equals €6,084/m² on 45.20 m² of interior, in the upper band for a new-build one-bedroom home in Piraeus.
- The garden is part of the price. Including the 30 m² exclusive-use garden, the total area is 75.20 m² and the price per square metre falls to €3,657. Upper-floor apartments have only 10 – 18 m² of outdoor space — I.1 has the largest outdoor area of any apartment in the building.
- The sales pace signals demand. Six of the seven homes sold before delivery, a concrete indicator of demand for this location and product type.
- Reading the ground floor. Ground-floor apartments usually trail upper floors on views and privacy; here the garden largely offsets that gap. The developer's table notes a partial sea view for I.1; this should be verified on site.
04Build quality and energy
Energy Performance
The building is being delivered to energy class A, with heating and cooling provided by a heat pump. Together these create a measurable running-cost advantage over the older buildings that make up most of the Piraeus housing stock. The effect on the rental market is direct: tenants decide on the sum of monthly rent and energy bills, and a new build at a high energy class lowers that sum.
Specification
- Kitchen. European-made kitchen — ready for use on delivery, with no further outlay needed before letting.
- Wet rooms. Grohe sanitary ware. Apartments have one bathroom; the maisonette has two.
- Heating and cooling. Heat-pump system — one system for both functions.
- Outdoor space. A 30 m² exclusive-use garden for I.1; balconies of 10 – 18 m² on the upper floors; 27 m² of outdoor space for the maisonette.
Parking and Storage — An Honest Reading
| Item | Position | What it means for the investor |
|---|---|---|
| Parking | None | On-street parking is limited in central Piraeus, a drawback for tenants with a car. On the other hand, the metro is 850 m away and the marina and shops are within walking distance; the target tenant profile suits car-free living. |
| Storage | None | Demand for storage is high in small apartments. The garden can partly meet this need; built-in wardrobe solutions inside the apartment should also be considered. |
| Area tolerance | ±3% | On a 45.20 m² net unit this means a variance of about ±1.36 m². The contract should be checked for a tolerance clause and a price-adjustment mechanism in case of variance. |
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 show the investor the order of magnitude. The final calculation should be built with current, local rental evidence.
Typical Unit Calculation
The calculation is built on I.1, the only available unit in the building.
| Item | I.1 |
|---|---|
| Net interior area | 45.20 m² |
| Outdoor area (exclusive-use garden) | 30.00 m² |
| List price | €275,000 |
| €/m² net | 6,084 |
| Approximate total including acquisition costs (≈ 8%) | ≈ €297,000 |
| Indicative monthly rent | €750 – €950 |
| Indicative annual gross rent | €9,000 – €11,400 |
| Gross yield — on list price | 3.3% – 4.1% |
| Gross yield — on cost including acquisition costs | 3.0% – 3.8% |
| Indicative net yield (after operating costs) | 2.4% – 3.0% |
Commentary
The figures sit within the band expected for a small new-build apartment in central Piraeus. The port and shipping industry, the university and the hospitals create a year-round tenant base, and the marina area also attracts short-stay business and tourism demand. The upper end of the yield band depends on how far the garden can be reflected in the rent.
The developer's documentation does not include a rental guarantee for this apartment; the calculations rest on an open-market rent assumption.
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 title value and the service providers chosen; they should be confirmed against current legislation and on a transaction basis before each purchase.
| Item | Approximate rate | Note |
|---|---|---|
| Transfer tax (φόρος μεταβίβασης) | ~3.1% | Whether VAT applies to new builds depends on the rules in force and should be confirmed before purchase. |
| Notary | ~1.0 – 1.5% | Graduated scale linked to the contract amount. |
| Lawyer | ~1.0 – 1.5% | Including title review and transaction follow-up. |
| Land registry / cadastre (Κτηματολόγιο) | ~0.5 – 0.7% | Registration fees and costs. |
| 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 also be obtained by power of attorney.
- Bank account. Payments should be made through the banking system with a documented source of funds.
- Legal and technical review. Title history, zoning status, permits and unit definitions; for a new build, also the building permit and the horizontal-ownership set-up.
- Annual charges. Property tax (ΕΝΦΙΑ), service charge, insurance and tax on rental income 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 unit under οριζόντια ιδιοκτησία (horizontal ownership), with a share of the land attached to it. The buyer owns the unit outright together with a share of the common areas; exclusive-use areas such as a ground-floor garden are defined separately within this arrangement.
Delivery and Timing
- Planned delivery: second quarter of 2027.
- Capital lock-up: about nine months from the date of this report to delivery. During this period the capital earns no rent; the yield calculation should allow for this.
- Area tolerance: ±3%. The contract should include a price-adjustment mechanism if the tolerance is exceeded.
Payment Schedule
No standard instalment schedule has been shared for this apartment at the date of this report. On schemes under construction, payment is typically structured in tranches linked to the preliminary contract and construction progress; the exact plan is set unit by unit in the contract. It is recommended that the payment schedule be obtained in writing at offer stage and that tranches be tied to evidence of construction progress.
Pre-Contract Checklist
1. The legal character and boundaries of the exclusive-use garden · 2. Area tolerance and the price-adjustment clause · 3. Delivery date and remedies for delay · 4. Payment tranches tied to construction progress · 5. Energy performance certificate (ΠΕΑ) supplied on delivery · 6. Service charge and sharing of common costs.
08Swot
Strengths
- Zea Marina 140 m; a school 150 m; shops and restaurants 300 m
- 30 m² exclusive-use garden — rare outdoor space in the city centre
- Energy class A and heat pump: low bills, low maintenance
- Boutique building: one home per floor, few neighbours
- Ready-for-use specification: European-made kitchen, Grohe wet rooms
- Six of seven homes sold confirms demand
Weaknesses
- No parking space and no storage room
- Price per net square metre (€6,084) in the upper band for Piraeus
- Ground floor: more limited views and privacy than upper floors
- One bedroom, one bathroom — does not meet family demand
- Indicative net yield band is measured (2.4% – 3.0%)
Opportunities
- Year-round tenant base from the port, shipping companies and the university
- Ongoing urban renewal and value growth along the Piraeus waterfront
- Reflecting the garden in the rent can lift the yield to the upper band
- About nine months to delivery — short capital lock-up
Threats
- Risk of delivery delay
- The course of tax and regulatory rules for foreign buyers; up-to-date confirmation before purchase is essential
- Possible tightening of short-term letting rules
- Changes in the taxation of rental income and in service charges
- The effect of interest-rate and currency conditions on buyer demand
09Investment view
Investment View: Positive — Location-Led · Single Unit
A0307 is a coherent product for an investor seeking a new-build, low-running-cost one-bedroom home with outdoor space on the marina axis of Piraeus. The value proposition rests on location and garden: 140 metres from Zea Marina, within walking distance of the metro, energy class A and a 30 m² exclusive-use garden. Although the price per net square metre is in the upper band, read on total area the price reflects the use value of the garden.
Location
Marina, school, shops and metro within a few hundred metres; the shipping and port economy of Piraeus is the source of year-round tenant demand.
Product Edge
A new-build, energy-class-A apartment with a garden within a largely older housing stock — a clear differentiator for tenants and resale buyers.
Operating Profile
The heat pump and energy class A reduce the tenant's total cost of occupation; the ready-for-use specification removes the need for further outlay before letting.