Feasibility report
Nikaia New Build — Eighth-Floor Two-Bedroom Apartment
This report examines the nine-level new-build scheme in central Nikaia at unit level: the complete 41-unit inventory, a reading of the price of the single available apartment, build and energy specification, indicative rent and yield, ownership and delivery terms, and a risk assessment.
01Executive summary
A0310 is a nine-level new-build residential building on a quiet street in the centre of Nikaia, one of the largest and liveliest municipalities of the Piraeus area. The building holds 41 apartments: twenty-four two-bedroom and seventeen one-bedroom homes (including the studio on the top level). At the report date 40 of the 41 apartments have been sold; the only available unit is the eighth-floor two-bedroom, two-bathroom apartment of 79.7 m² net (8.4), listed at €405,000.
Three factors define the investment case. The first is absorption: with 97% of the building sold about nine months before delivery, demand for this location and product type is clearly evidenced. The second is unit quality: 8.4 is the largest apartment type on the upper floors — two bedrooms, two bathrooms and a 22.5 m² balcony. The third is short delivery: handover is planned for the second quarter of 2027, so the period in which capital waits without yield is comparatively short.
The report records two points from the outset: no parking space is included with the available apartment and no storage rooms are defined in the scheme. In addition, with a single published price, no floor-premium or unit-by-unit comparison can be made within the scheme.
- Reference
- A0310 · Nikaia · Piraeus
- Building type
- New build · nine levels · single building with lift
- Inventory
- 41 apartments — 24 two-bedroom, 17 one-bedroom (incl. studio)
- Availability
- 1 available (8.4) · 40 sold
- Available unit
- Floor 8 · 79.7 m² net · 22.5 m² balcony · 2 bedrooms · 2 bathrooms
- Net internal area (scheme)
- 37.0 – 79.7 m²
- Balconies
- 6 – 22.5 m² · 45 m² for the top-level studio
- Price
- €405,000 (developer list, 28.09.2026)
- €/m² net
- 5,082
- Energy and systems
- Energy class A+ · heat pump · rooftop photovoltaics
- Specification
- European fitted kitchen · Grohe sanitary ware · EV charging sockets
- Parking
- Included with 30 of 41 apartments · not with the available unit
- Storage
- Not defined
- Delivery
- Q2 2027
- Area tolerance
- ±3%
02Scheme overview
Setting and Layout
The scheme sits in the core of Nikaia, generally regarded as the centre of the wider district, on a quiet and sparsely populated street. Liberty (Eleftherias) Square and its market — shops of every kind, restaurants and a lively evening scene — are about 800 metres away, and everyday shops are within 200 metres. The architecture is contemporary: a white volume, deep balconies with timber-clad soffits, glass balustrades and planted terraces. A central stair and lift core serves five apartments per floor.
Floor Distribution
| Floors | 1-bed | 2-bed | Total units | Net area band | Parking | Available |
|---|---|---|---|---|---|---|
| Floors 1–4 | 0 | 20 | 20 | 55.7 – 71.7 m² | 20 / 20 | 0 |
| Floors 5–8 | 16 | 4 | 20 | 53.7 – 79.7 m² | 10 / 20 | 1 |
| Floor 9 (studio) | 1 | 0 | 1 | 37.0 m² | 0 / 1 | 0 |
| Scheme total | 17 | 24 | 41 | 37.0 – 79.7 m² | 30 / 41 | 1 |
Location and Transport
- Metro. A metro station is about 800 m away; Line 3 connects directly to Piraeus port, central Athens and towards the airport.
- Amenities. A school about 250 m, the General State Hospital of Nikaia about 1.2 km, shops and restaurants within 200 m.
- Regional links. Piraeus port and the coast a short drive away; the airport about 42 km by road.
03Unit mix and pricing
The tables below contain all 41 rows of the developer's unit schedule. No prices are published for sold units; statuses reflect the list at the report date and are subject to confirmation.
Floors 1–4 — Two-Bedroom Apartments
| Unit | Floor | Net m² | Balcony m² | Type · Baths | Parking | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|---|---|
| 1.1 | Floor 1 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| 1.2 | Floor 1 | 55.7 | 16.0 | 2 bed · 1 | Yes | — | — | Sold |
| 1.3 | Floor 1 | 55.7 | 6.0 | 2 bed · 1 | Yes | — | — | Sold |
| 1.4 | Floor 1 | 71.7 | 22.5 | 2 bed · 1 | Yes | — | — | Sold |
| 1.5 | Floor 1 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| 2.1 | Floor 2 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| 2.2 | Floor 2 | 55.7 | 16.0 | 2 bed · 1 | Yes | — | — | Sold |
| 2.3 | Floor 2 | 55.7 | 6.0 | 2 bed · 1 | Yes | — | — | Sold |
| 2.4 | Floor 2 | 71.7 | 22.5 | 2 bed · 1 | Yes | — | — | Sold |
| 2.5 | Floor 2 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| 3.1 | Floor 3 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| 3.2 | Floor 3 | 55.7 | 16.0 | 2 bed · 1 | Yes | — | — | Sold |
| 3.3 | Floor 3 | 55.7 | 6.0 | 2 bed · 1 | Yes | — | — | Sold |
| 3.4 | Floor 3 | 71.7 | 22.5 | 2 bed · 1 | Yes | — | — | Sold |
| 3.5 | Floor 3 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| 4.1 | Floor 4 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| 4.2 | Floor 4 | 55.7 | 16.0 | 2 bed · 1 | Yes | — | — | Sold |
| 4.3 | Floor 4 | 55.7 | 6.0 | 2 bed · 1 | Yes | — | — | Sold |
| 4.4 | Floor 4 | 71.7 | 22.5 | 2 bed · 1 | Yes | — | — | Sold |
| 4.5 | Floor 4 | 55.7 | 14.0 | 2 bed · 1 | Yes | — | — | Sold |
| Floors 1–4 (20) | 55.7 – 71.7 | 6 – 22.5 | 2 bed | 20 / 20 | — | 20 sold | ||
Floors 5–8 — One- and Two-Bedroom Apartments
| Unit | Floor | Net m² | Balcony m² | Type · Baths | Parking | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|---|---|
| 5.1 | Floor 5 | 53.7 | 14.0 | 1 bed · 1 | Yes | — | — | Sold |
| 5.2 | Floor 5 | 53.7 | 16.0 | 1 bed · 1 | Yes | — | — | Sold |
| 5.3 | Floor 5 | 53.7 | 6.0 | 1 bed · 1 | Yes | — | — | Sold |
| 5.4 | Floor 5 | 79.7 | 22.5 | 2 bed · 2 | Yes | — | — | Sold |
| 5.5 | Floor 5 | 53.7 | 14.0 | 1 bed · 1 | Yes | — | — | Sold |
| 6.1 | Floor 6 | 53.7 | 14.0 | 1 bed · 1 | Yes | — | — | Sold |
| 6.2 | Floor 6 | 53.7 | 16.0 | 1 bed · 1 | Yes | — | — | Sold |
| 6.3 | Floor 6 | 53.7 | 6.0 | 1 bed · 1 | No | — | — | Sold |
| 6.4 | Floor 6 | 79.7 | 22.5 | 2 bed · 2 | Yes | — | — | Sold |
| 6.5 | Floor 6 | 53.7 | 14.0 | 1 bed · 1 | Yes | — | — | Sold |
| 7.1 | Floor 7 | 53.7 | 14.0 | 1 bed · 1 | No | — | — | Sold |
| 7.2 | Floor 7 | 53.7 | 16.0 | 1 bed · 1 | No | — | — | Sold |
| 7.3 | Floor 7 | 53.7 | 6.0 | 1 bed · 1 | No | — | — | Sold |
| 7.4 | Floor 7 | 79.7 | 22.5 | 2 bed · 2 | No | — | — | Sold |
| 7.5 | Floor 7 | 53.7 | 14.0 | 1 bed · 1 | Yes | — | — | Sold |
| 8.1 | Floor 8 | 53.7 | 14.0 | 1 bed · 1 | No | — | — | Sold |
| 8.2 | Floor 8 | 53.7 | 16.0 | 1 bed · 1 | No | — | — | Sold |
| 8.3 | Floor 8 | 53.7 | 6.0 | 1 bed · 1 | No | — | — | Sold |
| 8.4 | Floor 8 | 79.7 | 22.5 | 2 bed · 2 | No | €405,000 | 5,082 | Available |
| 8.5 | Floor 8 | 53.7 | 14.0 | 1 bed · 1 | No | — | — | Sold |
| Floors 5–8 (20) | 53.7 – 79.7 | 6 – 22.5 | 1 · 2 bed | 10 / 20 | €405,000 | 5,082 | 1 available | |
Floor 9 — Studio
| Unit | Floor | Net m² | Balcony m² | Type · Baths | Parking | List Price | €/m² net | Status |
|---|---|---|---|---|---|---|---|---|
| 9.1 | Floor 9 | 37.0 | 45.0 | Studio · 1 | No | — | — | Sold |
Reading the Pricing
- A single price point. The only published price is for 8.4: €405,000, or €5,082/m² on net internal area. With every other apartment sold, no floor premium or plan-type comparison can be drawn within the scheme.
- The largest type on the upper floors. 8.4 is the only two-bathroom, two-bedroom plan type on floors 5–8 (79.7 m²) and has the largest balcony class (22.5 m²). The equivalent units on floors 5, 6 and 7 have been sold.
- Price without parking. The price excludes parking; nine of the ten apartments on floors 7 and 8 were sold without parking, suggesting parking was not decisive for buyers on the upper floors. For letting, however, the share of car-owning households should be kept in mind.
- Comparable check. A current comparison with new-build two-bedroom sales in Nikaia and neighbouring Piraeus districts should be built separately with comparable evidence at offer stage; this report does not rely on a comparables index.
04Build quality and energy
Energy Performance
The scheme is designed for energy class A+; heating is by heat pump and photovoltaic panels on the roof support the building's energy needs. Together these create a measurable running-cost advantage against the largely older housing stock of the Piraeus area. Tenants decide on the sum of monthly rent and energy bills; a unit with a low utility burden gains competitive strength on nominal rent.
Specification
- Kitchen. European-made fitted kitchen, integrated with the open-plan living area — ready for use on handover.
- Wet rooms. Grohe sanitary ware. 8.4 has two bathrooms; one-bedroom apartments have one.
- Heating. Heat-pump system.
- Electric vehicles. The building provides sockets suitable for charging electric cars.
- Outdoor space. Deep balconies along the façade; 22.5 m² for 8.4.
Parking and Storage — A Candid Reading
| Item | Status | What it means for the investor |
|---|---|---|
| Parking | Not with 8.4 | 30 of the scheme's 41 apartments have parking; the available unit does not. The metro at ~800 m partly offsets this, but it should be reflected in rent pricing for car-owning family tenants. |
| Storage | Not defined | Storage demand is high for two-bedroom family use; it needs to be met with built-in wardrobes and balcony solutions. |
| Area tolerance | ±3% | For a 79.7 m² net unit this means a deviation of about ±2.4 m². The contract should be checked for a tolerance clause and a price-adjustment mechanism in case of deviation. |
05Indicative rent and gross yield
The rent figures in this section are indicative assumptions. They are not a precise 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.
Unit Calculation
The calculation is built on the only available unit, 8.4.
| Item | 8.4 |
|---|---|
| Net internal area | 79.7 m² |
| Outdoor area (balcony) | 22.5 m² |
| List price | €405,000 |
| €/m² net | 5,082 |
| Approximate total incl. acquisition costs (≈ 8%) | ≈ €437,400 |
| Indicative monthly rent | €950 – €1,200 |
| Indicative annual gross rent | €11,400 – €14,400 |
| Gross yield — on list price | 2.8% – 3.6% |
| Gross yield — on cost incl. acquisition costs | 2.6% – 3.3% |
| Indicative net yield (after operating costs) | 2.0% – 2.6% |
Commentary
The figures point to a measured yield profile. With two bedrooms and two bathrooms the product addresses the district's family and shared-tenancy base; proximity to the hospital, schools and the central market supports longer lease terms. The apartment makes sense less for a high-yield portfolio than for an investor seeking a new-build, low-running-cost rental asset close to the metro.
06Acquisition costs
The rates below are approximate bands generally applied to residential purchases in Greece. Final amounts depend on the structure of the transaction, the title value and the service providers chosen; they should be confirmed against current legislation and on a per-transaction basis before each purchase.
| Item | Approximate rate | Note |
|---|---|---|
| Transfer tax (φόρος μεταβίβασης) | ~3.1% | Whether VAT applies to new builds depends on the regulation in force and must be confirmed before purchase. |
| Notary | ~1.0 – 1.5% | Tiered tariff depending on contract value. |
| Lawyer | ~1.0 – 1.5% | Includes title review and transaction follow-up. |
| Land registry / cadastre (Κτηματολόγιο) | ~0.5 – 0.7% | Registration fees and charges. |
| Brokerage service fee | ~2% + VAT | Market standard. |
| Total acquisition costs (approx.) | ~7 – 9% | 8% assumed in the calculations. |
Pre-Transaction Requirements
- Tax number (ΑΦΜ). A prerequisite for acquiring property in Greece; it can also be obtained by power of attorney.
- Bank account. Payments should be made through the banking channel with a documentable source of funds.
- Legal and technical due diligence. Title history, zoning status, permits and definitions of the independent units; for new builds, also the building permit and the horizontal-property 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 practice. In buildings with several independent units, each unit is defined as an independent property under the οριζόντια ιδιοκτησία (horizontal property) arrangement, with a share of the land attached to it. The buyer holds full ownership of their own unit and rights in the common areas in proportion to their land share.
Delivery and Timing
- Planned delivery: second quarter of 2027.
- Capital lock-up: about nine months from the report date to handover. During this period capital produces no rent; the yield calculation should take this delay into account.
- Area tolerance: ±3%. The contract should include a price-adjustment mechanism if the tolerance is exceeded.
Payment Plan
No standard instalment schedule has been shared for the scheme at the report date. In schemes under construction, payment is usually structured as a preliminary agreement followed by tranches linked to construction progress; the final plan is set per unit in the contract. At offer stage it is recommended to obtain the payment schedule in writing and to link tranches to evidence of construction progress.
Pre-Contract Checklist
1. Written confirmation of parking and storage status · 2. Area tolerance and price-adjustment clause · 3. Delivery date and remedies for delay · 4. Payment tranches linked to construction progress · 5. Estimated common-area service charge and management plan · 6. Energy performance certificate and warranty cover on handover · 7. List of equipment included on handover (kitchen, sanitary ware, heat-pump indoor units).
08Swot
Strengths
- 97% of the building sold — concrete evidence of demand for the location and product
- The largest plan type on the upper floors: 2 bedrooms, 2 bathrooms, 22.5 m² balcony
- Energy class A+, heat pump and photovoltaics: low running costs
- Metro ~800 m, school ~250 m, hospital ~1.2 km, market ~800 m
- Short delivery: Q2 2027
- Ready-for-use specification: fitted kitchen, Grohe sanitary ware
Weaknesses
- No parking space included with the available apartment
- No storage rooms defined in the scheme
- A single price point — no in-scheme price comparison possible
- Measured indicative net yield band (2.0% – 2.6%)
- A single unit — narrow choice and negotiating room
Opportunities
- Thin supply of new-build, high-energy-class two-bedroom homes in the Piraeus area
- Metro Line 3 links to Piraeus port, the centre and the airport supporting rental demand
- Family and shared-tenancy base: two-bathroom plan, tendency to longer leases
- Tenants shifting from older stock to energy-efficient homes may create pricing power at handover
Threats
- Risk of delivery delay
- Direction of tax and regulatory measures affecting foreign buyers; current confirmation required before purchase
- Simultaneous new-build deliveries in the area creating short-term pressure on rents
- Changes in rental income taxation and service charges
- Effect of interest-rate and currency conditions on buyer demand
09Investment view
Investment View: Positive — Last Unit · Family Rental Product
A0310 is a coherent product for an investor or end user seeking a new-build, two-bathroom two-bedroom apartment in central Nikaia. With almost the entire building sold before delivery, demand is evidenced; the available apartment is the largest plan type on the upper floors, and handover is close.
Evidence of Demand
40 of the 41 apartments have been sold. This absorption rate shows that buyers have validated both the location and the product type.
Unit Quality
79.7 m² net, two bedrooms, two bathrooms and a 22.5 m² balcony — a combination that is scarce in the district for a family tenant or end user.
Operating Profile
Energy class A+, heat pump and photovoltaics reduce the tenant's total cost of occupation; the ready-for-use specification removes the need for further outlay.