Flat in Athens, Greece, 117 m²

Three ready-made apartments in the center of Athens with the possibility of obtaining a residence permit

Single facility with an area of 117 m², divided into three independent rental units

• Price: €295,000
• Area: 117 m²
• Number of units: 3
• Floors: 0–1
• Current rental income: €1,250 per month
• Gross yield: about 5.1% per annum
• Status: put into operation
• Location: centre of Athens
• Metro: Aghios Nikolaos - 600 m, about 9 minutes walk
• Residence permit: the property is declared as meeting the conditions of the Golden Visa program

Three apartments in one investment

The investment proposal consists of three functionally independent residential units:

• classic studio;
• two-level loft studio;
• two bedroom apartment

Each unit is designed for independent living and separate rental. This division allows the investor not to depend on one tenant: even if one apartment is temporarily vacant, the other two continue to generate income.

Fully finished object

The project has already been completed and put into operation. The buyer purchases a ready-made property without construction risks, waiting for completion of work and possible postponement.

After completing the transaction, the property can be immediately used to generate income and apply for a residence permit - subject to confirmation of compliance of the specific transaction with the requirements of the Golden Visa program.

Engineering for independent rentals

Unlike an ordinary apartment, formally divided into several rooms, the facility’s engineering systems were initially adapted for the independent operation of three units.

Provided for:

• separate control of electricity consumption;
• independent control of water supply;
• autonomous control of engineering systems of each unit;
• technical solutions taking into account the requirements of a professional management company.

Such customization is especially important when working with multiple tenants. The management company can control the costs and operation of each apartment separately, even if the tenants violate the established rules for the consumption of utility resources.

Increased level of comfort

Each unit has enhanced requirements for:

• ventilation;
• sound insulation;
• heating;
• independent operation;
• tenant privacy.

High-quality noise insulation is especially important for a property in which tenants of three separate apartments simultaneously live.

Unfurnished apartments

The apartments are sold unfurnished. Images of interiors with furniture are design visualizations and demonstrate a possible design option.

Refusal of standard furnishings is a conscious investment strategy. The management team estimates that finding a tenant may take a little longer, but tenants who customize the space tend to consider longer stays.

This can reduce:

• risk of early termination of the contract;
• frequency of tenant changes;
• expenses for restoration and replacement of furniture;
• periods of downtime between rentals.

Over the horizon of several years, such a model could potentially provide more stable income and a higher final ROI.

Yield

The total rental of the three units is €1,250 per month , or €15,000 per year .

At a purchase price of €295,000, the estimated gross yield is:

€15,000 ÷ €295,000 × 100% = 5.08% per annum.

The indicated yield is gross - before deduction of taxes, utility costs, maintenance, insurance, periods of possible downtime and management company commission.

Location

The property is located in the central part of Athens, 600 meters from the Aghios Nikolaos metro station. The journey to the metro takes about nine minutes on foot.

The proximity of public transport expands the audience of potential tenants. Apartments may be of interest:

• young professionals;
• students;
• param;
• employees of international companies;
• foreigners moving to Athens;
• tenants who need quick access to the city center.

Advantages for investors

• ready and commissioned object;
• no risk of construction delay;
• three separate sources of rental income;
• area 117 m²;
• central part of Athens;
• metro within walking distance;
• independent engineering systems;
• improved ventilation and sound insulation;
• opportunity to transfer the property to a professional management company;
• gross yield of about 5.1% per annum;
• opportunity to start renting immediately after purchase;
• high liquidity due to space and universal configuration.

In the future, the property can continue to be used as three independent rental units or considered as a single large object with an area of 117 m² - depending on its legal and technical status.

Possibility of obtaining a residence permit

The property is offered as an investment suitable for the Greek Golden Visa. Since the property is already ready, the process of submitting documents can begin immediately after the purchase and completion of the legal formalities.

Before making a deposit, it is necessary to legally confirm the basis for the object’s participation in the program, its purpose, compliance with the applicable investment threshold and operating restrictions.

The finished property, three independent apartments, a central location and an estimated yield of about 5.1% make this offer interesting both for a buyer who needs a Greek residence permit, and for an ordinary investor focused on regular rental income.