This small apartment was an acquisition for strictly investment purposes. The current owner wanted to convert the 70’s apartment into a modern and minimalistic studio type, similar to what one can find in an island or a holiday spot in Greece. Located in Voula, a few hundred meters away from the seawater and the newly formed beaches of the Athens riviera, this apartment can become the ideal Golden Visa unit. 50 square meters is the overall size that after the renovation gives you the feeling of a much larger space.
Open plan living room/kitchen area, with a fabulous central wooden unit that masterfully hides the kitchen appliances, the washroom area and the bedroom’s closet. The apartment is surely ideal to have a place that you can adapt to a daily beach life and sports yet feel like being on vacations within the city premises and all the urban amenities.
- Minimal design
- Open plan layout, studio type apartment
- The beach is within walking distance
- Market area within walking distance
BUSINESS MODEL & NUMBERS
The apartment needed extensive renovation and its main intention was to complete an upper level renovation and re-sell it. The main target market the Golden Visa buyers or the bachelor/bachelorette that wants to stay in a high- end location and be able to appreciate the Athens Riviera and Glyfada area that are literally a breath away. The net profit when finished renovation and sold will be ranged from 32% - 39% on the overall initial capital in a period of approximately 12 months. If rented based on a long term lease plan the expected attained price rage is from 13 €/sqm - 15 €/sqm. That results into a range of 4,4% to 5% yield (gross).
Voula area is part of the famous Athens Riviera with numerous hotels, beaches and marinas. It provides an 8-10 month summer holiday atmosphere because of its overall orientation and city planning. A guest here almost all year round can experience water sports and outdoor activities having the seawater always as a great companion. The area is also known for several nice food areas where you can find amazing cocktails in the night and boosting coffees during the day. The low overall density of housing and the green areas create a very friendly and relaxing type of lifestyle similar to what one can find on a Greek island. Other famous areas are Vouliagmeni and Glyfada that are literally attached to the overall area of Voula.