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Hello everyone. One unit is left in an Athens scheme that comes with a three year rental guarantee. Today, from Ilion, Flevas.
Apartment types, current price range and location: see the project page
A conversion scheme by Royal Investments Group on Rouvikonos street in the Ilion district of western Athens. The scheme had two apartments; A-13 has been sold and M-23 is left. The apartment is delivered furnished and equipped and falls inside the Golden Visa 250,000 euro band.
Prices
- M-23: 54.16 m² internal plus a 19.80 m² balcony, toplam 73,96 m²
- Two bedrooms, one bathroom
- Price: €280,000
- Rental guarantee: 24,000 euro for three years
- Delivered furnished and equipped
- Completion: Second quarter of 2027, plus three months of grace
- Floor height 2.75 m
- Golden Visa: the 250,000 euro band
Royal Investments Group is a developer converting existing buildings into homes around Athens. Flevas too is the conversion of a building permitted in 1980. That matters for the Golden Visa: change of use schemes fall in the 250,000 euro band and the title can be taken on the existing building.
Neden Flevas?
The rental guarantee brings the risk forward. 24,000 euro for three years means 8,000 euro a year, roughly 2.9 percent gross on the €280,000 price. The figure is not high, but being guaranteed removes the risk of voids and of finding a tenant for the first three years. The second point is the character of the district: Ilion has not been opened up to mass tourism or short term letting. For an investor after a long term tenant, that means stability.
- Direct access to the main roads, easy movement across Athens
- Away from the congestion of the centre, a quiet and settled district
- A wider layout and a larger balcony than in the centre on the same budget
- Shops, pharmacies and schools are all handled within the district
Daily life
Ilion is one of the Athens districts where daily life is genuinely lived. There is no tourist crush and no short term letting pressure; neighbourly relations and local shopkeepers are still there. For those who want to reach the centre the main road link is close, and for those who do not, the district's own facilities are enough. The apartment's 19.80 m² balcony works as a second room for most of the year in the Athens climate.
Rental yield and tenant profile
The tenant profile is long term families and couples. In a district where short term letting is not dominant, that lowers the void risk. The developer gives a rental guarantee of 24,000 euro in total for the first three years; at the end of the third year the rent returns to market terms. Property management is also offered for three years, at 20 percent of the gross rent.
Communal areas and specification
- Two bedrooms, one bathroom
- A 19.80 m² balcony
- Delivered furnished and equipped
- Floor height 2.75 m
- A roof terrace in the scheme
- Three years of property management, at a 20 percent fee
Who is buying?
It suits an investor looking for a single property in the Golden Visa 250,000 euro band who does not want to deal with finding a tenant after handover. The rental guarantee makes the first three years predictable. For a buyer who wants to live in central Athens, the location is not central enough, and that has to be said up front.
Total cost: what do you actually pay when buying Flevas?
Greece has no stamp duty. Because these projects convert existing buildings, the 24% VAT that applies to new construction does not arise either; the buyer pays the 3.09% transfer tax instead. The table below is indicative, based on the starting price.
| Item | Amount |
|---|---|
| Property price | €280,000 |
| Property transfer tax (3.09%) | €8,652 |
| Notarial fees (1.70%, VAT included) | €4,760 |
| Legal fees and due diligence (1.24%) | €3,472 |
| Land registry (0.70%, VAT included) | €1,960 |
| Fixed items (engineer, E9, power of attorney, postage) | €684 |
| Approximate total | €299,528 |
If you will apply for a residence permit, state fees, the permit card and health insurance are calculated separately. For your own scenario you can use our Greece purchase cost calculator .
Risks and what to watch for
- One apartment left. A-13 has been sold; there is no choice of unit, and anyone wanting alternatives has to look at another scheme.
- The rental guarantee is limited to three years. From the fourth year the rent is set by market terms; do not build the yield calculation on the guarantee period.
- Handover in 2027. An off-plan purchase; the money is committed until handover.
- The Golden Visa payment rule. The qualifying amount has to be paid in full before the application.
How does Flevas compare with the alternatives?
- Royal Piraeus Maisonettes: two duplexes in Piraeus, €360,000 and €370,000, 200 m from the metro.
- Royal Boutique Collection: a 24 apartment scheme in northern Athens with a pool and a gym, from €250,000.
- We have gathered the Golden Visa thresholds and the payment rule on our Greece pages.
We can work out which scheme fits your goal together, based on your budget, your intended use and your exit plan. For the current position, the floor plan and the payment plan of the apartment left at Flevas, get in touch with us.
Answers to the most common questions on this topic: Is Buying a Home in Athens a Good Idea?
