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Hello everyone. Two duplex apartments right behind the largest port in Greece, two hundred metres from the metro. Today, from Piraeus, Royal Piraeus Maisonettes.
Apartment types, current price range and location: see the project page
A conversion scheme by Royal Investments Group on Megalou Alexandrou street in Piraeus. There are two apartments in total and both are three bedroom duplexes. They are delivered furnished and equipped, so they can be lived in or let from the day you get the keys. Both fall inside the Golden Visa 250,000 euro band.
Prices
- GA1, sokak cephesi: 101,25 m², €360,000
- GA2, green courtyard outlook: 108.55 m², €370,000
- Both are three bedroom duplexes, with two ensuite bathrooms plus a guest WC
- Delivered furnished and equipped
- Metro istasyonu 200 m, the sea 600 m, the Port of Piraeus 1,500 m
- Handover: six months after the permit, plus three months of grace
- Golden Visa: the 250,000 euro band
- Adres: Megalou Alexandrou, Pire 185 33
Royal Investments Group is a developer that converts existing buildings into homes in Athens and Piraeus. This scheme is the conversion of an existing building permitted in 1977; it is a change of use, not new construction. That is the point that matters for the Golden Visa.
Neden Royal Piraeus Maisonettes?
The metro and the port at once. Piraeus is the last stop on line 1 of the Athens metro and at the same time the main gateway to the Aegean islands. In this scheme the metro is two hundred metres away, so both city transport and the ferries to the islands are within walking distance. On the tenant side that means a wide pool: people working in the city and people travelling to the islands through the season. The second point is scale: in a two apartment scheme the number of neighbours and the communal cost are both minimal.
- Metro istasyonu: 200 m
- Nearest hospital: 500 m
- Deniz: 600 m
- Port of Piraeus: 1.500 m
- Mikrolimano, Pasalimani and Zea Marina waterfront within walking distance
Daily life
Daily life in Piraeus runs between the port and the waterfront. The fish tavernas of Mikrolimano, the wooden sailing boats of Pasalimani and the cafés of Zea Marina sit along the same walk. The narrow streets up Kastela hill, with their neoclassical buildings, carry a character of their own. Shops, pharmacies and schools are all handled within the district; Piraeus is not a tourist strip but a working city.
Rental yield and tenant profile
The tenant profile comes from two directions: people working in the port and the city centre, and seasonal lets. Two hundred metres to the metro is decisive for long term letting. The apartments are delivered furnished, so they can be let from day one; the developer also offers property management for three years, at 20 percent of the gross rent. When you talk about the net yield, that percentage and the service charge both have to come off the gross.
Communal areas and specification
- Three bedrooms, two ensuite bathrooms and a guest WC
- Delivered furnished and equipped
- Floor height 2.55 m on both levels
- Green courtyard outlook in GA2
- Three years of property management from the developer, at a 20 percent fee
Who is buying?
There are two buyer profiles. The first is an investor aiming at the Golden Visa who wants to apply with a single property in the 250,000 euro band; both apartments here fall in that band. The second is a buyer looking for a rent ready apartment near the metro at a lower price per square metre than central Athens.
Total cost: what do you actually pay when buying Royal Piraeus Maisonettes?
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 | €360,000 |
| Property transfer tax (3.09%) | €11,124 |
| Notarial fees (1.70%, VAT included) | €6,120 |
| Legal fees and due diligence (1.24%) | €4,464 |
| Land registry (0.70%, VAT included) | €2,520 |
| Fixed items (engineer, E9, power of attorney, postage) | €684 |
| Approximate total | €384,912 |
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
- The permit has not been issued yet. The handover timetable depends on the permit coming through; the six months the developer quotes start from the permit.
- The Golden Visa payment rule. The whole of the qualifying amount has to be paid before the application and through the banking channel; an instalment plan stretches the visa timetable.
- A two apartment scheme. The communal cost is low but so is liquidity; finding a buyer on exit can work differently than with an apartment in a large development.
- A 20 percent management fee. This is where the gap between gross and net rent shows; work the yield out on the net figure.
How does Royal Piraeus Maisonettes compare with the alternatives?
- Flevas, Ilion: in western Athens, one apartment left, €280,000 and a three year rental guarantee.
- Royal Boutique Collection: a 24 apartment boutique scheme in northern Athens with a pool and a gym, from €250,000.
- We have gathered the Golden Visa thresholds and the regional split in our Greece guide.
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, floor plans and payment plan at Royal Piraeus Maisonettes, get in touch with us.
Answers to the most common questions on this topic: Is It Worth Buying Property in Piraeus?
