Description
Property Code: 7-538.The new investment frontier in Athens is no longer defined solely by penthouses or fully renovated apartments. It is increasingly shaped by former commercial spaces that are being transformed through change of use, acquiring residential identity and re-entering the housing market.
In Ampelokipoi, in a prime location between the Athens Court of Appeal, Alexandras Avenue, Ampelokipoi METRO Station, the Evelpidon Courts, Kypseli, Gyzi and Panormou, two ground-floor former commercial units are offered for sale.
Both are currently undergoing renovation and change of use, with delivery scheduled after summer 2026.
This asset class is at the centre of current demand, as the €250,000 threshold for the Golden Visa continues to apply to conversions of commercial or industrial spaces into residential properties, subject to specific conditions and completion of the change of use prior to application.
Loft A | 58 sq.m. | €220,000:
Ground floor with mezzanine, no basement. The ground level will accommodate living area, kitchen and bathroom, while the upper mezzanine will house the bedroom. A compact urban residence, ideal for long-term rental, pied-à-terre or low-impact professional use.
Loft B | 80 sq.m. | €220,000:
Three levels: basement, ground floor and mezzanine, connected by an internal staircase. The basement (2.65 m height) can accommodate a bedroom with ventilation and WC provision. The ground floor (2.70 m height) will feature living area, kitchen and bathroom with shower. The upper level will house the main bedroom. At its highest points, the total height reaches 5.50 m, creating a genuine loft atmosphere.
The properties can be used in two strategic directions: as residential conversions for Golden Visa investors, or as distinctive professional spaces for notaries, law firms, consulting offices or boutique practices, benefiting from proximity to the legal and administrative core of Athens.
The location offers strong rental fundamentals. Current market data for Ampelokipoi–Gyzi shows residential rental rates of approximately €10–15 per sq.m. Indicative rents for similar properties range from €800 for 55 sq.m. to €1,100 for 94 sq.m. Conservatively, the 58 sq.m. loft could achieve €750–€850 per month, and the 80 sq.m. loft €950–€1,100 per month long-term. Combined, this suggests an annual gross income of €20,400–€23,400.
At a total purchase price of €440,000, the projected gross yield ranges from 4.6% to 5.3%, before taxes, expenses and management costs.The purchase price equates to approximately €2,750 per sq.m. for the 80 sq.m. unit and €3,793 per sq.m. for the 58 sq.m. unit. When evaluated against the full reconstruction, change of use and product scarcity, these figures are highly competitive, especially considering that renovated small residences in the area are already being listed significantly higher (e.g. 58 sq.m. at €265,000).
This is a rare opportunity for investors seeking not just property, but a product with narrative, versatile use, strong demand and a clear European investment strategy.
Secure these units before completion — exclusively through PANTOU REALTORS.
