Apartment to be refurbished, second floor, Kolonaki, Kolonaki - Lykavittos

Property Code: 7-277. Situated along a prime artery of Athens’ most iconic quarter, this expansive 145 sq.m. flat—boasting a period “shell” and a rare footprint—presents itself as a pristine canvas, poised to host the next chapter, be it a high-end residence or the headquarters of a discerning professional practice. The lofty ceilings, authentic 70-year-old parquet flooring, and dual-aspect façade with balconies (7x1m and 4x2m) set an exquisite stage. Housed within a six-storey building of 1953 featuring a newly installed lift and serviced by central natural gas heating, this property exudes timeless potential.
Why Now—and Why Here?Discounted Purchase Price Against Zone Average: The mean asking price in “Kolonaki-Lycabettus” stands at approximately €5,377/sqm, with the Kolonaki micro-zone soaring to ~€6,110/sqm (September 2025). Residential rental averages hover at ~€19.55/sqm/month. This property is offered at ~€4,482/sqm—below current benchmarks—affording significant value uplift post-recommended refurbishment. Rental Demand: Historically utilised as a large professional office commanding a premium monthly rent, it offers a realistic benchmark for commercial use in a core location. Concurrently, Kolonaki’s residential rental and purchase prices remain among the city’s highest, ensuring robust absorption. Short-Term Rental Regulation: With Athens’ city centre under a temporary moratorium on new short-term rental licences, long-term leasing or professional use emerges as the most stable yield strategy for investors in Kolonaki, reducing regulatory risk.Investment ProfileScenario A — Prime Residential, Long-Term: Based on ~€19.55/sqm → ~€2,834/month or ~€34.017/year. At the current price, this yields a gross return of ~5.2% (pre-refurbishment/tax costs). With a premium fit-out costing €800–1,000/sqm, the gross yield adjusts to approximately 4.3–4.4%, augmented by capital appreciation as it aligns with zone averages. Scenario B — Professional Space (Legal/Medical/Consulting): Historical rent of €3,000/month → €36,000/year (~5.5% gross on acquisition). Upside potential exists with infrastructure redesign (structured cabling, meeting suite, reception, kitchen-bathrooms) and energy-efficient windows. Bottom Line: A purchase below zone average + versatile usage + strong rental demand = a compelling ROI for a high-end hold or value-add strategy.Architectural and Functional ProfileArea: 145 sqm Layout: 4 bedrooms (potential for 5th), living room, kitchen, 1 bathroom, 1 WC Outdoor Spaces: 2 balconies (approx. 7x1m and 4x2m) Storage: Internal 4 sqm (former maid’s quarters) and basement 5–6 sqm Floor: 2nd—front-facing Flooring: Authentic parquet (immaculately preserved) in rooms, marble in bathroom, laminate in kitchen, hall, and WC (requiring replacement) Infrastructure: 5 A/C units (needing service), pre-wiring for central computer/networking Heating: Central natural gas (building-wide) Hot Water: Electric water heater (requiring replacement) Security/Access: Video intercom, new lift Common Charges: ~€70/month (summer ~€40)Energy Class: H (pre-renovation)Condition and Recommended Value-Add
The property requires renovation works. Strategic upgrades to maximise value include: Windows: Replace single/double-glazed units with energy-efficient ones (thermal break, low-e). Electromechanical: New electrical panel, Cat6a structured cabling, Wi-Fi mesh, LED lighting (UGR<19 for offices). Wet Areas: New kitchen and bathrooms with premium materials. Replace degraded laminate (kitchen/hall/WC). Energy Profile: Internal insulation solutions, modern water heater or natural gas boiler. Layout Scenarios: Residential: master suite and 2–3 bedrooms, open-plan living with island. Office: reception/waiting area, 5–6 enclosed offices or 3 meeting rooms and open plan, archive, server closet, kitchenette.Location—The Address That Matters
Positioned on a central Kolonaki street, mere steps from the square, galleries, embassies, and the city’s premier dining and shopping enclaves. This precinct traditionally hosts legal/medical offices and boutique corporate headquarters—rendering the property a seamless “plug-and-play” option for prestigious professional use. The historic urban fabric (interwar buildings, monuments, museums) ensures enduring appeal and value resilience. 

What Makes It Unique
This is no ordinary “turnkey” flat—it is an urban asset with a rare footprint and dual-purpose potential, in an address that stands as a brand in itself. Acquired below the zone average, designed to your exacting standards, it promises capitalisation through yield and appreciation in Athens’ most recognisable postcode.

If you are seriously considering a lifetime investment in Kolonaki, request a private viewing and let us discuss plans, capex scenarios, renovation budgets, and rental comparables.