Development

6-Apartment Building project

Update 15/04/2025

APPROVED BUILDING TERMS

The Urban Planning Service of the Municipality of Alimos has approved the Building Terms for this plot, issuing a Building Terms Certificate (Article 38, Paragraph 2, Law 4495/2017) valid until August 5, 2025. Key details from this certificate are summarized in the table below

A total of 766.72 sqm of primary use can be constructed in a building with a height of up to 19.5 meters. This approval largely confirms my calculations (see below), with the Building Terms Certificate allowing for an additional 25 sqm.

Six above-ground floors are planned, each featuring apartments of 123.62 sqm per floor, along with two basements. The 1st basement can be configured as a pilotis or as two auxiliary apartment spaces, as detailed below. The 2nd basement (first from street level) extends to the plot boundaries and includes parking spaces and storage areas.

Analysis

A. Building Coefficients

Securing building permits requires navigating various laws, regulations, and decisions. A civil engineer familiar with local specifics and current regulations is essential to maximize the allowable construction area.

Generally, note that the building coefficient relates to the calculation of the square meters of the main spaces. Ancillary spaces (e.g., building entrance, elevator shaft, staircase, storage, parking) are calculated separately from the main building coefficient, subject to specific regulations.

Table 1: Building Coefficients provides indicative information regarding the building parameters applicable to this specific plot. It is based on the New Building Code (known as NOK)—(Law 4067/2012)—and takes into account the recent Council of State (StE) decision no. 146/2025. The StE decision deems certain aspects of the NOK unconstitutional. For example, the construction of roof terraces outside the building coefficient was initially permitted but later removed. While the decision recognizes the intent of the NOK’s incentives, it stipulates that they cannot be applied as general law. Instead, these incentives must be incorporated into Local and Special Urban Plans, expected to be finalized nationwide between 2025-26. Table 1 reflects the anticipated integration of these NOK incentives into local urban planning.

At the end of this webpage, you will find the link to download the decision A146/2025 of the Council of State (in Greek).

Based on the above assumptions, the plot coverage is 144.11 sqm, and the total square meters of primary use amount to 741.72 sqm. Thus, six floor apartments of 123.62 sqm each can be constructed. Up to the coverage limit of 144.11 sqm, there is sufficient space of 20.49 sqm per floor for the configuration of communal areas and the staircase.

Diagram 1 illustrates the building footprint, overlaying it on the existing construction.

The terrain has a slope of approximately 20% and a height difference of 3.5 meters from the facade on Ethelonton Street to the rear parallel side of the plot.

From an urban planning perspective, the permit for the existing building specifies an entrance from Sokratous Street and classifies it as a single-story structure with a basement. In other words, the construction currently on the plot comprises two floors: the ground floor is at a level determined by the entrance on Sokratous Street, while the basement is approximately 1 meter above the level of Ethelonton Street. This corresponds to a two-story detached house.

Correspondingly, the same could be done with the new building. With an entrance from Sokratous Street, the building can be constructed within 19.50 meters without using the additional height meters provided by the NOK, thus taking a more conservative stance on how the NOK will ultimately be applied by the Urban Planning Department of the Municipality of Alimos. The ground floor (with an entrance from Sokratous Street) would be configured as a residence with exclusive use of part of the garden, possibly including a pool within that space. Together with the five additional floors, six apartments fit within the 19.50-meter height limit.

Table 2: Building Height includes the sum of the floor-to-floor heights and illustrates that the building can be constructed within a height of 19.50 meters.

Regarding the basement (1st basement), its design could mirror that of the existing building. The rear section would be fully underground, while the front (facing Ethelonton Street) would be semi-underground. The 1st basement could be divided into two distinct areas. The left area, officially designated as underground storage, could be integrated with the ground-floor apartment to create a 183 sqm maisonette (124 + 59 sqm), accessible directly from the apartment, in addition to having its own separate entrance. Similarly, the right area, also officially designated as underground storage, could serve as an ancillary space for an upper-floor apartment, forming an independent 63 sqm studio with a private entrance, potentially also with a bit of a designated garden.

The parking area is located in the lower 2nd basement, which is one level below Ethelonton Street. A rough calculation of the spaces that can be arranged without rearrangement of columns and utilizing the entire plot area for parking shows that there can be 3 double spaces (2 cars where one blocks the other) and 4 single spaces. In between, there is room for storage units for all apartments. The entrance to the car park is located on Ethelonton Street at the eastern boundary of the plot. It goes without saying that the elevator reaches the parking area.

Based on this data, it follows that 741.72 sqm of primary use are licensed, and an additional 122 sqm of “primary ancillary” use can be additionally constructed. In the 2nd basement, there will be at least 10 parking spaces to be shared among the 6 apartments, as well as storage units for each apartment.

Diagram 2: Section from Sokratous street shows a section of an indicative construction from Sokratous Street. For the height calculation, a slab thickness of 30 cm (20 cm slab plus 5+5 cm above and below) and a net floor height of 2.60 meters were considered.

Diagram 3: Typical Floor Plan presents the layout of a floor apartment. Within almost 124 sqm, it comfortably includes 3 bedrooms, 2 bathrooms, and 1 WC. The diagram shows details of the ground floor apartment, which is connected by a spiral staircase to a 62 sqm basement ancillary space that belongs to it. Additionally, to the west (left side of the floor plan), a pool could be added for the exclusive use of the apartment. On the side of Ethelonton street, there is sufficient space for a pool to serve the other apartments (not designed).

Diagram 4: Indicative Layout of the Basement shows how the 1st basement could be divided into two independent spaces. In the depiction, the western space, with an area of 59 sqm, has been allocated to the ground floor apartment and serves as an annex to it. The eastern space, with an area of 63 sqm, could serve as an annex to an apartment on one of the upper floors. Depending on the use of the ground floor, the allocation could be reversed. In this case, the basement could function as an extension of the main bedroom. A spiral staircase could be placed in the area allocated for a sofa or a desk.

The basement will be blind on the rear side (south) and partially below ground level on the side of Ethelonton Street.

Table 3 presents a development budget based on key factors: purchase cost, estimated construction costs (worst, best, and average), and projected selling prices (worst, best, and average).

The budget presented in Table 3 provides an indicative estimate of the investment. This table, along with all other tables, is included in an Excel file that you can download to your computer and edit using your own estimates for construction costs and selling prices.

To incorporate a timeline into the calculations, it’s assumed that approximately 80% of construction will be completed by the end of the second year. The remaining 20% accounts for final finishes in unsold apartments. Consequently, upon completion of the initial 80% of construction, about 50% of the apartments will be sold. Approximately 35% will be sold one year later, with the final 15%, corresponding to roughly one apartment, sold by the end of the fourth year. Please note that these percentages refer to expenses and revenues and not to apartment sales.

Table 4: Calculation of IRR & ROI reflects the results from the above assumptions. Accordingly, based on the cash flow plan, a capital investment of €1.75 million is required, which will be recovered from the progress of sales two years later. The Return on Investment is estimated at double the capital invested (ROI = 99%).

The table is included in the excel file that you can download to your computer. You can modify the assumptions according to your own estimates. The data in the table are based on the average construction and selling cost per square meters, as derived from the assumptions and calculations in Table 3.

The Internal Rate of Return (IRR), based on the above, will be 29%. The required equity, as mentioned, amounts to approximately €1.75 million. It is estimated that, with the progress of advance payments for sales, the equity will be returned by the middle of the second year.

For convenience, I provide the tables and diagrams in PDF files for you to download, as well as the Excel file so you can perform your own calculations. In the Excel file, there are no locked fields. However, it is recommended that you only modify the cells with a yellow background, which serve as input cells for numerical data.

In addition, the analysis of this page is included in a downloadable pdf file.

You may also download the decision A146/2025 of the Council of State.

In conclusion, note that 700 meters away from the plot is the Alimos Marina. It is the largest in Greece and significant in the eastern Mediterranean. The marina is under development through a 40-year concession agreement (with a possible extension of 10 years), signed in 2020 by “Development of New Alimos Marina” (ELLAKTOR, AKTOR Concessions, REDS). The goal is to upgrade it with investments that enhance its tourist and recreational role in the Athens Riviera. With 1,000 berthing positions and new facilities of 18,000 sqm, it will include dining areas, hospitality, offices, and boat services. It will be transformed into a multifunctional hub, open to all, with green spaces, pedestrian paths, bike lanes, and parking. The development is part of the broader upgrade of the southern suburbs and the transformation of the Ellinikon area, and it is estimated to further influence property prices in Alimos as it dynamically integrates into the Athens Riviera.