Oikos Property Developments positions its third consecutive Thiseos Avenue project at the intersection of four converging factors: the Delta Falirou government development, active Metro construction, suspended capital gains treatment, and €250,000 Golden Visa eligibility.
Boulevard’s 49 one-bedroom units launch into a Kallithea market where infrastructure deployment outpaces residential construction.
The municipality sits three minutes from the Delta Falirou project, where government investment will create southern Athens’ newest urban park and establish the starting point for a pedestrian corridor connecting the entire Athenian Riviera through Elliniko to Voula.
This positioning centers less on current market conditions than on what arrives between now and 2028: four Metro stations blanketing the municipality, the 600-acre Aenao Park, and a 22-kilometer mobility corridor hardwiring Kallithea directly to coastal amenities.
Strategic Location Drives Investment Opportunity
Kallithea’s value proposition stems from geographic positioning rather than pricing arbitrage. The municipality bridges central Athens employment centers and the developing southern coastal zone, capturing demand from both owner-occupiers and long-term investors.
Capital gains tax suspension through December 2026 matters less for the exemption itself than for the certainty it provides around exit timing. Boulevard’s entry price targets buyers who understand that infrastructure-led appreciation in supported markets often outperforms speculative gains in volatile ones.
Delta Falirou Redefines Southern Access
The government’s Delta Falirou development represents Athens’ most ambitious southern infrastructure project since the Stavros Niarchos Foundation Cultural Center. Creating a major urban park just three minutes from Boulevard establishes Kallithea as the gateway between central Athens and the Athenian Riviera.
More importantly, the project anchors the pedestrian and cycling corridor that will connect disparate southern suburbs into a unified mobility network. This corridor doesn’t merely link existing amenities; it fundamentally alters accessibility patterns for the entire southern metro area.
Athens rental tenants increasingly prioritize mobility infrastructure over automobile dependency, a demographic shift most pronounced in the 28-to-42 age cohort that dominates Kallithea’s tenant base. Boulevard captures this transition as infrastructure deploys rather than after completion, when pricing fully reflects the new reality.
Infrastructure Timing and Rental Fundamentals
Four Metro stations will serve Kallithea by 2028, with the nearest planned for Filaretos Hill, fewer than two kilometers from Thiseos Avenue. Athens’ experience with Line 3 extensions shows consistent patterns: rents within 800 meters of new stations appreciate 8% to 12% faster than municipal averages during the 24 months following service launch.
Aenao Park’s 600 acres will create southern Athens’ largest green infrastructure addition since 2016. Parks of this scale historically pull residential demand from older northern suburbs where green space remains scarce.
The 22-kilometer pedestrian corridor, beginning at Delta Falirou, fundamentally changes how residents access coastal Athens. Kallithea’s positioning between employment centers and this new mobility spine positions it to capture migration without depending on it.
Boulevard’s 2025 delivery means units come online before infrastructure completion, capturing the anticipation premium without exposure to construction delays.
Tenant Durability Over Tourist Volatility
Kallithea’s rental demand draws from Athens’ legal, financial, and technology sectors rather than short-term tourism flows. Markets dependent on tourist accommodations show rental volatility three to four times higher than employment-centered submarkets during economic contractions.
Employment-driven tenancy creates occupancy stability that Golden Visa investors prize over peak yield scenarios. This stability becomes particularly valuable as infrastructure completion draws closer and competition for quality units intensifies.
Greece’s 40% tax credit for energy-efficiency renovations, deductible over five years up to €16,000, rewards capital improvements in older stock. Transaction costs run 6.37% to 8.77% on purchase, 1% to 2% on sale.
ENFIA property tax spans €2 to €16.20 per square meter based on zone assessment, creating holding cost predictability that simplifies underwriting across market cycles.
Golden Visa Mechanics in Practice
Boulevard’s one-bedroom configuration hits the €250,000 minimum precisely. Greece’s residency program requires no physical presence beyond biometric enrollment, distinguishing it from Portugal’s terminated program and Spain’s framework that now demands proof of economic ties.
The program’s value compounds when paired with liquid, yield-producing assets in appreciating markets. Kallithea’s balanced metrics avoid the fragility of overheated zones while maintaining sufficient momentum to justify the residency vehicle cost.
Progressive taxation applies to rental income from 15% to 45%, with a standard 5% expense deduction reducing compliance complexity. Net returns depend on investor tax residency, unit configuration, and zone selection, but baseline economics support both income and appreciation strategies without heroic rent growth assumptions.
The real advantage lies in optionality: residency that functions whether you occupy, lease, or eventually exit.
Why This Window Narrows
Suspended capital gains treatment expires December 2026. Four Metro stations enter construction. The Delta Falirou project advances toward completion.
Golden Visa eligibility remains stable while neighboring programs restrict or terminate. These factors converge over a finite period.
How the convergence plays out depends on absorption as infrastructure delivers. Metro service typically accelerates rent growth 18 to 24 months before station opening as anticipation pulls tenants forward.
Aenao Park’s 2028 completion creates a secondary catalyst for northern suburb migration. Delta Falirou’s pedestrian corridor establishes permanent connectivity that transforms Kallithea from a transitional municipality into a primary residential destination.
Oikos completed Thiseos Service Apartments and Knowlodge student residence on the same avenue, establishing operational credibility within 400 meters of Boulevard. Three consecutive projects on one corridor signal conviction in the submarket’s trajectory rather than geographic diversification.
Boulevard’s 49 units represent a controlled supply in a location where infrastructure deployment outpaces residential construction, the inverse of most European markets, where building precedes amenities.
Oikos Property Developments delivers urban residential projects across Athens with a focus on infrastructure-led submarkets.
Boulevard units entered release this week. Detailed specifications, pricing schedules, and Golden Visa qualification requirements are available directly on the company website or you can contact our team directly via the form below.
