Overview
A three-level neoclassical stone mansion in the heart of Ioannina's historic district, 100 metres from the castle and the lake. The building is listed by the Greek Ministry of Culture, fully restored between 2008 and 2013, and offered off-market with a complete documentation package ready for transaction.
The asset carries the rarity premium of a heritage title in the city's most prestigious location — a category where new supply is structurally impossible. The internal reinforced concrete frame provides structural longevity without compromising the authentic stone facade that defines the property's identity.
The investment case offers two distinct scenarios. A conservative long-term rental model provides a stable, predictable 5% yield with minimal management burden and clear Golden Visa eligibility. A high-yield management model — operating the upper floors as serviced apartments — targets 13% ROI with 19.7% return on leveraged equity.
What makes this asset
01
A protected neoclassical stone mansion — a trophy asset in Ioannina's most prestigious district. The heritage listing functions as a long-term scarcity guarantee: no comparable new-build supply can enter this location at any price.
02
100 metres from Ioannina Castle and Lake Pamvotis — the city's primary tourist destination. The address captures maximum foot traffic from leisure travellers, cultural visitors, and the growing segment of premium digital nomads who choose Ioannina as a base.
03
The authentic stone facade is preserved intact, while the internal reinforced concrete frame provides contemporary structural integrity. A fully restored building in this category does not exist elsewhere in the market — the combination of heritage appeal and modern safety standards is unique.
04
Four luxury apartments of 50 m² each across the upper two floors, plus a communal ground floor with reception and living space. The configuration supports both a single unified operation and independent apartment management — the investor retains flexibility to adapt the model over time.
Building configuration
Total area 343 m² across three levels on a 250.86 m² plot. The ground floor functions as a communal and operational base. The upper floors are configured as four independent luxury apartments.
| Level | Area | Configuration |
|---|---|---|
| Ground floor | ~75 m² | Reception (11.25 m²), communal living room with kitchen (16.3 m²), 2 rooms (24.5 and 23.5 m²) |
| 2nd floor | ~100 m² | 2 luxury apartments of 50 m² each |
| 3rd floor | ~100 m² | 2 luxury apartments of 50 m² each |
| Outdoor | — | Private paved courtyard |
| Total | 343 m² | 4 luxury apartments + communal space |
Investment scenarios
The building supports two fundamentally different operational models. The choice between them is a decision about how much management involvement the investor wants — not about the asset's underlying quality.
| Parameter | Scenario A: Conservative | Scenario B: High-yield |
|---|---|---|
| Model | Long-term residential leases (12+ months) | Short-term / serviced apartments via Greek legal entity |
| Goal | Stable income + Golden Visa eligibility | Maximum cash flow and capitalisation |
| Purchase price | €800,000 | €800,000 |
| Annual net profit | €45,000 | €116,700 |
| ROI (100% equity) | 5.0% | 13.0% |
| ROI (50% leverage) | 3.8%* | 19.7% |
* Leverage ROI in Scenario A is lower due to current interest rates exceeding the asset yield in that configuration.
Why invest now
No new supply
The heritage listing and the historic district's planning constraints make it impossible to build a comparable asset in this location. Every year that passes without an alternative increases the scarcity premium embedded in the price — and in the achievable rents.
Documented performance
The building is operational and fully equipped. The financial projections are based on an existing asset in a known market, not a development forecast. The €45,000 base income in Scenario A is a conservative entry point, not an aspirational target.
Golden Visa threshold
At €800,000 in the Ioannina location, the asset qualifies under the current Golden Visa framework. The investment provides EU residency rights, a documented income stream, and a trophy property — in a single transaction.
Request the full investment memo
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