Short answer:
A residential project built on the site of a historic hotel in Athens combines a central location, a unique real estate story, and the potential for urban renewal. Properties like these can benefit from increased demand thanks to a combination of character, accessibility, and modern design.
The story of the “Victoria” project is a meeting of the past and the future, in one of Athens’ most central and promising neighborhoods. The neighborhood is adjacent to Exarchia and within walking distance of the well-known streets of Monastiraki and Syntagma. In recent years, the Victoria neighborhood has established itself as an attractive hub for students and tourists from around the world, who come to experience firsthand the nonstop cultural and entertainment scene. Museums, theaters, galleries, cultural events, and famous tourist attractions are just some of the many things the neighborhood has to offer. Those who enjoy entertainment and leisure will also find a vibrant street life here, with a variety of restaurants, cafes, and shops—in other words, plenty of reasons to visit for a short trip or to decide to settle here for an extended period.
The Victoria neighborhood is known for its proximity to the historic triangle: Omonia, Syntagma, and Monastiraki. It offers an inspiring blend of old and new—its foundations lie in the historic heritage of the Old City, while the modern lifestyle it offers provides a unique glimpse into the future. “Recognizing the potential and historical significance of this location, our goal is not only to revitalize the old hotel but also to create a luxury residential experience that combines modern amenities with the charm of Athens’ historic past,” says Peleg Yariv, the company’s owner and CEO.
Perfect for tourists, ideal for students
The most notable advantage the “Victoria” project offers its residents is, without a doubt, its excellent location. The project is situated between the “Victoria” and “Omonia” metro stations, both of which are just a 6-minute walk away and provide quick and convenient access to all parts of Athens. The University of Economics and Business Administration is 800 meters away, and the University offering a Master of Business Administration (MBA) program is just one kilometer away. The proximity to these institutions of higher education, combined with the neighborhood’s exceptional accessibility, makes it particularly attractive to students.
The concept behind the “Victoria” project is to provide residents with a high-end hotel experience: the former hotel will be transformed into a spectacular apartment building, complete with a fitness center, a rooftop pool overlooking the city and Acropolis, and a luxury restaurant. Live at home, feel like you’re at a hotel— Palmo once again offers the complete package.
All of the apartments in the project were designed to fully meet the needs of the target audience—housing units suitable for use as hotel-style accommodations or for students seeking a pleasant and functional living space during the academic year, located close to the university. The apartments are architecturally designed and furnished to a high standard, complete with all the necessary amenities for daily living. All of this is ready upon receiving the keys, saving investors valuable time—which translates to a quick return on investment and, most likely, a higher one as well.
Long-term rental or hotel model: It’s up to the buyers to decide
Palmo specializesin real estate investments in Greece and in identifying real estate opportunities in Greece that offer the highest returns to its investors. To maximize property value, all apartments in the company’s projects are architecturally designed and delivered to buyers fully furnished and ready for immediate occupancy upon receiving the keys. Property owners can choose whether to rent out the apartment they purchased on a long-term basis or for short-term stays under a hotel-style model. In either case, investors receive maximum return on their investment and enjoy maximum flexibility in managing the property.
The project will consist of 10 floors with a total of 61 apartments, making it one of the largest and most significant projects ever seen in the area, which is primarily characterized by intimate boutique buildings. As part of the project’s appeal—which stands out so distinctly in the local landscape— residents will enjoy hotel-style amenities, including a fitness center, a bar, and a rooftop terrace overlooking the entire neighborhood.
A Greek Celebration with an Israeli Management Company
Palmo is considered the largest Israeli real estate development company in Athens, managing over 300 properties. The company offers buyers the opportunity to invest overseas without leaving Israel, through a purchase process conducted entirely in Hebrew, on a personal level, with Israeli teams based in both Israel and Greece.
Upon receiving the keys to the property, buyers will benefit from the services of a local management company that will assist with renting out the apartment and handling day-to-day matters with tenants. Israeli investors will enjoy unique tax benefits and favorable purchase terms, making this investment a particularly lucrative deal. “Based on our familiarity with the local market and the dozens of projects we’ve successfully completed in Greece, we’ve refined our focus on high-demand areas and streamlined the process for investors. Rental income is deposited directly into their Israeli bank accounts without them having to leave home; I don’t know of many investments that offer such attractive returns with minimal effort on the investor’s part,” concludes Peleg.
