Many Israelis view buying an apartment as the gateway to financial security and a secure future. The dream of entering the real estate market—whether for residential purposes or as an investment—is becoming increasingly central to the financial planning of young families. Against this backdrop, the “Mechir Lamishtaken” program—whose name has changed over the years to “Dira Behanasha”—has become a symbol of hope: maybe this time we’ll be lucky, maybe this time fate will smile upon us and we’ll finally be able to buy an apartment at a reasonable price.
But reality is far more complex than the dream. Behind the promise of a discounted apartment lies a harsh game of odds, in which most participants are left out in the cold. And the key question is: Does it make sense to stake your financial future on a lottery when there are more reliable investment options available?
The Mathematical Reality: One in 17
In the tenth “Discounted Apartment” lottery, which concluded in October 2025, the picture was crystal clear: more than 130,000 eligible applicants registered, competing for just 7,479 apartments. What does this mean? On average, 17 applicants per apartment. The odds of winning in this specific round were only about 6%.
When you take a closer look at the data, the situation becomes even more challenging. In sought-after cities, the odds drop dramatically: in Yavne, the odds stood at only about 2%. In Netanya, the situation was even tougher: the odds of winning were only about 1.25%.
Why is this a welfare program and not an investment vehicle?
It is important to understand that the "Price for the Resident" program was designed as a housing welfare initiative, not as an investment vehicle. The original goal was to make first homes more affordable for first-time homebuyers by subsidizing land, increasing supply, and curbing prices—not to create a "development deal" for investors.
The eligibility criteria reflect this purpose: the program is intended for those without housing (young couples, singles over the age of 35, and others), and it includes significant resale restrictions, such as a minimum ownership period of several years before the property can be sold. Buyers are permitted to sell the apartment on the earlier of two dates: five years after receiving Form 4 or seven years after the specific date of winning the lottery. Such restrictions dramatically reduce investment flexibility and maneuverability.
The Hidden Risk: Timing and Your Time
Let’s say luck is on your side and you’ve won the lottery. What happens next? Claiming your prize is a slow and complicated process: it usually takes years from the time of the drawing until you actually move in. During this period, you’re exposed to the risks of construction delays, rising interest rates, and market fluctuations—and you have no control over the timing.
In the world of investing, time is a critical resource. Every year that your capital is "tied up" waiting for a lottery drawing or the payout of a prize is a year in which it isn't working for you, isn't generating a return, and isn't growing.
The Alternative: A Decision Instead of a Lottery
Unlike a lottery, investing in income-producing real estate should be a deliberate decision. Investing is a conscious choice based on market analysis, expected returns, and actual financing capacity. Instead of gambling on a 1.25% chance, you choose a specific property in a specific location with a calculated return.
Take, for example, the real estate market in Greece. Athens is currently considered one of Europe’s fastest-growing cities in terms of real estate, with a thriving tourism industry (tens of millions of visitors annually), a leading academic sector, and a growing economy. The country offers attractive incentives to investors—including a unique tax treaty with Israel that prevents double taxation, a capital gains tax exemption for up to three apartments, and a purchase tax of only 3.09%. The “Golden Visa” program allows buyers who meet certain thresholds to qualify for residency.
And the key point: the required down payment is significantly lower than when buying an apartment in Israel. If you’ve saved enough to qualify for the “Price for the Resident” program, you probably have enough to make a realistic investment in Greece.
When funding becomes accessible
One of the main obstacles for Israeli investors in Greece has always been the inability to obtain a mortgage in Greece itself. Now, the game is changing: Palmo enables its clients to take out an Israeli mortgage, in Hebrew, with rapid preliminary approval—for the purchase of real estate in Greece. This is a mortgage secured by the property in Greece, with attractive terms: up to 50% financing, a repayment period of up to 20 years, and staggered payments based on the project’s progress.
This leverage can dramatically improve the return on equity. In addition, in certain transactions, the monthly mortgage payment is lower than the expected rental income—meaning the property essentially “pays for itself” while reducing the loan balance.
Palmo: Decades of expertise in Greece
Palmo has been a leader in the Greek real estate investment sector for over seven years. Founded by Peleg Yariv and Aviv Cohen—two former officers in elite units—the company provides a full range of services: from identifying properties, through project development and execution, to post-delivery property management.
With a proven track record of over 40 projects in Athens, including construction and urban renewal in prime locations, Palmo focuses on creating modern, high-quality properties designed with residents’ well-being in mind. To date, the company has helped more than 400 clients purchase property in Greece, with the assistance of leading experts in the field. Over the years, the company has become known for its ability to identify unique opportunities and capitalize on them for the benefit of Israeli investors.
Summary: It's time to move from speculation to action
There is no doubt that the "Discounted Apartment" program is important and necessary for those who qualify. However, if you are looking for an investment strategy, a way to generate passive income, or a path to building a financial future—entering this lottery is not the answer.
Instead of continuing to sit on the fence, signing up over and over again, and hoping that luck will be on your side this time—you can make a choice. Explore the growing Greek market, analyze specific properties, understand the expected return, and make an informed decision. With the equity you’ve already saved and the new financing options that have opened up—this is a historic opportunity.
Stop gambling with your financial future. It’s time to choose income-generating real estate with a calculated return in a growing country, just a short flight from Israel.
