From Coaching to Real Estate Insights: Pini Gershon on Basketball, Greece, and Real Estate Opportunities

Legendary Israeli basketball coach and personality Pini Gershon joins the current episode of the radio show "Building Far Away," hosted by Aviv Cohen and Merav Miller, to discuss his new role in Bulgarian basketball and share candid insights from his experiences in Greece, particularly the surprising potential of the real estate market in Athens

Pini Gershon, known for his significant contributions to Israeli basketball, is the guest on the latest episode of the show "Building for the Future," hosted by Merav Miller and Aviv Cohen. 

What did Gershon have to say about the professional roles he held abroad? About real estate investments in a country overseas? And about Israelis’ connection to Greek culture?

Congratulations on your new job, Pinny!

Right at the start of the conversation, Gershon officially confirmed his appointment to the new role of head coach of the Bulgarian national basketball teams. This news marks a return to international basketball leadership for the veteran coach. Gershon holds Bulgarian citizenship, which he received while coaching Olympiacos in Greece in 2006. He leveraged his Bulgarian grandfather’s heritage and his role as coach of the Bulgarian national team to help his family obtain passports. He specifically noted that his role in leading the Bulgarian national team to the European Championship finals was instrumental in his receiving honorary citizenship, after which he arranged for his daughters and now his grandchildren to receive citizenship as well. 

In addition to his work in Bulgaria, Gershon also discusses his ongoing basketball projects in Israel. He runs a venture that provides professional consulting to basketball players and teams in various leagues. He also hosts a podcast and juggles several jobs, noting that five or six roles feel like “too much” for his age, but he feels restless when he’s not working. He joked, “In my community, they say we’ll rest later—you know where.”

The Shift from Yellow to Red – From Israel to Greece

A significant portion of the conversation focused on Gershon’s time as head coach of Olympiacos in Athens starting in 2006. He described his move from Maccabi Tel Aviv (“from yellow to red”) as one that came on the heels of major successes in Israel. He moved to Athens, as was necessary to coach in the EuroLeague, considered the second-best league in the world and the best in Europe. He lived in the Piraeus area (where Olympiacos is based), near Athens. Gershon said that life there was good, despite the challenging economic situation in Greece at the time. He witnessed the economic struggles firsthand, including lines at closed gas stations following the post-Olympic crash. Despite warnings from locals that he might not see his money due to the instability, he noted that the owners of Olympiacos were billionaires who had purchased the club when he arrived.

Gershon shared an anecdote about his initial interaction with the new owners and their intention to sign a star player for a substantial sum (€2.7 million per season on a €7.5 million budget). He advised against it, arguing that the price was too high for a guaranteed return. Although the original owner listened, the new owners ultimately signed the player, who then got injured a month later and ended his season.

"I'm such an idiot… When we started to see the market crashing in Greece, we were afraid to invest. Prices were rock bottom."

When it came to the discussion about the show’s title, “Building Far Away,” Gershon interpreted it not only in a literal sense but also as building for the future. He admitted to a significant missed opportunity regarding real estate investments in Athens during his time there.

Gershon explained that during the economic crisis, prices were at an all-time low, with Greeks selling assets like gold or apartments just to make ends meet. He saw apartments in sought-after areas like Glyfada or Vouliagmeni for €40,000–50,000. However, fear prevented him from investing. He admitted that he had funds available from his time at Olympiacos, but “like a fool,” he bought land in Israel instead. In hindsight, he recognized that the crisis presented an opportunity.

"Athens is an investment opportunity"

He is now promoting real estate in Athens as an investment opportunity. He described Athens in positive terms, noting its beauty, excellent food, music, and friendly people, and emphasized that Greeks are generally friendly toward Israelis. He highlighted the convenience of the short travel time—six hours door-to-door from Israel. He felt safe there and did not experience any anti-Semitism, describing himself as “wrapped in cotton wool.”

Gershon stayed in Athens for two and a half years before being called back to Maccabi Tel Aviv, noting that otherwise he might have stayed longer. He reiterated that Athens offers a sense of tranquility, a respite from Israel’s problems. He believes that Israelis do not need to leave the country permanently but can find “another world” and “peace of mind” by owning property in Greece, through buying a home there.

"These days, there are companies that handle everything for the owners"

For potential investors, he highlighted the availability of management services that handle everything from renovations and furnishing to dealing with day-to-day issues such as leaks or repairs. Gershon mentioned various types of investments, including ownership of a room in a guesthouse, which he said can yield a return of 18%. A key advantage he highlighted is that once you invest, someone takes care of the necessary permits, legal aspects, and accounting. According to him, “Renovating a building and obtaining permits, even in the city center, takes about a year—significantly faster than in Israel.”

"Parking in Tel Aviv costs more than an apartment in Athens. It's crazy."

Gershon used this striking comparison several times to highlight the relatively low price of apartments in Athens for investment compared to Israel, especially Tel Aviv. He noted that while in Tel Aviv one can achieve a return of 2–3% (if renovating an older property), Athens offers returns of around 10%. Furthermore, he noted that prices in Israel are “out of proportion,” and that one cannot buy anything of significance for the starting price of an apartment in Athens, “except perhaps a storage unit with mice,” as he put it.

The moderators and Gershon also discussed the tax benefits for Israeli investors in Greece. He explained that initially, there is no tax on the investment itself. Due to the tax treaty between Greece and Israel, Israelis are primarily subject to Greek tax laws regarding Greek property. Crucially, Greece offers a capital gains tax exemption for up to three apartments per person, and married couples are considered separate entities for this purpose, potentially allowing a couple to own six apartments tax-free. He found this policy “abnormal” compared to Israel.

Beyond Yield – The Importance of Appreciation

Beyond the yield, Gershon emphasized the importance of property appreciation. He shared his personal experience of buying an apartment four years ago that has nearly doubled in value (a 180% increase). He explained that in Athens, as in densely populated areas such as North Tel Aviv or Bnei Brak in Israel, space is limited. New construction often involves renovating or rebuilding within existing structures, replacing everything except the main columns. This scarcity contributes to rising property values.

Gershon also offered some insight into the sentiment surrounding the "outflow of money" from Israel. According to him, a significant amount of Israeli money is already held abroad, and investing in real estate—such as in Athens—could be a way to put those funds to use.

"Come see for yourselves"

Gershon strongly recommended to anyone considering buying an apartment in Greece or in Athens to visit and see it for themselves. He advised walking the streets, checking out the neighborhood, its proximity to amenities like the metro, and the general atmosphere. He painted a vivid picture of downtown Athens, with many pedestrian-only streets lined with cafes and a pleasant atmosphere, noting that coffee prices are consistent and much lower than in Tel Aviv. He also praised Greek hospitality, especially the professional service in the taverns.