Daniel Ostreicher, who was born in Argentina and has an academic background in economics and business administration, did not get into real estate investment in Greece by chance. As a father of two and someone who understands the world of numbers, he was looking for a way to build a long-term financial foundation for his family through tangible assets.
His search began in Israel, but the property prices and returns he encountered didn’t match what he was looking for. Instead of giving up on his goal, he expanded his search to Greece and initially tried to find a property on his own. He quickly realized that price is only part of the equation: to make the right decision, you need to be familiar with the local market, understand the area, and know who will handle the process on the ground.
The meeting with Palmo led to his first purchase. About a year and a half later, after he had become familiar with the way things worked and the people he was working with, Daniel returned to explore another investment. This time, he chose a project aimed at students in the Aglao neighborhood of Athens, as part of the same family goal that had guided him from the very beginning.
Daniel's Story in a Nutshell
- Personal background: Born in Argentina and the father of two children
- Professional Background: Academic studies in economics and business administration
- Investment Goal: To build long-term financial security for his children
- Starting Point: Trying to Find a Property in Greece on Your Own
- Number of investments: Two acquisitions made through Palmo
- The Second Investment: An Apartment in a Student Housing Project in the Aglao Neighborhood of Athens
- What was important to him: transparency, a realistic portrayal of the market, and guidance from someone familiar with Greece
- How the decision was made: As part of family planning and after consulting with his son
A father of two who is looking a few years ahead
For Daniel, the decision to invest didn’t start with a desire for a specific apartment or one project or another. It began with the idea of how he could create an asset for his two children that would remain with them well into the future. Instead of settling for financial savings, he explored the option of allocating part of his capital to a tangible asset that could fit into the family’s financial plan.
Purchasing a property for your children does not necessarily mean you have to transfer ownership to them immediately or decide today how they will use it. Parents can purchase a property, hold onto it while renting it out, and only later decide whether to transfer ownership, sell it, or use the income from it for other family needs.
Daniel took a long-term approach. He wasn’t looking for a quick fix or a promise of immediate profit, but rather a way to grow the family’s assets within a framework that seemed more suitable to him than the options he had explored in Israel.
Why did prices in Israel lead him to consider another option?
With a background in economics and business administration, Daniel examined the gap between the capital required to purchase a property in Israel and the expected financial return. From his perspective, the high entry costs and the returns he encountered made the local option less suitable for the goal he had set.
His examination of real estate investment in Greece allowed him to look at a market where the barrier to entry might be lower than in many areas of Israel. However, Daniel didn’t stop at comparing prices. He realized that even a relatively inexpensive property could turn into a problematic investment if the location isn’t right, rental demand is weak, or the investor doesn’t understand the costs associated with the transaction.
Therefore, the question for him wasn't just where he could buy an apartment for less money, but where he could build a family plan based on a clear property, location, and target audience.
The Experience of Buying Property in Greece on Your Own
At first, Daniel tried to find a property in Greece on his own. This option might seem simple: search for properties online, contact local real estate agents, go on a tour, and move forward with the deal. In practice, however, he discovered that the process requires a deeper understanding of the country and how things work there.
A lack of familiarity with the local market, cultural differences, and the need for repeated trips made the search complex and exhausting. Even when a property that seems suitable is found, one must still verify its legal and physical condition, understand its surroundings, assess its rental potential, and coordinate efforts with lawyers, professionals, and local stakeholders.
This challenge didn’t cause Daniel to give up on Greece. It made him realize that he needed to partner with an organization that knew the market and could coordinate the process. His meeting with Palmo provided him with a point of contact in Israel, along with a presence and operational capacity in Greece.
What made the first investment the basis for a subsequent investment?
Daniel did not decide to make a second purchase immediately after the first signing. About a year and a half passed between the two investments, during which time he had the opportunity to get to know how Palmo operates beyond the sales meeting.
The key factor that bolstered his confidence was the way the reality of the situation was presented to him. He appreciated the fact that no one tried to paint a perfect picture for him or promise a result that couldn’t be guaranteed. For him, a straightforward presentation of the market and the deal was more important than marketing promises.
A repeat investment does not prove that every deal is a good fit or guarantee that the next investment will be successful. It does, however, indicate that the investor is familiar with the company through hands-on experience and has chosen to continue working with it after having already gone through one acquisition process. In Daniel’s case, this accumulated familiarity allowed him to approach the second investment with greater confidence and less uncertainty.
Why did he choose the student project in Aglao?
For his second investment, Daniel chose a project tailored to students in the Aglao neighborhood of western Athens. Proximity to the university, the metro, restaurants, and shopping centers was a key factor in evaluating the location.
When evaluating a rental property for students, the apartment itself is only part of the equation. The distance from the school, access to public transportation, and easy access to workplaces, entertainment venues, and shopping areas all influence how well the property suits its target audience.
The project he chose features apartments fully equipped with furniture and appliances, along with common areas including a rooftop and a floor dedicated to workspaces. For students coming to the city for the academic year, the ability to move into a ready-to-live-in apartment and enjoy a living environment tailored to their daily routine can be a significant advantage.
Furnishings are also important for investors. They reduce the need to purchase furniture and appliances separately, coordinate deliveries, and manage installations remotely before the lease begins. More information about the project and its location can be found on the Thermopilon project page in Aglao.
The decision regarding the second investment was a family decision
Although Daniel's goal was to secure his children's future, he did not make the decision without consulting them. Before moving forward with the second purchase, he shared his plans with his son and received his approval to proceed.
This consultation has transformed the investment from a move a parent makes on behalf of their children into a decision made together with them. When the children are old enough to understand what’s at stake, such a conversation can help align expectations: Is the property intended to remain a rental, might it be sold in the future, and to what extent will they be involved in managing it?
Not every family should involve their children to the same extent, but it is important for parents to define the purpose of the purchase for themselves. A property intended to generate recurring income requires different planning than one intended for future transfer, sale, or personal use.
What should you check when buying a property in Greece for your children?
The fact that the purchase is for the family does not exempt the transaction from a full financial review. Before purchasing a property for the children, it is important to determine what budget can be allocated without compromising the parents’ financial security and the liquidity they need.
It is important to take into account the full costs of the transaction, not just the price of the apartment: taxes, brokerage fees, legal costs, furniture, maintenance, management, and potential periods without a tenant. A change in the euro exchange rate can also affect the investment amount and the income when calculated in shekels.
It is also important to consider how ownership of the property will be maintained and when, if at all, a transfer to the children is planned. Such decisions may have legal and tax implications in both Israel and Greece, so it is advisable to discuss them with professionals who are familiar with the family circumstances and both countries.
Palmo’s guide on costs, taxation, and financing for overseas real estate investments provides a starting point for understanding the variables that need to be factored into the calculation.
What can we learn from Daniel's journey?
The first step in Daniel’s process was setting his goal: to build a financial foundation for his children. Only then did he move on to choosing the country, the company, the project, and the property. This order is important because it prevents the investor from falling in love with an apartment before determining whether it meets his actual needs.
The second step was his attempt to test the market on his own. This independent exploration helped him understand which parts of the process he could handle on his own and which parts required professional support. Rather than seeing this challenge as a reason to give up, he used it to choose a way of working that suited him.
The third step was building trust over time. Daniel didn’t rely solely on the first impression he got during the meeting. The decision to make another investment was made after he went through an initial process and actually got to know how Palmo operates.
Ultimately, he did not separate the transaction from his family’s goals. Consulting with his son and linking the two investments to his children’s future kept the move within a clear framework, rather than treating it as a purchase made simply because an apartment was found at what seemed like an attractive price.
Who can relate to Daniel's story?
Daniel’s story is relevant to parents who have accumulated wealth and are looking for a way to use it to secure their children’s financial future. In Israel, where buying a first home requires significant capital and a long-term commitment, some parents are considering purchasing a home in another country as an additional option.
It may also be suitable for those who have already made one investment in Greece and are considering expanding their investment portfolio. A repeat investment should be evaluated on its own merits, but the experience gained from the first purchase allows investors to approach the evaluation with a better understanding of the process, the costs, and remote management.
Even people with a business background who prefer data-driven decisions can relate to his story. Daniel didn’t choose Greece just because of the entry price. He considered the location, the tenant base, the project’s structure, and the family goal he had set for himself from the outset.
More stories from parents who chose to invest in their families
Anyone considering purchasing property in Greece as part of their family’s financial planning may also want to read the story of Robert Stern, who approached the investment from a different personal perspective but also placed his family’s future at the center of his decision-making.
Every family has different financial resources, needs, and schedules. Client stories do not guarantee similar results and do not make every property in Greece a suitable investment. They provide insight into how real investors defined their goals, what concerns they had, and what helped them make a decision.
Are you considering buying a property in Greece for your children?
If you want to provide your children with a financial foundation through real estate, the first step is not to choose a project, but to define the purpose of the investment, your budget, and the length of time you plan to hold the property.
At an introductory meeting with the Palmo team, you can explore the options currently available in Greece, learn about the purchase and management processes, and determine what type of property might be a good fit for your family’s plans.
