"Make sure the people behind the project are professional, trustworthy, and kind-hearted."
Avi Brom was looking for his next investment outside of Israel, but set a key condition from the outset: the destination had to be close to home. As part of his search, he explored options in Spain and Portugal, but felt that the distance didn’t align with what he was looking for in an investment.
Greece offered him a different combination. Its geographical proximity, a mindset that felt familiar to him, and his connection to the people and the place made it a destination that suited him personally.
Once he had chosen the country, the next decision was who would partner with him. Avi says that the connection with Palmo was immediate. During a meeting at the company’s offices, he was impressed by the transparency, the meticulous planning, and the team’s straightforward approach. According to him, he received “a good product and a sense of security every step of the way.”
Avi Brom's Story in Brief
- Search Purpose: Investment Outside of Israel
- The key requirement: a nearby and accessible destination
- Options considered: Spain and Portugal
- Selected destination: Greece
- What drew him to Greece: proximity, a familiar mindset, and a personal connection
- What impressed him about Palmo: transparency, meticulous planning, and a straightforward approach
- How he described the result: “A good product and a sense of security every step of the way”
- His advice to investors: Check out the people behind the project
Start your search with a clear personal criterion
Comparing real estate investment opportunities can involve dozens of factors: purchase prices, taxes, rental demand, management costs, regulations, and the potential for selling the property in the future. In addition to these financial factors, every investor also has personal criteria that influence the suitability of an investment.
For my father, proximity to home was an essential requirement. He didn’t want to choose a destination just because an interesting deal was on the table there. It was important to him that he be able to reach the country relatively easily and feel that the property wasn’t located on the other side of Europe.
This initial criteria helped him narrow down his options. Spain and Portugal were considered as part of the search, but Greece better fit the criteria he had set for himself.
Why did my father also consider Spain and Portugal?
Examining several countries allows an investor to understand what matters to them beyond the numbers listed in each proposal. Sometimes, it is only after becoming familiar with various destinations that one can distinguish between a market that seems interesting in general and a destination that actually aligns with the investor’s lifestyle and expectations.
My father didn't automatically rule out investing far from Israel. He explored options in Spain and Portugal, but felt they were farther away than he was looking for. The comparison made him realize just how much importance he places on accessibility and the ability to maintain direct contact with the destination.
His choice does not mean that Ireland is universally preferable to Spain or Portugal. It shows how personal criteria can be the deciding factor when choosing among several destinations that also offer real estate investment opportunities.
Proximity to Israel as a Practical Consideration
Geographical proximity isn't just a matter of flight time. It can affect your ability to reach the property, get to know the area, hold meetings, and incorporate visits to the destination country into your daily life.
Even when a property is managed by a local company, some investors prefer to know that they can visit it without having to make elaborate plans. For them, accessibility contributes to a sense of involvement and reduces the psychological distance from the investment.
For my father, the proximity went hand in hand with the feeling that the mindset and the people in Greece were familiar and welcoming to him. This is a personal consideration that is difficult to quantify in a spreadsheet, but it can influence the desire to hold onto a property in the country over the long term.
Select a country and then review the specific transaction
Even after deciding that Yavne is a better fit for your personal needs, you still need to evaluate the property and the transaction. A country is not a single investment unit, and there are differences between cities, neighborhoods, streets, and various rental models.
You should consider the total price, local demand, the condition of the property, management expenses, taxes, and future resale options. It is also important to understand who the expected tenant base will be and what level of maintenance will be required throughout the holding period.
This guide to buying a home in Greece outlines the key steps in the process, including selecting a property, conducting legal due diligence, signing the contract, and registering ownership. Choosing a location is the first step in the process and is not a substitute for analyzing the transaction itself.
My Father's Connection to Palermo
After my father decided that Greece was the right destination for him, he had to choose the company that would accompany him. According to him, the connection with Palmo was established right from the start at the company’s offices.
He was impressed by the transparency, the meticulous planning, and the team’s direct and warm approach. These elements gave him the sense that the people presenting the project understand the process and are willing to explain it clearly.
For my father, forming an impression of people was not separate from the investment. It was part of evaluating the project and assessing the ability to move forward with a company that would remain in the picture throughout the process.
"A good product and a sense of security"
This is how Avi describes what he received from Palmo: “A good product and a sense of security every step of the way.” These two choices of words highlight the two sides of his decision.
The product is the property and the project themselves. These must be evaluated using data, documents, specifications, and the terms of the transaction. The sense of security relates to Avi’s experience with the people involved, the information he received, and the way the process unfolded for him.
It is important to distinguish between a sense of security regarding the service and the assertion that the investment itself is safe. Every real estate investment involves risks, and a particular client’s positive experience is no substitute for an independent assessment of suitability and risks.
Why are the people behind the project important?
When purchasing a property that is still under construction or undergoing renovation, the investor relies heavily on the ability of the parties behind the project to deliver on what they have presented.
That is why my father recommends that investors verify that the people behind the project are professional, trustworthy, and kind-hearted. Professionalism is demonstrated through experience, planning, and the ability to solve problems. Trustworthiness is assessed by comparing what was presented with what is actually happening.
The way the team communicates with the investor is also important. A direct and friendly approach can make the process easier, but it must be accompanied by well-organized documents, a clear agreement, and verifiable information.
How do you compare Greece, Spain, and Portugal?
A meaningful comparison should be based on the same set of criteria across all countries. It is advisable to examine the total purchase price, tax and transaction costs, financing options, the lease model, management and maintenance fees, and the ability to sell the property in the future.
In addition to the financial data, investors should consider travel time, flight frequency, language, familiarity with the local culture, and the ability to visit the property. Each of these factors may carry a different weight for different investors.
For my father, proximity and personal fit tipped the scales in Greece’s favor. Another investor might place greater weight on a different criterion and reach a different conclusion. The goal is not to identify a country that comes out on top in every metric, but to choose a destination that aligns with the investor’s specific plans.
What can we learn from Avi Brom's story?
Avi began his search with clear criteria and didn't try to force himself to accept every offer that came his way. He looked into Spain and Portugal, but realized that the distance didn't align with what he was looking for in an investment.
Greece appealed to him for both practical and personal reasons: its proximity to Israel, a sense of familiarity with the local mindset, and a connection to the people. He then chose Palmo because of the team’s transparency, planning, and approach.
His story illustrates that an investment isn't chosen based solely on a returns table. The quality of the property is important, but so are the accessibility of the destination and the character of the people who will be guiding the investor along the way.
Which countries did Avi Brom consider before choosing Greece?
Avi also explored investment opportunities in Spain and Portugal. After comparing them, he felt that Greece was a better fit for him because of its proximity and his personal connection to the place.
Why was being close to Israel important to my father?
Avi made it clear from the start that the investment should be close to home. The proximity allowed him to feel more connected to the destination and the property he was purchasing.
What impressed my father about Palermo?
He said he was impressed by the transparency, the meticulous planning, and the staff's direct and warm approach.
What advice does my father have for other investors?
Avi recommends making sure that the people behind the project are professional, trustworthy, and kind-hearted. In addition to your personal impression, it’s important to review their experience, documentation, agreements, and previous projects.
Are you trying to decide between several investment destinations in Europe?
Avi Brom considered Spain and Portugal before concluding that Greece better met his criteria. The proximity and his connection to the place drew him to the country, and the transparency and approach of the Palmo team helped him decide who to work with.
During an introductory meeting, you’ll learn about the projects available in Greece, discuss the options you’re considering, and evaluate how well each project aligns with your budget, goals, and the level of involvement you’re seeking.
