"With Palmo, my pension funds are literally worth twice as much abroad!"
Kobi Ben Hamu, 59, an employee of the Israel Electric Corporation, came to Palmo at a stage in his life when financial considerations take on a different meaning. Retirement is already on the horizon, the wealth he has accumulated over the years needs to be put to good use, and the decision to invest in real estate outside of Israel requires not only evaluating the property but also feeling confident that there is someone to rely on along the way.
The prospect of purchasing a property in Athens piqued Kobi’s interest, but along with the opportunity came natural concerns. This is a different country, with a market that isn’t as familiar as the Israeli market, and a process that isn’t always easy to follow closely. Kobi says that getting to know the Palmo team, the personal attention he received, and the updates he was given at every stage allowed him to move forward with the confidence that he wasn’t facing the process alone.
Kobi's Story in a Nutshell
- Age at the time of investment: 59
- Occupation: Employee of the Israel Electric Corporation
- Life Stage: Approaching Retirement Age
- Selected destination: Athens
- What was important during the process: trust, a personal connection, and regular updates
- What helped him move forward: the ability to track the project's progress even from Israel
As retirement approaches, the questions about money change
While you’re working, it’s easy to put off decisions about your savings. As retirement approaches, however, there’s a need to take a more practical look at how to preserve one’s capital, whether it makes sense to allocate part of it to real estate, and what type of investment is suitable for this new stage of life. For Kobi, exploring real estate investment in Greece was part of his search for real estate opportunities outside of Israel.
Kobi didn’t approach the deal as someone who wanted to manage an overseas project on his own. What was important to him was knowing that the people supporting him were available, explained what was happening, and kept him up to date. This is particularly important when investing in another country: even a property that looks suitable on paper isn’t enough if the investor doesn’t understand what the process will look like and who will handle each stage of it.
Why did Kobi decide to explore an investment in Athens?
From Kobi’s perspective, the prices he encountered in Athens and his assessment of the market’s development made the city an interesting option. Instead of settling for what was available in Israel, he explored how the capital he had accumulated could be put to work in a market where entry-level prices seemed more affordable to him.
For him, the choice of Athens wasn’t based solely on price. Its relative proximity to Israel, the ability to reach the city with a short flight, and the fact that it is a vibrant European capital made it a destination he could understand and relate to. For someone approaching retirement, the combination of financial considerations, accessibility, and a sense of familiarity may be just as important as the number listed in the projected return.
Concerns about investing overseas were part of the decision
Buying a property in another country raises questions that don’t arise with the same intensity when purchasing locally. How do you track the project’s progress? Who is on the ground? What happens when there’s a change or a delay? And who do you turn to when you want a clear picture of the situation?
Kobi doesn’t ignore these concerns. On the contrary, they were part of his process. Meeting with the people at Palmo and the atmosphere he experienced at the company’s offices helped him build trust, but what reinforced that sense over time was the relationship that continued even after the decision was made. Instead of receiving only key points, he got updates that allowed him to see how the project was progressing.
“At every stage of the project, we received a video, and we felt we were in good hands.”
For Kobi, the videos were much more than just a technical update. They bridged the gap between him and the property and allowed him to see the actual progress being made. When investing remotely, a well-organized reporting process can make the difference between waiting in uncertainty and feeling a sense of control and understanding of what’s happening.
Why was Palmo's support so important to him?
In Kobi Bolt’s story, professionalism and a personal touch go hand in hand. He wasn’t just looking for a company to present him with a project, but for people who could support him even after he made his decision. For him, the warm treatment, the sense of trust, and the regular updates were an integral part of the investment itself.
Such support does not relieve the investor of the responsibility to review the transaction, but it does make a complex process clearer. When there is a single point of contact that centralizes information, provides updates on progress, and allows questions to be asked, it is easier to make decisions without feeling that every issue requires independent communication with a different party in Greece.
This approach ties in with the motto that Kobi chose to mention: “When you have the ‘why,’ you’ll always find the ‘how.’” In his case, the “why” was the desire to find a suitable use for the wealth he had accumulated at a significant stage in his life. The “how” was shaped by choosing the goal, the project, and the team with which he felt comfortable embarking on this journey.
Who can relate to Kobi's story?
Kobi’s story may resonate particularly with people in their late 50s or early 60s who have accumulated wealth over their working years and are now considering how to manage it as they approach retirement. At this stage, many are not just looking for an opportunity on paper, but for a process they can understand and a framework that doesn’t require them to become asset managers in another country.
Even those who are still unsure whether investing outside of Israel is right for them can relate to Kobi’s concern. There’s no need to make a decision until all the questions have been answered. Sometimes, progress becomes possible once you receive clear answers, get to know the people who will be handling the deal, and understand what the relationship with them will look like after the deal is signed.
What should you consider before investing in Greece as part of your retirement planning?
Just because a property was the right choice for Kobi doesn’t mean every property in Greece is the right choice for everyone approaching retirement. At a time when stability and liquidity are becoming increasingly important, you need to decide in advance what portion of your capital can be allocated to the transaction and how much should remain available for ongoing expenses and unforeseen circumstances.
It’s also important to consider the total cost, not just the price of the apartment. Taxes, purchase expenses, maintenance, management, and fluctuations in the euro exchange rate can all affect the actual outcome. Palmo’s guides on costs, taxes, and financing, as well as on managing overseas property remotely, can provide a foundation for examining these issues before making a decision.
It’s just as important to understand what the relationship will look like after the purchase: how often updates are provided, who manages the property on-site, which decisions require the owner’s approval, and how communication works in the event of a problem or change. In Kobi’s case, the regular updates were one of the key factors that instilled confidence throughout the process.
Considering an investment in Greece as you approach retirement age?
If you, too, are approaching retirement age, have accumulated some capital, and are considering purchasing a property in Athens, the first step is not to choose an apartment but to figure out what you want to achieve and what kind of investment structure is right for you.
The Palmo team invites you to an introductory meeting where you can discuss your needs, ask any important questions, and explore the options currently available in Greece.
