Apartment in Greece for 100,000 euros: Israeli tourism giant enters real estate market
The Kishrei Teufa group has partnered with the Palmo group to develop the HORIZA LOUTRAKI apartment complex in Greece. Located an hour from Athens, the project will feature 75 residential units designed for both vacation use and short-term rentals.
The tourism group Kishrei Teufa is expanding its operations into the Greek tourist real estate market through a new collaboration with the Palmo group, which specializes in development and investment. The companies will cooperate on the completion, marketing, and management of the HORIZA LOUTRAKI project, a vacation apartment complex in Loutraki, approximately an hour's drive from Athens.
The project's total cost is estimated at 8.8 million euros (about 30 million shekels). Apartment prices are expected to start at 100,000 euros, with units intended for both private use and short-term tourist rentals upon completion.
The project involves the renovation and conversion of an existing eight-story hotel structure into 75 studio and two-room apartments, complemented by shared facilities.
Under the partnership, Palmo is responsible for construction completion, sales, and buyer support. Kishrei Teufa will lead the formulation of the vacation product, pricing, and marketing. Following handover, the complex will be managed by a joint management company.
Kishrei Teufa will leverage its extensive distribution network—including travel agents, corporate clients, and consumer clubs—to assist apartment owners in operating their assets and renting them to vacationers.
HORIZA LOUTRAKI is situated on the waterfront of the Gulf of Corinth. The building, occupying a 495-square-meter plot with a total built area of 2,400 square meters, will feature a lobby, bar, restaurant, wellness center, gym, pool, and a rooftop terrace with a jacuzzi. Completion is expected by the summer of 2027. This marks Palmo's third project in Loutraki, following Forty Five and KARDIA.
For Kishrei Teufa, this move marks a strategic expansion into international tourist real estate. The group has previously completed a luxury villa project on Paros, opened a resort in Finnish Lapland, and initiated the construction of the Lumina Mare tower in Larnaca.
Yehuda Lahav, comptroller of the Kishrei Teufa group, stated: "We bring over four decades of tourism experience and deep familiarity with the Israeli market to this project. Our partnership with Palmo creates a model that connects property ownership with professional management."
Peleg Yariv, CEO and founder of the Palmo group, added: "This collaboration allows us to extend our services beyond construction, providing buyers with the benefit of Kishrei Teufa's marketing and management systems."
Loutraki is a well-known resort town famous for its thermal springs and proximity to Athens, making it an ideal destination for combining vacationing with real estate investment.
