New Loutraki Project Offers Vacation Apartments for 350,000 Shekels Amid Israel Housing Crisis

A new real estate project in Loutraki, Greece, is attracting Israeli buyers by offering vacation apartments starting at 100,000 euros (approximately 350,000 shekels). The project, named HORIZA LOUTRAKI, is a collaboration between Palmo Group and Kesher Aviation and involves converting an existing eight-story hotel building into about 75 units, including studios and two-bedroom apartments.

Located on the Gulf of Corinth, about an hour from Athens, the 2,400 square meter building will be renovated to include shared amenities such as a pool, gym, restaurant, and rooftop area. The total project cost is estimated at 8.8 million euros, with apartments expected to be delivered and the complex operational by summer 2027.

The development targets buyers interested in owning a property for personal use or as a rental investment for tourists. A management company will handle operations post-completion. However, since the project is still under conversion, rental income is not guaranteed, and buyers should consider additional costs like taxes, legal fees, maintenance, and management expenses.

While the price point is significantly lower than typical Israeli housing prices, especially in high-demand areas, prospective buyers are advised to evaluate the full investment picture, including potential rental yields and occupancy rates. The project offers an alternative for Israelis priced out of the local market but requires careful financial consideration.