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israel, realestate, jerusalem, imperio, cyprus, limassol

Home sales slump in Israel’s biggest cities, whilst in Limassol, property investors make money

By | Latest Posts

The number of annual real estate deals has fallen in recent years in Jerusalem, Tel Aviv and Haifa, the Madlan website reports.

A slump in the number of deals in Israel’s big cities and a slump in the luxury housing market and price rises by tens of percentage points in many cities – these were the more outstanding findings in a report of Israel’s real estate market over the past decade by the website Madlan.

Madlan CEO Eitan Singer explains that his company gathers data about the real estate market for a range of sources including deals published by the Israel Tax Authority, data from the Central Bureau of Statistics, the number of Airbnb apartments in every neighborhood, and more.

Jerusalem losing ground

According to the Central Bureau of Statistics, Israel’s population grew 19% over the past decade – but Madlan’s data shows less deals in Israel’s biggest cities.

Jerusalem, Israel’s biggest city, had the largest number of deals but it lagged behind population growth. For example in 2010, Jerusalem’s population was 40% larger than Tel Aviv yet there were 10% more deals in Tel Aviv.

Madlan believes that this was due to the unique characteristics of Jerusalem – a large young population, illegal construction, and the Arab sector where young adults live with their parents until they get married.

In Tel Aviv itself, the number of deals annually has fallen from 6,686 in 2010 to just 3,826 in 2019. Madlan attributes this to the sharp rise rises in the city and new measures that have taken investors out of the market such as reduced financing and higher purchase taxes on second apartments.

Singer said, “In Tel Aviv, we see a fall in the number of deals from the middle of the decade. 2018 was the low-point of the decade in terms of new deals – due to the rise in prices in the city, which greatly reduced the number of potential buyers of new apartments. The capital required to buy an apartment is higher today even in neighborhoods in south Tel Aviv and Jaffa – in fact it has more than double itself in some neighborhoods.

In Haifa too there was a fall in the number of deals from 5,393 in 2010 to 3,525 in 2019.

Read more: en.globes.co.il

Greek Prime Minister Kyriakos Mitsotakis, his Israeli counterpart Benjamin Netanyahu and Cypriot President Nikos Anastasiadis shake hands in Athens

Leaders From Israel, Cyprus, Greece Sign EastMed Gas Pipe Deal

By | Citizenship, Cyprus, Latest Posts

Cyprus President Nicos Anastasiades, Greek Prime Minister Kyriakos Mitsotakis and Israeli Prime Minister Benjamin Netanyahu attended in Athens Thursday the signing ceremony for the accord to construct the Eastern Mediterranean natural gas pipeline.

The 1,900-kilometre (1,181 miles) link will connect recently discovered, and to-be-found, gas fields in the eastern Mediterranean basin with European markets through Cyprus, Greece and Italy. The project is being developed by IGI Poseidon SA, a joint venture of Greece’s state-owned supplier Depa SA and Edison SpA. Italy is set to sign the agreement at a later date.

GREECE-ISRAEL-CYPRUS-POLITICS-ENERGY-DIPLOMACY

Kyriakos Mitsotakis, center, Benjamin Netanyahu, right, and Nikos Anastasiadis shake hands in Athens on Jan. 2. Photographer: Aris Messinis/AFP via Getty Images

“Today, we did not just sign an advantageous agreement, but also cemented our decision for strategic engagement in a region that’s in need of cooperation,” Mitsotakis said at the ceremony. “EastMed is not a threat to anyone.”

The accord comes just as tensions are increasing in the region after Turkey’s contentious agreement that delineates maritime borders with Libya and affirms claims to areas of the Mediterranean the pipeline may cross. The three signatory countries all oppose the deal.

Gas Finds and Maritime Claims in the Mediterranean

Israel’s cooperation with Cyprus & Greece “adds to security and prosperity in the region” and “we are not turning against any other country,” Netanyahu said.

The deal allows for other countries to join the project, Anastasiades said.

EastMed is not intended to send a message to Turkey, but to promote cooperation in the energy sector at a regional level, Greek Energy Minister Kostis Hatzidakis said Dec. 24.

Turkey’s Foreign Ministry spokesman Hami Aksoy said the agreement was a “futile” attempt to exclude Turkey and the breakaway Turkish Cypriot state from the energy projects in the region, adding that Turkish Cypriots have equal rights to the island’s natural resources.

“Turkey is the most commercially feasible and secure route for the utilization of the natural resources in the Eastern Mediterranean and their transfer to the consumer markets in Europe, including Turkey” Aksoy said in a written statement late Thursday. Any project that disregards Turkey “cannot succeed,” he said.

The accord includes a clause for ensuring the security of the pipeline’s operations and contains a single regulatory framework for the facilitation of the project and a common tax regime that will govern it.

Gas purchase

Depa also signed on Jan. 2 with Energean Oil & Gas Plc a letter of intent for the potential sale and purchase of 2 billion cubic meters of natural gas per year from Energean’s fields in offshore Israel. The deal is considered a step for the project’s commercial viability and its realization. The amount represents 20% of the pipeline’s initial capacity of 10 bcm a year.

IGI Poseidon in December agreed to fast-track development of the EastMed pipeline and take a final investment decision within two years. The European Union has said it supports the project because it will help diversify its gas supplies and boost energy security. The target of the pipeline is to transport 20 bcm a year while the budget for the initial capacity stage is 5.2 billion euros ($5.81 billion).

U.S. Secretary of State Michael Pompeo also underlined American backing for the pipeline when he attended a Cyprus-Greece-Israel trilateral summit in Jerusalem in March.

— With assistance by Selcan Hacaoglu, and Constantine Courcoulas

Source: bloomberg.com

Cyprus applied for Schengen Membership in September

By | Citizenship, Cyprus, Latest Posts

The Minister of Foreign Affairs in the Republic of Cyprus Nikos Christodoulides told the MPs on Monday, November 5, that the government has applied to become part of the Schengen Area earlier in September.

Speaking to the House Committee on Finance, while presenting the proposed budget for 2020, Minister Christodoulides said that the Republic of Cyprus has declared its readiness to become a member of the Schengen Area, and now it is up to the EU to start the evaluation process.

The government has submitted the application for security reasons and we are now expecting the European Union to come and start its evaluation process which is divided in five parts,” Minister Christodoulides said.

Cyprus is one of the four EU but non-Schengen countries, alongside Romania, Bulgaria, and Croatia, the three of which have completed the five-stage evaluation process and are now waiting for admission.

The country has been unable to join the Schengen area so far, due to its territorial division, that has followed the events of 1974, when a coup attempt took place in the island country.  It is, however, part of the European Union since May 2004.  In January 2008 Cypriots started using the Euro as the official currency of the country.

After his speech in front of the MPS, Minister Christodoulides was asked by the MP Marinos Sizopoulos regarding the issue of the Golden Visas granted by the Republic of Cyprus. The Golden visa operated by Cyprus is a scheme that permits foreigners who invest a specific amount of money in the country, to obtain citizenship, and an EU passport at the same time, which grants the holder with the right to move through the whole EU and most other countries located in Europe.

In January 2019, the European Commission had presented a report on investor citizenship and residency schemes operated by a number of EU countries, which identified the risks coming from such schemes as money laundering, tax evasion, and corruption.

Among others, the reports highlighted that in the EU, Bulgaria, Cyprus, and Malta were the only countries granting investors with citizenship without the obligation of physical residence. It also outlined the steps that must be taken to address these concerns.

In mid-February, the cabinet of the government of Cyprus approved several changes to the golden visa scheme, in accordance to the EU guidelines, including stricter criteria for applicants, background checks by a specialized foreign firm, and immediate rejection of applicants that have already been rejected from any other EU member.

Christodoulides told Sizopoulos that due to this issue Cyprus has asked the EU to proceed with the first part of the Schengen membership application evaluation so that the country could have access to the EU inside information.

That’s how we can have access to EU inside information so as to strengthen the country’s security in relation to people coming over to Cyprus,” Christodoulides said.

Source: schengenvisainfo.com

The time is now! Invest in Limassol. Invest in Cyprus.

By | Latest Posts

When it comes to building on Limassol’s bright future, the time is now!

 

Limassol is living in exciting times and there are some very interesting investment opportunities.

The economy of Cyprus has seen a spectacular recovery in the last few years. In more recent times, it has established itself as one of the fastest growing economies of the European Union.

Contemporary architectural design is now defining the coastline of Limassol, imparting a sense of luxuriousness across the entire city.

Aiming to approach and even transcend the level of other International cities, Limassol claims a prominent position among the top destinations in Europe.

Imperio’s design is embracing innovation and delivers consistent high quality, based on the impressive specifications built into every property.

At the end of the day the real challenge is to touch the lives of people, building on the dreams and hopes of those surrounding each building, creating something unique for the society as a whole.

When it comes to building on Limassol’s bright future the time is now!

Invest in Limassol. Invest in Cyprus. Invest now!

Limassol Molos seafront

How much did the Cypriot passport go up?

By | Latest Posts

The Cypriot passport is still in the top ten of the most powerful passports in the world, having actually gone even a little higher.

In particular, according to the ranking by the Passport Index for 2019, the Cypriot passport is in eighth place, up from tenth in 2018.

The Cypriot passport offers access to 162 countries compared to 157 it used to offer in 2018, winning over eight more countries, for which it grants visa-free access.

More specifically, Cypriot passport holders can travel visa-free to 122 countries, while they will need a visa upon their arrival in 40 countries. On the other hand, they will need a visa to travel to 36 countries.

The rise recorded by the Cypriot passport is impressive, as in 2017 it was in 13th place, with access to 149 countries, while in 2016 it was in 12th, with access to 143 countries. In 2015 it was again in 12th place, offering access to 147 countries.

First and with the highest rise the UAE passport

The most powerful passport is that of the United Arab Emirates, which offers access to 175 countries. Holders of this passport can travel visa-free to 115 countries, while they will need a visa upon their arrival in 60 countries and a visa to travel to 23 countries.

In addition to the first place, the UAE passport is also the one with the highest rise this year, gaining 36 more countries for which it offers visa-free access.

The most powerful passports in the world

In second place are Finland, Luxembourg and Spain offering access to 168 countries.

Denmark, Italy, Germany, the Netherlands, Austria, Portugal, Switzerland, Japan, South Korea, Ireland and the US have the third most powerful passport with access to 167 countries.

In fourth place, with access to 166 countries, are the passports of Sweden, Singapore, France, Belgium, Malta, Greece and Norway.

Lithuanian, Icelandic, UK and Canadian passport holders have access to 165 countries.

In sixth place, with access to 164 countries, are the passports of the Czech Republic, Hungary, Slovenia, New Zealand and Australia.

Those who have a Latvian, Estonian, Polish or Slovak passport have access to 163 countries, whole those with a Malaysian, Romanian or Monegasque passport have access to 161 countries.

The top ten most powerful passports are completed with the Croatian and Bulgarian passports, which offer access to 160 countries.

Source: InBusiness

Non-EU citizens residence permits

By | Latest Posts

Residence permit is the permission from EU-countries to citizens of non-EU nations (also known as third country nationals) to stay for at least 3 months on the territory.

In line with Eurostat, 18,971 non-EU citizens were granted residence permits by Cyprus, in 2017. Citizens of India and Russia is the majority to which residence permits were granted.

The analysis of the residence permits that were granted to non-EU citizens by Cyprus, in 2017:

India – 4,710 (24.8%)

Russia – 2,883 (15.2%)

Nepal – 1,406 (7.4%)

Philippines – 1,317 (6.9%)

Sri Lanka – 1,200 (6.3%)

Others – 7,455 (39.3%)

Regarding Europe in total, employment opportunities, family reunification and educational opportunities are among the major purposes for issuing permits, according to the report.

The applicants declaring ‘Other reasons’ as their purpose for a residence permit in an EU-country, have the right to stay in that territory, although they are not permitted for work or international protection.

Also, the citizens of Ukraine (662 thousand) were provided with the highest number of permits by EU-nations while, the second highest number was Syrian citizens (223 thousand).

source: Eurostat

cyprus, top50happiestcountries, happiestcountries, happiestcountriesintheworld, happycountries, cyprusdaily, dailymail

Cyprus amongst the happiest countries in Europe!

By | Latest Posts

Cyprus are amongst the top 50 happiest countries in Europe according to a new index developed by scientists.
The system for judging a nation’s satisfaction is based on official statistics rather than questionnaires answered by some of the population.
Data on a country’s development, freedom, solidarity, justice and peace are measured to build rankings and work out how people can be made happier.
Of 13 countries on which the index was tested, Iceland and Sweden come out on top, with a 76 out of 100 score. Austria places third on 74, and the UK fourth with 69.
Experts hope analysing countries this way could help develop strategies for their countries to improve people’s happiness.
Here is the table:

source: Cyprus Daily

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