Things you probably didn’t know About Morocco
Morocco is just 8 miles away from Europe, across the Strait of Gibraltar
White is the official colour of mourning. A Moroccan widow wears white for 40 days after the death of her husband
Moroccan Berber women have tattoos in geometric designs on their faces, covering much of their forehead, cheeks and necks. The practice is a form of tribal identification originating from times when it was essential to be able to spot women who had been carried off by another tribe after a raid
Often referred to as the “Red City”, Marrakech requires sun protection and headgear of some kind all year-round, including winter
In Morocco, the liver is traditionally associated with love rather than the heart
In the 1950s Orson Welles stayed at the Hôtel des Îles in Essaouira while filming Othello where, according to legend he met Winston Churchill. Essaouira also became a famous hangout for singers Cat Stevens and Jimi Hendrix in the 1960s
Private baths are not the norm in Morocco. In order to perform the required ritual purification of the body before Muslims can pray, many Moroccans bathe at the public baths (hamman) which is segregated
Morocco is the only African country that is not a member of the African Union.
The country covers 446,550km2 and is slightly larger than California
Morocco was the first country to sign a treaty with the United States in 1786
Apart from Egypt, Morocco is the only other Arab country encouraging friendly relations with Israel, now enjoying direct air, telephone and postal links to each other
During the 50s and 60s, the country served as a literary sanctuary for many foreign writers including Americans William S Burroughs, Paul Bowles, Brion Gysin, Jack Kerouac, Allen Ginsburg and Tennessee Williams
The Romans introduced wine-making to Morocco more than 2,000 years ago. After the establishment of Islam in the 7th century AD, the country’s vineyards were not maintained
During the French Protectorate, they were revived and are now under the control of French company Castel famous for producing Gris de Boulaouane, a rosé with hint of citrus
Morocco’s prized thuya wood was the first burled wood used in the luxury dashboards of the Rolls Royce
The Atlas film studios just outside Ouarzazate are known as ‘Morocco’s Hollywood’ and movies shot in the location include Lawrence of Arabia, Gladiator, Bertolucci’s The Sheltering Sky and Scorsese’s Kundun.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Cyprus’ Investment for Citizenship Programme Attracts €2bn
Cyprus received more than €2bn over the past two years from the property-for-residency scheme according to Interior Minister Socrates Hasikos. The scheme allows third country nations to obtain permanent resident in Cyprus if they buy property costing at least €300,000.
” This plan amongst others has brought the Republic €2bn and more these past two years, ” Hasikos said on Tuesday.
Other schemes offering citizenship for foreign investment in Cyprus include making a deposit of €2m into the treasury to buy shares or bonds with the state-run investment company and also donating €0.5m towards the government’s Research and Technology fund.
Alternatively applicants can invest at least €5m in projects ranging from the purchase of houses, offices, shops and hotels provided the real estate is put to use. Foreign nationals buying companies that were founded and active on the island or else bought shares in companies registered in Cyprus are also eligible for citizenship.
A further option requires applicants to have deposits of up to €5m in a local bank or own a company of which they are the main beneficiary for at least the last three years.
Recent studies conducted by global immigration experts rank the Cyprus Citizenship by Investment programme among the “top ten best in the world” and the country is also the 5th best relocation destination in the world according to an international lifestyle review.
Ranked by key business and leisure indicators Cyprus was the only European country alongside Switzerland to make it into the top five – ahead of London, Madrid and Monaco. Cyprus ranks highly because of its favourable tax regime for new residents, particularly high net worth individuals.
The scheme was introduced by the Cypriot government two years ago to attract high net worth individuals, investors and entrepreneurs with all the benefits available to a Cyprus and EU national.
There are a few reasons the Cypriot Citizenship programme is so attractive:
There is no requirement to make a donation to the local government unlike the Maltese citizenship scheme which requires a donation of €650,000.
Applicants are not required to live on the island prior to or during the application process or even after citizenship is granted. Again, other countries including Malta require applicants to physically live in the country one year prior to filing an application for citizenship.
It is the fastest application process for EU Citizenship currently available with passports issued within 3 to 4 months of filing.
Investors are able to take advantage of Cyprus’ attractive financial centre due to its highly favourable tax system and strategic location at the crossroads of three continents – Europe, Africa and Asia.
Cyprus enjoys a high standard of living with good access to reputable private schools and medical facilities. It also has one of the lowest crime rates in the EU.
The sentiment among real estate agents in Cyprus is that opportunities for foreign investors will increase during 2105, particularly in the apartments market in Famagusta, Nicosia and residential areas within towns. Foreign investment has already picked up in the commercial property market; with the most transaction activity in grade A office buildings offering mid-term tenancies of around 8-12 years and yielding an average 6% annually. Rental demand for good quality office premises has risen in Nicosia and Limassol, with residential property also gaining traction as Cypriot business districts continue their expansion.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Bulgaria Pulls out Stops to Boost Tourism after Bumper Winter Season
Simplification of the visa requirements of Russian and Turkish visitors to Bulgaria introduced in February this year look set to significantly boost Bulgaria’s tourist sector, an important economic driver for the country.
Bulgaria’s tourism minister Nikolina Angelkova recently reported 9% growth in tourism over an extremely successful winter season that saw an additional 80,000 visitors to its alpine resorts, boosting revenue a further €17.5m.
She said that the number of Turkish visitors had increased by almost 30% as a result of the simplification of visa requirements while German tourists increased 17%, Austrian 7% and visitors from Israel by more than 20%.
The visa application process was streamlined to try and improve visitor numbers from Russia and Ukraine in attempts to improve relations with the country after Bulgaria’s support for EU sanctions and its cancellation of major Russian energy projects.
More visitors are expected
Angelkova commented on the upcoming summer season arguing that the preliminary forecast was optimistic except for the Russian and Ukrainian market, expected to decline by around 30% this year.
However, more visitors are expected from other nations that could limit the shortfall for the coming summer season. Arrivals from Germany are expected to increase by around 5%, Israel 10%, France 4.5%, Lithuania, Latvia and Moldova 40% and Poland, Czech Republic and Belarus by 5.10%.
The tourism minister suggested that the number of tourists arriving from UK and Romania was expected to remain unchanged, while visitors from Greece – one of Bulgaria’s most important markets – are set to increase by around 10%.
Bulgaria’s government are also making headway to improve the country’s tourism infrastructure and have been developing cultural and historical routes together with promotional material and maps that are available imminently.
Bulgaria is a fantastic country for property investment because of its place at the base of a growth curve in its tourist markets. Bulgarian property prices remain low compared with pre-crisis levels there are some great yield opportunities in resort areas, both beach and ski. This is a country that has everything on offer to the discerning traveller and although relatively under-developed, the outlook is rather bright.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Birmingham Best in UK for BTL Rental Yields
According to a report published by LendInvest, Birmingham has taken pole position as a buy to let investment hotspot, representing the best value for new landlords in Q2 2015.
At the end of the second quarter the data shows landlords in Birmingham, Ipswich, Liverpool and Glasgow are benefitting the most from advantageous rental yields.
LendInvest , who prepared the research gathered data for new tenancies from postcode areas throughout the UK and found four of the 10 highest rental incomes were in Birmingham: B44 yields 13.6% annually, B42 11.9%, B98 10.5%, B23 9.1%. Others in the top 10 were postcodes in Ipswich 10.8%, Liverpool 9% and Glasgow with G34, G21 and G22 yielding 11.9%, 10.1% and 9.2% respectively.
Using 1,000,000 sales and 500,000 rental listings provided by Zoopla, LendInvest took the average asking rental price per year and divided it by the average property asking price to calculate yield and then sorted the numbers according to postcode areas.
The Midlands provides a great investment opportunity
Jane Morris, managing director of Property Let by Us said: ” Many landlords tend to invest near to where they live but if they look further afield, they could easily increase their yields and capital growth. The Midlands provides a great investment opportunity as the property is much more affordable than the South East and the yields are high. For example, in Coventry, a three bed semi will cost around £125,000 and will provide rental yields of around 6.57% “.
British BTL investments have risen in popularity in the last two years, receiving a further boost earlier this year when changes to pension regulations kicked in, introducing in excess of 200,000 new investors to the market.
UK property markets have been dominated by investors for almost two years amid rising concerns of affordability issues for families struggling to get on the property ladder. According to homeless charity Shelter, 80% of UK homes are unaffordable to a family of renters earning average wages seeking to buy their first property.
In London, the charity identified just 43 properties they classified as ‘genuinely affordable’ including a houseboat and mobile homes.
A poll conducted by Huffington Post just prior to the May elections revealed that around 19% of private renters in the UK need help from family and friends to pay rent.
In essence, the figures indicate the potential rental yields achievable in certain areas based upon fresh tenancies during the respective quarter. How those figures stack up over the longer term and what is actually received by the landlord in rental income each year, remains open to question.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Dubai Sports City a Run Away Success
With Dubai investing heavily in its infrastructure ahead of hosting the 2020 World Expo, several major residential developments have been kick-started after work ground to a halt following the financial crisis.
Dubai Sports City, part of the huge Dubailand development is one of the ambitious projects attracting increasing buyer interest in the Emirate. The 5 million m² community currently home to 15,000 people across 6,000 apartments and 1,000 villas is expected to house 70,000 when it is completed in seven years.
The development has been a major Dubai real estate hotspot since 2013 when the project was resurrected after falling by the wayside in the aftermath of 2008’s global financial crisis. The mixed-use residential area is built around a number of world-class sporting facilities, some of which are still under construction or planned for the future.
A number of the residential components of Sports City have been delivered although there is still a lot of construction activity in the area. Of existing projects, 70% of villas and 60% of apartments are occupied and Sports City expects to attract 5,000 residents this year as the mixed-use project continues to gather buyer interest, swelling its population to 20,000.
The world’s first integrated purpose-built sports city
In February, GGICO launched apartments targeting middle-income families with price tags starting at €200,000. The offering sold out within weeks, boosting expectations of the development’s take-up rate over the remaining seven years to completion.
Dubai Sports City is the world’s first integrated purpose-built sports city, featuring 5 international sports venues and a series of major sports academy facilities. The area is supported by excellent infrastructure for resident families with retail parks, schools, leisure facilities, cultural attractions as well as the wealth of sports options available.
Dubai Sports city’s chief financial officer, Vijay Sajjanhar said: ” We have a great mix of residential, sporting facilities and food and beverage outlets which are proving big success stories. We are running a marathon, not a sprint, ” referencing the development’s long term goals as part of the Dubailand mega-development.
Article by +Roxanne James on behalf of Propertyshowrooms.com
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