Monday, June 30, 2014
The Tama 38 plan, first introduced in 2005, allows building owners to strike deals with contractors to give them additional building rights in exchange for reinforcing older buildings against earthquakes. The Pinui Binui program creates a framework for tenants of older buildings to be rehoused while their homes are demolished and rebuilt, with the contractor receiving building rights for apartments he can sell. Under the new proposal, work done under either plans would benefit from exemption from the 18% VAT either for construction or demolition work.
Tuesday, June 17, 2014
They paid the buyer NIS 16 million in compensation for transaction costs, which Electra Real Estate will report in its financial statement. The two companies owned the project on Hayarkon Street in equal shares. Electra Real Estate will report NIS 98 million in cash flow from the sale, NIS 88 million of which it will use to repay the seller's loan it gave the buyer.
Wednesday, June 11, 2014
This is all the result of American legislation, the Foreign Account Tax Compliance Act, which requires banks outside the U.S. to report accounts held by American citizens. Banks that fail to cooperate are subject to harsh sanctions. In Israel, companion legal provisions requiring banks to comply will take effect next month. An estimated 300,000 to 350,000 people in Israel have dual U.S. and Israeli citizenship. In addition to those who openly declare their overseas accounts to the American authorities, some, it is thought, have either transferred the funds held here into the names of non-American relatives or have withdrawn the funds and bought real estate in Israel.
Monday, May 5, 2014
The cheapest city was Chennai, India, where an entry-level, two-bedroom luxury apartment cost around $160,000 in March. A similar apartment in Tel Aviv cost $1.45 million. The report considered both economic factors, such as job availability and GDP, and what it termed qualitative aspects. The latter included the availability of cultural attractions and the prevalence of English as a first or second language.
Monday, February 24, 2014
According to sources, at least five apartments in the project have been sold in the past three months by owners who had bought them on plan from the developer Habas HZ Investments Ltd in 2008-10. The sellers have made handsome profits.
Most of the other sales were of 300-square meter apartments for NIS 20-27 million, depending on the floor, and whether the apartment was sold in shell or completed condition. The average price is NIS 84,000 per square meter (ie. $24,000).
Wednesday, February 19, 2014
Thursday, February 6, 2014
Tuesday, February 4, 2014
Due to the success of the initial operation, the ITA decided to tighten the enforcement and in the middle of November launched a further raid, this time, over 200 luxury apartments in Ashdod owned mostly by foreign residents. The ITA teams requested from the tenants to produce the rental agreements and information regarding the rental payments. About 30 tenants immediately cooperated and provided the requested information. Another 80 tenants were required to produce the information in the following days together with the remaining tenants that were not present during the time of the raid. The ITA announced that foreign residents who are leasing apartments and not reporting the rental income will be summoned via their representatives, for further investigation.