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Property: Where to find cheap houses – Prices by area to buy or rent – 2024-10-08 06:43:20

by Chief editor of world-today-news.com October 8, 2024
written by Chief editor of world-today-news.com

Property prices and rents are on the rise in Q3 2024 on the one hand due to strong demand for student housing and on the other hand due to the traditional strong summer season boosting residential demand.

According to Spitogatos data, average asking prices for residential sales across Greece increased by 6.8% in the third quarter of 2024 compared to the corresponding period in 2023, while average asking rental prices increased by 7. 6%.

The Most Expensive and Cheapest Properties to Buy – What About Rents?

The Southern Suburbs of Athens and the Cyclades have the highest home purchase prices, the lowest in Kastoria and Florina.

The Southern Suburbs of Athens, the Cyclades, the Northern Suburbs of Athens, Lefkada and Piraeus are the 5 most expensive areas of the country to buy a home in the third quarter of 2024.

In the ranking of the most expensive areas for renting a house, the first places are occupied by the Southern Suburbs of Athens, the Cyclades, the Northern Suburbs of Athens, the center of Athens, followed by Piraeus.

It is worth noting that among the most expensive areas for residential rental in the 3rd quarter of 2024 is Halkidiki, where short-term rental prices continue to exert upward pressure on rental prices.

On the contrary, the most affordable areas for buying a home in the country are located in Northern mainland Greece, with Kastoria, Florina Region, Karditsa, Kozani and Drama standing out.

In terms of renting, the cheapest areas include Kilkis, Pella, the rest of the Prefecture of Thessaloniki, Imathia and Fokida.

The largest increase in the average asking price of houses for sale in the third quarter of 2024 compared to the corresponding period in 2023 was recorded in the Piraeus region (27.8%).

As far as residential rental is concerned, the rest of the Prefecture of Thessaloniki is ranked at the top of the regions with the largest increases in the average asking price of residential rental throughout the country with a percentage increase of around 20%.

The most expensive and the most economical areas

The most expensive areas of Attica to buy a home in the third quarter of 2024 include Vouliagmeni, Voula, Glyfada, Kolonaki-Lykavittos and the Papagou area, where prices reach the highest levels.

In terms of residential rental, the areas of Attica with the highest average asking prices in the 3rd quarter of 2024 are again Vouliagmeni, Kolonaki-Lykavittos, Glyfada, Paleo Psychiko and Voula. On the contrary, the most affordable options for renting a residence are found mainly in the Western Suburbs, the Suburbs of Piraeus and the center of Athens.

Regarding the housing market, the most economical areas are Agia Varvara, Perama, Acharnes, the Patision-Acharnon area and Patisia, offering opportunities for more affordable housing options.

Properties in Attica and Thessaloniki

At the level of annual change, areas of Piraeus and its Suburbs almost monopolize the ranking of the top areas with the largest increases in the average asking price of a residence in Attica for the 3rd quarter of 2024.

More specifically, these areas are: the center of Piraeus (port) (36.0%), the Tambouria-Agia Sophia area (33.8%), Drapetsona (31.6%), Anthousa (29.7 %) and Agios Ioannis Rentis (27.9%).

As far as rent is concerned, the largest increases in the average asking price of rent in the 3rd quarter of 2024 compared to the corresponding period in 2023, were noted in Neo Faliro (31.4%), Agios Stefanos (24.9%), in the Piraiki area- Hatzikyriakeio (23.3%), Vari-Varkiza (23.0%) and Marathon (22.2%).

In the co-capital, the largest increases in the average asking price of a house for sale in the 3rd quarter of 2024 compared to the same period last year, were mainly noted in the Suburbs of Thessaloniki and are: the area of ​​Menemeni (21.7%), the Echedoros (18.7%) and Thermaikos (18.1%).

As far as rent is concerned, the biggest price increases are again recorded in the Suburbs of the co-capital and are the Efkarpia area (27.0%), Agios Pavlos (22.6%) and the Eleftherio-Kordelio area (17.3 %).

Source: ot.gr

#Property #find #cheap #houses #Prices #area #buy #rent

October 8, 2024 0 comments
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Business

Property: Prices by area – Where are the cheapest houses? – 2024-10-07 07:25:46

by Chief editor of world-today-news.com October 7, 2024
written by Chief editor of world-today-news.com

Real estate prices continue to remain high, which shows that buying a home for many seems like a distant dream due to high costs.

According to Eurostat data, in the second quarter of 2024, house prices increased by 1.3% in the Eurozone and by 2.9% in the EU compared to the same quarter of the previous year.

Among the Member States for which data are available, six showed an annual decrease in house prices in the second quarter of 2024 and twenty showed an annual increase. The biggest falls were recorded in Luxembourg (-8.3%), Finland (-4.8%) and France (-4.6%), while the biggest increases were recorded in Poland (+17.7%), the Bulgaria (+15.1%), Lithuania (+10.4%) and Croatia (+10.0%). It is noted that no data are available for Greece.

Compared to the previous quarter, prices decreased in two Member States, remained stable in one (Hungary) and increased in twenty-three Member States. Declines were recorded in France and Belgium (-0.2%) both, while the highest increases were recorded in Croatia (+4.3%), Portugal (+3.9%) and Spain (+3, 6%).

It is a fact that the return to positive growth rates, combined with the increase in tourism and the attraction of foreign investors to the country, has given a strong impetus to the market, contributing significantly to the increase in interest in real estate and driving prices along.

Property prices

According to the data of Spitogatos, the average asking prices for the sale of houses throughout Greece increased by 6.8% in the third quarter of 2024 compared to the corresponding period of 2023, while average asking rental prices increased by 7.6%.

The Southern Suburbs of Athens, the Cyclades, the Northern Suburbs of Athens, Lefkada and Piraeus are the 5 most expensive areas of the country to buy a home in the third quarter of 2024.

Property: Prices by area – Where are the cheapest houses?
 – 2024-10-07 07:25:46

The most expensive areas of Attica to buy a home in the third quarter of 2024 include Vouliagmeni, Voula, Glyfada, Kolonaki-Lykavittos and the Papagou area, where prices reach the highest levels.

Regarding the housing market, the most economical areas are Agia Varvara, Perama, Acharnes, the Patision-Acharnon area and Patisia, offering opportunities for more affordable housing options.

At the level of annual change, areas of Piraeus and its Suburbs almost monopolize the ranking of the top areas with the largest increases in the average asking price of a residence in Attica for the 3rd quarter of 2024.

More specifically, these areas are: the center of Piraeus (port) (36.0%), the Tambouria-Agia Sophia area (33.8%), Drapetsona (31.6%), Anthousa (29.7 %) and Agios Ioannis Rentis (27.9%).

In the co-capital, the largest increases in the average asking price of a house for sale in the 3rd quarter of 2024 compared to the same period last year, were mainly noted in the Suburbs of Thessaloniki and are: the area of ​​Menemeni (21.7%), the Echedoros (18.7%) and Thermaikos (18.1%).

September prices

According to indomio data in September 2024, the asking price for properties for sale was highest in the Aegean Islands region, at €3,241 per sq.m.

On the contrary, for properties for sale in the Thessaly region, only €1,257 per sq.m. is the asking price, the lowest in the entire Greece region.

In the same month, the asking price for rental properties was highest in the Nomos Attica region, at €11.97 per month per sq.m.

The lowest asking price, respectively, was recorded in the Sterea Ellada area, with only €6.30 per month per sq.m., the lowest price in the whole country.

Source: ot.gr

#Property #Prices #area #cheapest #houses

October 7, 2024 0 comments
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Business

Expelled from Barcelona and slave to the train: “I spend my life asking for favors and forgiveness for delays” | News from Catalonia

by Chief editor of world-today-news.com October 6, 2024
written by Chief editor of world-today-news.com

Anna Gómez, a regular user of the Rodalies de Tarragona in Barcelona and affected by the cuts, poses at Barcelona’s Passeig de Gracia station.Kike Rincon

After the pandemic, Paola R. and her partner turned their lives around. They took their two children and slammed the door to the Gràcia neighborhood of Barcelona to go live in Castell de Montornès (Tarragonès). They were looking for a better environment, but also to escape the endless increases in rental apartment prices in Barcelona. In exchange, you had to pay a toll: from being seven minutes from work to an hour and a half away with the train, but since this psychologist could telework four days a week, she hardly saw it as a problem.

But the mandatory presence in the office later became two days a week and now there are three. And the problems with the trains have continued until the culmination of this week: the works on the Tarragona railway corridor that will last the next five months, which force you to take a bus instead of a train from Torredembarra to Sant Vicenç de Calders to, from there, take a train to Barcelona. “Taking into account that I have a reduced schedule,” he explains, “I spend almost more time on the train than in the office. And, above all, sometimes I recognize myself as tachycardic because I have to deal with something that I do not control.”

More information

That of Paola R. is not a unique case. Anna Gómez, another regular user of the trains that connect Tarragona and Barcelona, ​​says that for about a year and a half she has spent “her life asking for favors and forgiveness for being late.” She is also one of those thousands of people who in recent years have decided to move out of the Catalan capital despite maintaining their job there. “I have considered returning, of course, but starting over again? If I do, the only reason would be Renfe. But if I come back, it should be because I want to, not because they force me, right?” says this 41-year-old woman, always hooked on a WhatsApp group. Lately it has focused mainly on the messages of a group called República Independiente del Último Vagón in which there are about 200 people. It was the embryo of the Dignidad en las Vías platform, of which she is vice president.

A year ago, Gómez took the train at seven in the morning to arrive at work at 8:30. This Monday he estimates that he will have to take a bus at 6:05. The same problem as Paola and that of the thousands of people who move repeatedly from Tarragona to Barcelona. Renfe estimates that 15,000 travelers are affected by its latest works in one of the corridors with the most users in Spain. The alternative transportation system during the first week has revealed one thing: that the nuisance was not limited to the buses; The trains have continued to fail to comply with their schedules.

In the image, users of the Rodalies (Cercanias) Renfe service inside a train, on the first day of cuts. Albert Garcia

The reality is that the number of users of these trains has grown in the last decade due to the exodus caused by the prices of the real estate market in Barcelona (and which has spread to its entire surroundings like the shock waves of an explosion) and because the desires of others to leave the city in search of quality of life. While renowned Catalan institutions such as the Círculo de Economía demand to put the Barcelona of five million inhabitants in order, the main mode of public transport capable of uniting that territory is failing and, instead of shortening, lengthening the distances.

The dynamics of the real estate market have been merciless in the evolution of their prices. According to the Generalitat, the average rental price for an apartment in Barcelona was 1,193 euros. Those rents have skyrocketed 73% in the last 10 years. In Torredembarra, the municipality with a train station closest to Paola R.’s residence, that price stands at 645 euros, which in turn has increased by around 50% in a decade. The connection by train is one of the factors to decide, despite the fact that in recent years the numerous catalog of incidents (breakdowns of the fixed infrastructure, of the three, acts of vandalism, effects of the weather and other issues beyond the control of those responsible for the service) has reduced the reliability of the system.

Cristina Sáez also lived in Gràcia. She had just given birth and a message arrived at her house: the rental contract was terminated. They tried to find an apartment for the same 1,100 euros that they had paid until then and it was not possible. In the end they went to Teià. “We have a village life, but when you have to go to work it is impossible. I have had to turn down some work assignments because I had no way to get home,” he says. The closest town with a train is Masnou, whose journey should not exceed 20 minutes to Barcelona. But after some problems, it has decided to opt for a bus line that takes twice as long, but has proven to be more reliable.

It rains in the wet

The point is that it rains in the wet. The problem not only affects those who moved out of Barcelona a few years ago. Pedro Hidalgo went to Altafulla in the first years of this century and does not have good memories: “We had two little girls and due to the price of housing and better quality of life we ​​decided to go away. After two or three years we realized that we had a problem and that we had made a mistake.” The girls already had their circle and they are still there and, like the rest of those consulted, they assume that returning to the big Catalan city would cost them a lot, no matter how many logistical problems it causes. How long does it take now to get to Barcelona? “I wish I could say it exactly,” he answers, “between an hour and a quarter and an hour and a half. When we got here in 55 minutes I was in the center of Barcelona.” That uncertainty is what has made Gómez, whenever he meets, do it with more than one person, so as not to leave anyone alone.

Hidalgo is one of those who have chosen to go to Sant Vicenç de Calders by car and avoid the bus. Then he gets on the train, where he would like to be able to work, but the successive interruptions in the data networks make it difficult for him to do so. Each carriage has its own stories. Those of those who do not arrive at work or school on time, or of parents unable to get to school to pick up their child and have to make a desperate call. They are desperate, above all, at the lack of information and that when they get on the train and it starts moving, a new adventure begins. “I know of people who are taking medication because of the stress generated by the situation,” explains Hidalgo, complaining about the lack of investments caused by the problem.

October 6, 2024 0 comments
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Business

Property: Buying and selling ‘inflates’ tax revenues – Which area has the first place – 2024-09-28 09:46:30

by Chief editor of world-today-news.com September 28, 2024
written by Chief editor of world-today-news.com

Buying and selling real estate “heats up” state coffers. Over 27,000 apartments, detached houses, plots of land, commercial properties, plots of land have changed hands since the beginning of the year with their total value exceeding 2.5 billion. euros as revealed by the contracts.

The receipts from the transfer tax reached 314 million euros in the first half of the year, registering a 20% increase compared to the corresponding period of 2023 which had reached 260.92 million euros.

In contrast to property sales, tax revenue from parental benefits and donations has slowed in recent months with figures showing a drop of 8.22% in the first half of the year compared to last year.

In the first half of the year, more than 122,000 transfer tax declarations related to the purchase and sale of real estate were submitted to the myProperty platform of AADE

The high tax-free limit of €800,000 applied to parental benefits keeps the taxes collected by the state from parental benefits and donations at low levels which amounted to €24.46m compared to €26.65m in the first half of last year.

In the meantime, in the first half of the year more than 122,000 transfer tax returns related to the purchase and sale of real estate, over 55,000 parental benefit tax returns, 36,000 donation returns and over 61,000 electronic inheritance tax returns were submitted to the AADE myProperty platform.

The enhanced flow of money in the real estate market, the intense interest of Greeks and foreigners in investments and the jump in commercial prices are shown by the data of the Real Estate Transfer Values ​​Register. The gap between objective values ​​and commercial prices has opened up with the biggest differences being registered mainly in the expensive areas of the center of Athens, the southern and northern suburbs of Lekanopedi.

Municipality of Athens: How many properties changed hands

In real estate sales, the Municipality of Athens occupies the first place. Since the beginning of the year, 3,921 properties with a total value of over 327 million euros have changed hands.

In many cases the differences between objective and commercial prices are striking.

Apartment 213 sq.m. of the 1st floor in Kolonaki which was built in 1953 was purchased at the price of 1.8 million euros or 8,450 euros per square meter when the objective value in the specific area amounts to 4,250 euros. That is, the particular property was sold at a price twice the objective value.

In Exarchia, a 119 sqm apartment on the 4th floor built in 1967 was sold for 405,000 euros or 3,403 euros per square meter, while in the area the objective value is set at 2,200 euros/sqm.

A 246 sqm 4th floor apartment in Glyfada built in 2012 was purchased under contract for €1.6 million or €6,553 per square meter when the zone price in the area is €4,250.

Source: ot.gr

#Property #Buying #selling #inflates #tax #revenues #area #place

September 28, 2024 0 comments
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Business

Real estate: How their prices will fall – What will happen to foreclosed homes and rents – 2024-09-26 16:46:06

by Chief editor of world-today-news.com September 26, 2024
written by Chief editor of world-today-news.com

In the realm of the real economy, the bet will be played for cheaper properties, through purchase or long-term rental. “Everything will depend on the evolution of supply and demand, after taking the new measures announced by the government’s economic staff” notes a banking source.

As he explains, “Given that substantial changes in the number of households looking for housing and their disposable income are not going to be seen anytime soon, the battle will be decided on the supply front. Can the stock of properties offered increase? This is the question we are asked to answer in order to formulate a safe estimate for the course of prices and rents in the coming years.”

The truth is that currently the asking rents in the major urban centers and especially in the wider Lekanopedi region are at the highest levels of all time.

How will government measures affect the real estate market?

The initiatives announced at TIF aim to de-escalate them by increasing supply.

These are the following:

1.

Exemption from rental income tax: Owners who have proven that their property has been closed for the last three years or that they rent it for a short period of time will be exempt from income tax if they proceed to rent it out with a three-year contract as their main residence.

According to a systemic group economist, the effectiveness of the measure will ultimately depend on the number of properties that will return to the market. As he points out, there are no official statistics, but it is estimated that around 150,000 houses are currently operating as tourist accommodation through the well-known platforms, while around 500,000 are empty.

“It is a big reservoir. However, for rental prices to fall, a reasonable number of properties will need to return to long-term rental. It remains to be seen whether this particular incentive will be enough for a change of attitude on the part of the owners.”

2.

Short-term rental restrictions and charges: The government has announced that from the coming New Year, the granting of new short-term rental permits will stop in the three largest apartments of the Municipality of Athens. “I don’t see how this will work in favor of housing supply,” the analyst emphasizes. As he says, “in no case does the measure increase it. It will simply stabilize it at the already low levels from 2025.”

In addition, he estimates that “the increase in the daily fee in short-term rentals is not sufficient to limit the income earned by owners to levels lower than long-term ones. With today’s data, only the decline in turnover from this activity could change the data in favor of long-term leases.

3.

Renovate / Rent program: The action becomes more attractive with the increase in the percentage of the subsidy from 40% to 60%, while its maximum amount is doubled from 4,000 to 8,000 euros. It is aimed at owners of empty houses up to 100 sq.m., which will be upgraded and then leased on three-year contracts to private individuals.

The goal is to return to the market about 12,000 houses that are currently empty. The measure will be able to be combined with the income tax exemption mentioned above. Real estate market sources positively evaluate this initiative, noting that if the program runs quickly, it will increase the stock of offered properties.

4.

Upgrading my Home: At least 16,000 homes will be able to be financed through the new action of interest-free loans of up to 25,000 euros for their upgrading. It remains to be seen how much of the program’s funds will go toward foreclosed homes, which will then be made available for long-term rental.

BANKS

How will property prices fall – Three suggestions

The current situation is not only favorable for those looking for a home to buy. In Athens, average prices have already exceeded the highs of the 2000s, while a record was set this year for newly built apartments throughout the country. “It is obvious that the demand is greater than the supply. Therefore, in order to stabilize prices in the first phase, a new equilibrium point should be found,” comments a banking source.

As he points out, “the only substantial measure to date is related to the increase of the real estate investment limit for obtaining the Golden Visa (800,000 euros in Athens, Thessaloniki, Mykonos, Santorini and islands with a population of more than 3,100 inhabitants, 400,000 euros in the rest of Greece ). Also, the property should be at least 120 sq.m. In this way, the demand from foreigners for houses aimed at households will be limited.”

At the same time, however, analysts note, the activation of the second cycle of the “My Home” program will work in the opposite direction. Specifically, it will boost demand for homes up to 150 sq.m., worth up to 250,000 euros and aged 17 years or older. In addition, they do not rule out creating distortions if the number of properties offered with these characteristics turns out to be small compared to the 20,000 beneficiaries of the program.

According to banking sources, “the only way to increase the number of affordable homes is to increase supply.” During the same cycles this can be achieved by the following:

  • A. Acceleration of construction activity: Today, there are not a few cases where projects are on ice, due to the uncertainty about the building conditions and the use of the various forms of bonuses provided for by the building regulation. This results from the reduction of new building permits. The Council of State is expected to rule on the matter in the next period, clarifying the terms of the game.
  • B. Faster auctions: At the moment, around 300,000 homes are acting as collateral for bad loans. Of these, 20% are expected to be auctioned in the coming years. In other words, it is about 60,000 houses that could be added to the offer. Also, about 12,000 houses have been acquired by the creditors themselves. However, their return to the market is delayed due to problematic legislation that slows down the procedures for their legal and technical settlement. In this context, intervention is requested to speed them up.
  • C. Disclaimers of Inheritance: During the financial crisis, 450,000 disclaimers of inheritance were recorded, due to the debts of the deceased. It is estimated that in this way tens of thousands of properties came into the possession of the State, which remain unused, although they could strengthen the offer.

#Real #estate #prices #fall #happen #foreclosed #homes #rents

September 26, 2024 0 comments
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Economic situation in China: China’s Politburo wants to stimulate economy

by Chief editor of world-today-news.com September 26, 2024
written by Chief editor of world-today-news.com

China’s leadership has called for further support for the struggling real estate market, sufficient tax spending and an improvement in sluggish consumption amid the tense economic situation. In addition, top Communist Party cadres stressed during a meeting chaired by President and Party leader Xi Jinping that economic targets for this year must be achieved, China’s official Xinhua news agency reported.

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The Politburo, the inner leadership circle of the Communist Party, met. The report did not give exact figures or plans for implementing the demands. But the statements are likely to be significant, as the government admitted to economic problems. The party appears to be sticking to its self-imposed economic growth target of around five percent for this year, while experts have recently seen the target increasingly under threat.

Real estate, bonds, income

Specifically, according to the report, the party wants to improve its real estate portfolio and increase investment in construction projects desired by the government. China wants to use government bonds to “better play the role of state investment”. The party’s center of power also called for consumption to be boosted and for people in the middle and lower income classes to earn more.

The economic data of the world’s second largest economy has recently given experts cause for concern. China’s central bank announced during the week that it would lower interest rates for housing loans and reduce the rate for minimum cash reserves at banks. China wants to use this to free up more funds for the financial markets. The crisis in the real estate sector is further contributing to sluggish consumption among many consumers, who tend to hold on to their money rather than spend it.

Problem of unemployment

On top of that, many people are looking for work. According to official figures, the latest unemployment rate in the 16-24 age group rose to 18.8 percent. The State Council, China’s government cabinet, called on Wednesday for more “high-quality jobs” and new positions to be created in the digital economy. Better training should also combat structural unemployment. The report did not provide any precise details.

China’s leadership has called for further support for the struggling real estate market, sufficient tax spending and an improvement in sluggish consumption amid the tense economic situation. In addition, top Communist Party cadres stressed during a meeting chaired by President and Party leader Xi Jinping that economic targets for this year must be achieved, China’s official Xinhua news agency reported.

The Politburo, the inner leadership circle of the Communist Party, met. The report did not provide any precise figures or plans for implementing the demands. But the statements are likely to be significant, as the government admitted to economic problems. The party appears to be sticking to its self-imposed economic growth target of around five percent for this year, while experts have recently seen the target increasingly under threat.

September 26, 2024 0 comments
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