Real Estate Russians continue to splurge on real estate in Turkey Turkish home sales fell 8.2 percent year-on-year in December to 207,963 houses, with sales to foreigners dropping 18.6 percent, data from the Turkish Statistical Institute showed. Russians topped the list of foreigners with 2,403 houses purchased in December, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of Ukraine and […] January 18, 2023
Real Estate South Korea’s house prices suffer worst fall in nearly 19 years House prices in South Korea fell 1.98 percent in December from a month earlier, the fastest drop since data releases began in late 2003 and a seventh consecutive month of decline, data from the Korea Real Estate Board showed on Monday. That follows a 1.37 percent loss in November and marked a 4.68 percent decline […] January 16, 2023
Real Estate Momentum gathers on Dubai mega-projects Rising property prices and demand from wealthy buyers is encouraging Dubai to accelerate plans for several high profile projects that could represent the biggest real estate investment opportunities in the emirate in years. Among the key opportunities are fresh plans for a 300-acre plot once intended to house a 22 million square foot mega-project known […] January 13, 2023
Construction Arada awards $129m contract to build Vida Aljada hotel complex UAE real estate developer Arada has awarded an AED475 million ($129.32 million) construction contract for the four buildings in the Vida Aljada hotel complex in its Aljada megaproject in Sharjah. The contract will see the construction of the 175-room Vida Aljada hotel, as well as 255 branded residences and 149 branded serviced apartments, which will […] January 13, 2023
Construction EBRD investments reach record $14bn in 2022 The European Bank for Reconstruction and Development (EBRD) invested a record €13.1 billion ($14.1 billion) across its region in 2022, the bank said in a statement. This compares with €10.4 billion in investments in 2021 and tops the previous record of €11 billion in 2020, when the lender extended emergency support across the region to […] January 13, 2023
Construction Top UAE university launches tender to house students Companies have been invited to bid for a new public private partnership tender to deliver the accommodation and associated facilities for 3,250 students in Abu Dhabi. The Abu Dhabi Investment Office (Adio), in collaboration with Khalifa University, launched the tender as part of a framework for expanding the role of the private sector in delivering […] January 11, 2023
Real Estate Dubai rents to stabilise after record-breaking rises Dubai residential rents are expected to stabilise this year after record-breaking increases in 2022. Average rents across the Emirate increased by 26.9 percent last year, real estate consultancy firm CBRE reported. Apartment rents were up 27.1 percent, while villas saw a 24.9 percent rise. Villa rents are 45.3 percent higher than in 2019 due to […] January 10, 2023
Real Estate Bahrain’s Investcorp to spend $1bn on real estate across GCC Investcorp is planning to invest up to $1 billion in the GCC real estate market over the next five years, it said on Tuesday. The Bahrain-based company’s announcement follows its first property acquisition in Saudi Arabia: a 215,000-sq-ft temperature-controlled warehouse in Dammam. Investcorp is assessing $100 million worth of potential real estate investments in the […] January 10, 2023
Real Estate UK developers may cut dividends as surging rates deter buyers British housebuilders may cut dividends to preserve cash and ride out a property downturn, as high mortgage rates make homes less affordable and economic uncertainty deters buyers. The move by Persimmon in November – to scrap its dividend policy and rule out a special dividend – has started what analysts say could become a trend […] January 9, 2023
Real Estate Aldar to begin work on Yas Island sustainable city in Q2 2023 Construction of The Sustainable City – Yas Island will commence in Q2 2023, with the first handover of units expected in Q4 2025, according to a statement issued by Abu Dhabi-listed Aldar Properties. Announced in January 2022 during Abu Dhabi Sustainability Week, the project is a joint development with Dubai-based Diamond Developers. The Sustainably City […] January 8, 2023
Analysis Real Estate Dubai mid-market homes will rise 15%, says Danube chief Prices in Dubai’s mid-market property sector could climb as much as 15 percent this year, the founder and chairman of Danube Group has said. The prediction comes as the firm’s property arm, Danube Properties, sold out its latest affordable housing project, Elitz, on the day of its launch. Rizwan Sajan said that the real estate […] January 5, 2023
Construction Oman signs $390m agreements to develop integrated cities Oman’s Ministry of Housing and Urban Planning has signed eight agreements worth OMR150 million ($389.59 million) to build real estate projects and integrated service stations across the country, state-run Oman News Agency reported. The deals include the construction of an integrated city in Al Amerat on an area of more than 445,000 sq m. The […] January 5, 2023
Transport Morocco looking for private partners to fund $38bn rail plans Morocco’s ambitious plans to connect the country through a high-speed national rail link requires “innovative financing solutions based on public-private partnerships”, says Mohamed Abdeljalil, minister of transport and logistics. The Morocco Rail Plan, led by the National Railways Office (ONCF), is estimated to cost 400 billion dinars ($38.1 billion), according to the Moroccan News Agency. […] January 5, 2023
Real Estate Burj Khalifa records 94 unit sales worth $130m in 2022 Burj Khalifa, the world’s tallest building, reported 94 apartment sales in 2022, totalling over AED477 million ($129.87 million), according to global property consultant Knight Frank. The 828-metre-tall tower accounted for three percent of all real estate sales in the Downtown area of Dubai, which amounted to AED15.6 billion. “What’s impressive about the Burj Khalifa is […] January 5, 2023
Real Estate Turkey to provide cheaper home loans for mid-income citizens Mortgages with lower rates and longer maturities will be offered to middle income Turks looking to buy new housing, Turkish finance minister Nureddin Nebati said on Wednesday. Nebati told a news conference the mortgage loans up to 5 million lira ($266,823), will have up to 15 years maturity and rates will start from 0.69 percent. […] January 5, 2023
Construction UAE’s dnata breaks ground on $14m cargo warehouse in Iraq UAE-based global air and travel services provider dnata has broken ground on its new 20,000 square metre cargo warehouse at Erbil International Airport (EBL). The facility, which is scheduled for completion in September 2024, represents an investment of $14 million and will create up to 50 additional direct jobs with dnata in Iraq, state-owned WAM […] January 5, 2023
Health Bahrain’s GFH takes on US healthcare with Big Sky deal Bahrain’s GFH Financial Group announced on Tuesday it has completed the acquisition of a majority stake in Big Sky Asset Management, a US real estate asset manager focused on the healthcare sector. The transaction further expands GFH’s presence in the States and follows the partnership in May with SQ Asset Management, a specialist in student […] January 3, 2023
Real Estate Egypt increases home loan repayment limit to 50% Egypt’s Financial Regulatory Authority (FRA) has increased the maximum installment limit for mortgage finance schemes up to 50 percent of the purchaser’s income, according to a local media report. Previously, the maximum limit was set at 40 percent. This aims to increase the number of beneficiaries from real estate financing, said FRA Chairman Mohamed Farid, […] January 1, 2023
Opinion Real Estate Vic Chhabria: Prime London property will still attract global buyers In 2023, the prime central London property market will attract wealthy international buyers due to the low value of the pound and restricted supply of top end properties December 30, 2022
EXCLUSIVE Real Estate Middle East buyers to cash in on prime London property market Cash is king when it comes to the prime central London property market and Middle East buyers are perfectly positioned to take advantage of this. Vic Chhabria, managing director of London Real Estate Office, whose client base largely comprises overseas buyers from Mena and more specifically the GCC, said the potential for further interest rate […] December 30, 2022
Real Estate Dar Al Arkan plans to list Dubai unit on London stock exchange Saudi-listed Dar Al Arkan Real Estate Development Co. plans a direct listing of its Dubai subsidiary on the London Stock Exchange’s (LSE) main market after rebranding it as Dar Global Group. The proposed listing will involve a corporate re-organisation of Dar Global subject to UK Financial Conduct Authority (FCA), LSE approvals, and disclosure of an […] December 30, 2022
Analysis Tourism Ras Al Khaimah tourism to take off as global investors see promise Ras Al Khaimah (RAK) is learning lessons from the tourism success story of Dubai and financiers are closely watching the market and are keen to support it, according to a senior banker. “I fully expect the growth in Ras Al Khaimah to explode in the coming years,” said Cyril Lincoln, executive vice president, global head […] December 29, 2022
