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Real Estate

Arabian Gulf Business Insight - real estate, property, construction and infrastructure news from the Middle East. All the important stories, plus authoritative opinion and analysis.

Union Properties Dubai

Union Properties launches first project in seven years

Dubai developer Union Properties, which recently completed a debt restructuring, announced on Tuesday its first new launch for seven years. The AED1.6 billion ($436 million) mixed-use development called Takaya will be located in Dubai Motor City, with construction expected to commence during the third quarter of 2023. Handover of units is scheduled for the final quarter […]

Blackstone says the REIT relied on a long-term fixed rate debt structure, making it resilient

Blackstone curbs redemptions in $69bn unlisted REIT

Blackstone Inc limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. Nonetheless, […]

China's biggest commercial banks have also lined up at least $162 billion in fresh credit to property developers

China’s property woes fuel risks to financial system, says Moody’s

Risks to the stability of China’s financial system are rising on continued sluggishness in its property sector and an economic slowdown, making smaller banks more vulnerable, rating agency Moody’s said on Friday. China’s property sector has slowed sharply this year after Beijing’s efforts reined in excessive borrowing by developers. The clampdown has triggered falls in […]

Bahrain

Bahrain real estate trends: From drive-thrus to cheaper hotels

Economic recovery, an increase in tourism and a reputation as one of the safest places in the GCC for international trade has put Bahrain on the investment map. And property is one hot sector.  The total number of real estate transactions in Bahrain in the third quarter of this year was 5,482, according to an […]

Average apartment values rose 30 percent over the past 12 months, and some of the most desirable areas saw increases of 40 percent

Young Saudi workers demand more affordable, smaller flats

The total value of homes sold in Saudi Arabia rose 6 percent in the first three quarters of this year, with prices in some of the most affluent areas of the capital Riyadh rising by up to 40 percent year-on-year. Despite this, industry research showed the total number of Saudi real estate sales during the […]

Aldar brings Nobu Hospitality brand to Abu Dhabi island

Abu Dhabi’s Aldar Properties has partnered with US-based luxury lifestyle brand Nobu Hospitality to launch a new luxury hotel, branded residences, and a fine dining experience at Mamsha Al Saadiyat, the developer said in a statement. The agreement will see Aldar develop a five-star hotel featuring 165 luxurious rooms and suites, including the rooftop Nobu […]

UAE offices filling up as research says more prime space needed

The return of employees to the workplace and rising business confidence are driving up demand for top-quality office space across Dubai and Abu Dhabi, according to new research. “Businesses feel good about life right now and demand for office space is rising across the board,” said Faisal Durrani, partner and head of Middle East research […]

Palm island Dubai

Palm Jebel Ali buyers get 150% refund as credit if they reinvest

Original investors in Dubai’s long-stalled Palm Jebel Ali can receive up to 1.5 times the money they paid – providing they re-invest this in the revamped project, state-owned master developer Nakheel has pledged.  In September, Nakheel revealed it would re-launch Palm Jebel Ali, having officially cancelled the project earlier this year. Construction halted in 2009 […]

Aldar RAK

UAE developer adds residences to RAK tourism sector

Abu Dhabi’s Aldar Properties has acquired prime beachfront land on Al Marjan Island in Ras Al Khaimah (RAK) to build its first residential development in the northern emirate.  Set to launch in 2023, the development will include 2,000 branded and premium homes on a plot of over 40,000 square metres, plus retail spaces and a […]

Office Building, Building, Architecture

Masdar Green REIT acquires $254m sustainable real estate

Masdar Green REIT, the UAE’s first real estate investment trust to invest in sustainable real estate assets, has completed the acquisition of property worth AED 934 million ($254.28), raising its portfolio value to AED 1.91 billion, the UAE state-owned WAM news agency reported. The announcement follows a $200 million green loan secured from First Abu […]

Saudi Arabia’s Dar Al Arkan signs deal for Trump project in Oman

Saudi Arabian real estate developer Dar Al Arkan said it signed an agreement with former US President Donald Trump’s company to use the Trump Brand for its $4 billion project in the Gulf state of Oman that includes a golf course, hotel and villas. The regulatory statement issued on Sunday did not disclose the financial […]

Office Building, Building, Architecture

Bahrain’s Investcorp plans Saudi real estate deal before year-end

Bahrain-based Investcorp plans to close a Saudi real estate deal before the end of the year, senior executives at the alternative investments firm said on Thursday. The acquisition of warehouses in Saudi Arabia will be announced in the coming weeks, the executives told Reuters, without giving any details on the size of the investment. Investcorp, […]

Four Seasons Bahrain

Four Seasons heads to Bahrain as branded home market booms

Four Seasons has unveiled plans to build bespoke homes in Bahrain Bay as the demand for branded residences gathers pace in the Middle East. The hospitality company has teamed up with Bahrain-based real estate developer Bayside Developments for the Four Seasons Private Residences Bahrain Bay project. Buyers of the 112 homes will be able to […]

Office space

Riyadh prime offices almost full as foreign firms flock to Saudi

Unprecedented demand for prime office space in Riyadh has taken Grade A office occupancy levels close to 100 percent, driven by a massive increase in the number of foreign investment licences issued this year.  More than 4,400 licences were issued in the second quarter of 2022, a rise of almost 700 percent on the same […]

Suit, Formal Wear, Clothing

Nick Candy eyes Dubai and Saudi… ‘for work and pleasure’

British billionaire property magnate Nick Candy is all lit up on our Zoom call, speaking from his family office in Mayfair, London. “Dubai… I just love it,” he says, of the emirate he visits at least once a month – sometimes with his wife, singer and actor Holly Valance, and their two daughters, but also […]

Emirates REIT proposes $400m sukuk refinancing

Emirates REIT said on Monday it was again proposing to its bondholders to refinance its $400 million sukuk due next month, and an ad hoc group of investors who last year opposed a proposed exchange offer said it would support it. Emirates REIT, a sharia-compliant real estate investment trust, rescinded in June 2021 an offer […]

Emaar Q3 profit rises 46% to $408m on Dubai property boom

Emaar Properties, Dubai’s biggest listed property company, on Monday posted a 46 percent rise in net profit in the third quarter of 2022 to AED1.5 billion ($408.40 million), beating estimates. Results at Emaar, known for building the world’s tallest tower, the Burj Khalifa, were boosted after Dubai began its recovery early last year from the […]

Egyptian investors look to real estate to hedge against inflation

Egyptian investors are looking to real estate as a hedge against inflation and a depreciating pound, while landlords are increasingly pricing in US dollars. Merna Arafat, an analyst at Beltone, a Cairo-based brokerage, said that many investors had begun moving into property in March this year when the government started allowing the Egyptian pound to […]

Nakheel secures $4.6bn from Dubai banks to build more islands

Dubai developer Nakheel has secured 17 billion dirhams ($4.63 billion) from local banks for projects including its latest collection of manmade islands, the company said on Tuesday. The state-owned developer best known for Palm Jebel Ali said the financing came from a syndicate of three Dubai lenders: Emirates NBD, Mashreq Bank and Dubai Islamic Bank. […]

Saudi developer Dar Al Arkan plans to list its Dubai subsidiary

Saudi-listed Dar Al Arkan Real Estate Development Company plans to list its Dubai subsidiary on an international stock exchange. In a statement published on the Saudi Exchange (Tadawul), the developer said it was considering several strategic and capital markets options for its international property business in Dubai, which may include listing. The developer recently completed […]

Saudi exports

Saudi non-oil export orders rise at fastest pace for a year

New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday.  This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October.  A reading above 50.0 shows […]