Real Estate Italian firm secures acquisition deal to clean Burj Khalifa An Italian firm has bought a controlling stake in the company that cleans the Burj Khalifa, the world’s tallest building in Dubai. EdiliziAcrobatica has acquired 51 percent of the shares in Enigma Capital Investments in a deal initially worth 7.2 million Euros ($7.76 million). As part of the agreement 70 percent (5 million Euros) will […] March 22, 2023
Real Estate Saudi families pause plans to buy property as villa prices rocket Rising home prices are forcing Saudi families to pause plans to get on the property ladder, according to real estate consultancy Knight Frank. The agency’s Saudi Report 2023, which is based on a survey of 1,014 Saudi-national households, found that only 40 percent of tenants were keen to buy a home this year, down from […] March 21, 2023
Real Estate Saudi property investors pursue growth in UK regions Saudi Arabian investors are increasingly active in the UK’s regional property markets. They are looking to take advantage of historical underinvestment by institutions in northern cities, low supply of rentals for young professionals, and higher returns than in London. Among the Saudi property investors with UK growth strategies are Lote Global, which plans to add […] March 17, 2023
Real Estate Turkey home sales down, but Russians still active buyers Turkey recorded an 18 percent year-on-year drop in the number of house sales in February, the same month in which an earthquake killed more than 44,300 people and caused $34.2 billion worth of damage. The latest data from the Turkish Statistical Institute also found that sales to foreign buyers were down 27 percent year-on-year in […] March 15, 2023
Real Estate Dubai’s Union Properties returns to profit after restructuring Union Properties, one of Dubai’s oldest developers, announced on Monday a turnaround in fortunes – transforming a AED966 million ($263 million) net loss in 2021 to a AED30 million ($8.1 million) net profit last year. The Dubai Financial Market-listed company also said revenue from customer contracts increased by 5 percent year-on-year to AED419.2 million in […] March 13, 2023
Real Estate Dubai real estate prices haven’t yet peaked, says S&P Dubai’s fast-growing real estate market has not yet hit its peak and is unlikely to do so until at least next year, when supply will begin to catch up with demand, according to a senior industry analyst. The total volume of residential transactions in Dubai hit 90,881 in the full-year 2022, exceeding the historic record […] March 10, 2023
Retail MAF unveils plan to open more malls in Egypt, Saudi and UAE Retail and property conglomerate Majid Al Futtaim has unveiled plans to expand in the GCC and North Africa as consumer confidence rises. The Dubai-based company said it wanted “further expansion in high growth potential markets such as Saudi Arabia and Egypt, as well as in its home market, the UAE, amid a resurgence in consumer […] March 6, 2023
Real Estate China to guard against risks among property developers Warning that risks remain in the property market, China’s government said in a report released at its parliament’s annual opening that it would promote the sector’s stable development and prevent disorderly expansion by developers. Premier Li Keqiang made guarding against risks to top property developers one of the government’s priorities this year, amid still cautious […] March 6, 2023
Real Estate Turkish building’s fatal collapse blamed on permit violations The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. But when a powerful earthquake jolted the city in the early hours of Feb. 6, the seven-floored building disintegrated, killing 29 people, according to two government officials. It was as if […] March 5, 2023
Construction Ardco’s $1.6bn vision blurred by Saudi mega-projects A slowdown in residential property demand and construction capacity issues due to Saudi Arabia’s bulging projects pipeline will be among some of the challenges facing Ardco, the latest player to the Riyadh property market and development scene, experts said. Ardco, which is also known as the Riyadh Development Company, announced last month it is becoming […] March 2, 2023
Real Estate Dubai approves second phase of Hatta development project Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has approved phase II of the development of Hatta, the mountain exclave of Dubai, comprising 22 projects and initiatives. Among the projects is a waterfront development on Hatta Beach and a waterfall near Hatta Dam, the UAE state-owned WAM news agency reported. The site will see the […] March 2, 2023
Real Estate Bloom CEO plans to double number of its UAE homes The CEO of Bloom Holding expects Abu Dhabi’s property market to continue to grow this year as the company progresses plans to double the number of homes it builds in the UAE. Although in the shadow of the double-digit growth of its neighbour Dubai, average prices in the UAE capital rose by up to 3 […] March 1, 2023
Real Estate Expo City Dubai to unveil plans for residential projects shortly Expo City Dubai will soon unveil plans for sustainable residential developments as part of a “green” urban planning blueprint. These projects will include apartments, townhouses and villas, allowing residents to live in the heart of the legacy city, an integral hub in the Dubai 2040 urban master plan, Expo City Dubai said in a statement. […] March 1, 2023
Exclusive Real Estate Dubai mortgage market needs overhauling, says Gulf developer Mortgage systems for overseas investors looking to buy completed homes in Dubai need to be overhauled, says the leader of one of the Gulf’s biggest property firms. “Dubai is a very unique market where off-plan sells higher than the ready properties,” said Ziad El Chaar, CEO of Dar Global Real Estate, Saudi Arabian real estate […] February 28, 2023
Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
Analysis Real Estate Dubai preps office projects to ease supply squeeze Dubai needs a fresh wave of office development, analysts have said, to plug a shortage of prime space that could hinder the government’s efforts to attract more companies to the UAE. “The big story in Dubai’s office market is the shortage of grade A office space,” said Faisal Durrani, head of Middle East research at […] February 22, 2023
Real Estate Sydney house prices edge up for second week after long decline Housing prices in Sydney nudged higher for a second straight week, industry data showed on Monday, a possible sign that the market could be bottoming out after an almost year-long downturn. Prices in Australia’s most populous city rose 0.1 percent last week from the previous week, when values also climbed 0.1 percent, figures from property […] February 20, 2023
Real Estate Dubai prime property price growth second highest globally The growth in residential real estate prices in Dubai prime property was among the highest in the world in 2022, the latest report from Savills reveals. At 12.4 percent, the UAE city trailed only Miami (25.4 percent) and was markedly above the average 3.2 percent growth seen by the 30 cities tracked in Savills’ Prime […] February 20, 2023
Construction New Riyadh downtown could add $48bn to Saudi’s non-oil GDP Plans have been revealed to develop the world’s largest modern downtown in Riyadh. It is forecast to add SAR180 billion ($48 billion) to Saudia Arabia’s non-oil GDP and create 334,000 direct and indirect jobs. Situated in the north west of Riyadh, and spread over 19 sq km, the development will offer more than 25 million […] February 16, 2023
Real Estate Emaar 2022 profit surges 80% to $1.9bn on improved margins Dubai-listed Emaar Properties has revealed an 80 percent increase year-on-year in net profit to AED6.8 billion ($1.9 billion) in 2022, driven by sustained revenue, improved margins and continued control over costs. The developer’s property sales reached AED35.1 billion ($9.5 billion) last year, primarily as a result of new project launches, state-run WAM news agency reported. […] February 16, 2023
Real Estate Aldar forecasts $5.4bn by 2028 from Dubai partnership Aldar, which entered into a joint venture with Dubai Holding for the first time this month to build homes in the emirate, is looking for other opportunities in Dubai. The developer’s chief financial and sustainability officer Greg Fewer said it was likely to look at investment opportunities in commercial offices and logistics property “in the […] February 10, 2023
Real Estate Hong Kong’s Lee faces stern test over $3.4bn housing scheme A flagship $3.4 billion plan by Hong Kong to build temporary housing to ease a massive shortage is facing fierce criticism over its high cost and the absence of a longer-term solution in one of the world’s most unaffordable property markets. The global financial hub has long struggled with sky-high house prices, which have rocketed […] February 10, 2023
