Real Estate Development plans push up RAK property prices Residential real estate prices in Ras Al Khaimah have grown by as much as 25 percent in the past eight months as developers vie to secure prime waterfront lots. The allure of the UAE’s first casino, which is under construction, is also contributing to the hike, according to Dubai-based brokerage firm Metropolitan Premium Properties. Studios […] July 4, 2024
Analysis Retail Does Dubai need more malls? The people say yes In a city that already has more than 60 million square feet of leasable retail space, one of the highest per capita in the shopping-crazy Gulf, it is perhaps surprising to see more malls being built or added to the pipeline. Yet that is exactly what is happening in Dubai, where this week Sobha Realty […] July 4, 2024
Construction DIFC Square launched to meet Dubai’s growing office demand More than 500,000 sq ft of office space is to be added to the heart of Dubai International Financial Centre with the launch of three new towers. DIFC Square will be built over 1 million square feet, 60 percent of which will be dedicated to grade A office space. At a cost of around $270 […] July 3, 2024
Real Estate Dar Global to launch luxury Trump Tower in Jeddah London-listed real estate developer Dar Global and The Trump Organization have announced a new luxury real estate project in Saudi Arabia. The company partnered with the Trump Organisation in 2022 to use the former president’s name for its $4 billion master development in Muscat, a joint venture with Oman Tourism Development Company. Ziad El Chaar, […] July 1, 2024
Video length: 03:27 VIDEO Real Estate CEO calls for regulation to raise Dubai real estate standards Loai Al Fakir, founder and CEO of Provident Real Estate, says a lack of regulation and a culture of kickbacks, in which agents are asked to forgo commission, is damaging the real estate industry in Dubai. “When the agent’s not compensated for his efforts at work, it devalues the whole industry,” he says. “If we’re […] July 1, 2024
Leisure & Hospitality Eight sites to open at Amaala Red Sea resort in 2025 Saudi Arabia’s Red Sea giga-project Amaala is to open its first phase in 2025 with seven resorts and a yacht club, the company said this week. Red Sea Global – the Public Investment Fund project that owns Amaala – said the resorts to open would be Clinique La Prairie Health Resort, Jayasom Wellness Resort, Rosewood […] July 1, 2024
Construction $65m credit boost for Kuwait developer Mabanee The Kuwait real estate developer Mabanee has signed a deal to increase its credit facility by 80 percent, from KD25 million ($81.5 million) to KD45 million. The agreement was reached with “a local bank”, according to a filing on the Boursa Kuwait. Details of the bank were not disclosed. The facility, which has been extended for […] June 28, 2024
Real Estate Turkey announces plans to drop cap on rent increases Turkey is set to remove a two-year-old cap on residential rental increases, but some analysts warn that the lifting of restrictions may spark a further rise in rents and feed into already high inflation. On May 20 treasury minister Mehmet Şimşek announced restrictions on rental increases would be abandoned at the beginning of July, saying […] June 25, 2024
Construction Riyadh dominates Saudi Arabia’s construction market Riyadh and its surroundings account for nearly 40 percent of the value of existing construction contracts in Saudi Arabia, at US$54 billion, according to new research. The provinces of Mecca – which includes Jeddah – and Tabuk in the north of the kingdom follow the capital region, with $28.7 billion and $28.5 billion in awarded […] June 25, 2024
Real Estate Oman’s real estate sector continues to slide Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures. Residential real estate prices were down across the board quarter on quarter, including those for land. The Musandam region recorded the largest overall decline at 15.7 […] June 25, 2024
Analysis Construction Construction is ‘cheaper in Dubai than Riyadh or Doha’ Dubai is only the third most expensive construction market in the Middle East after Riyadh and Doha, research has found. A real estate boom led by the leisure, hospitality and sports sectors, combined with a “distinct shortage of skilled labour”, have driven up construction costs in the Saudi capital to an average of $2,593 per […] June 21, 2024
Real Estate Expats scramble for housing in Riyadh Saudi Arabia’s historic development push – and an influx of foreign professionals looking to play a part in it – is putting the spotlight on a dearth of prime residential properties in the capital Riyadh. High-quality homes are snapped up, often finding tenants before or within days of getting listed, said Sujith Chandar, Saudi-based Emea […] June 21, 2024
Real Estate Extra supply casts big shadow over Bahrain’s real estate sector The completion of a raft of developments in Bahrain has dampened hopes for strong growth in its real estate sector this year. A flurry of activity at the end of 2023 led some analysts to predict stronger growth this year, after a period of low-single-digit increases or dips in prices, rents and deals. In 2023, […] June 20, 2024
Analysis Construction 3D printing fails to live up to hype for Mena contractors The Mena construction industry has been slow to adopt new technologies such as modular building, blockchain and 3D printing. The latter might be used more as a specialised tool with particular “sweet spots” than in a mass deployment, according to industry experts who spoke at the Construction Technology ConFex event in Dubai earlier this month. […] June 18, 2024
Real Estate Construction begins at Expo City Dubai site Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […] June 17, 2024
Economy Saudi housing costs rise but inflation remains steady Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […] June 17, 2024
Real Estate Foreigners turning back on Turkish real estate Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […] June 16, 2024
Banking & Finance Qatar’s mortgage market buoyed by law reforms Qatar’s mortgage market has been given a lift by a package of regulatory reforms, industry experts told AGBI after transactions rose sharply despite high interest rates. In the first quarter of 2024, the value of Qatari mortgage transactions was nearly 90 percent higher than in the previous three months, according to ValuStrat research. It was […] June 13, 2024
Construction Arada to part-fund projects from $400m sukuk The real estate developer Arada has raised $400 million through sukuk (Islamic bonds) to part fund its projects across the UAE. The sukuk order book reached $1.45 billion, 3.5 times oversubscribed, after strong demand from both regional and international investors. The fundraising is the first issuance under Arada’s newly established $1 billion sukuk programme, the […] June 12, 2024
Construction Foreigners invest $495m in Abu Dhabi property market Foreign direct investment into Abu Dhabi’s real estate market reached AED1.81 billion ($495 million) in the first quarter of 2024, official data shows. The investment was made by 487 individuals, primarily from India, Russia, Canada, the UK, Jordan and China, the UAE state-run Wam news agency reported, quoting Abu Dhabi Real Estate Centre, the real […] June 10, 2024
Real Estate ‘Affordable’ new suburb to be built in Mecca A fifth residential suburb in the holy city of Mecca, aimed at affordability for ordinary citizens, is to be built by Saudi Arabia’s National Housing Company. Mecca has seen a plethora of real estate developments aimed at affluent Saudis and Muslims from around the world, but the government is trying to balance this as part […] June 7, 2024
Real Estate Eagle Hills launches $1.5bn golf resort in Baghdad UAE developer Eagle Hills has revealed plans to build a mega mixed-use development in Iraq’s capital city. Abu Dhabi-based Eagle Hills has acquired land to develop the $1.5 billion Baghdad Golf Course and Spa, including an international golf course, high-end residential buildings, a five-star hotel and a resort club. “Baghdad is a city with a […] June 6, 2024