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Real Estate

Real estate and property news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Ras al Khaimah property prices are soaring, driven in part by the UAE's hunger for beachfront residences

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 […]

It is claimed that Dubai Mall is the most-visited place in the world, but mid-sized community malls are increasingly popular with the city's inhabitants

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 […]

DIFC Square aims to meet Dubai's demand for high-quality office space, as current levels 'simply won’t be sufficient'

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 […]

Demand for properties from the former president's Trump Organization remains high in the Middle East

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, […]

The 'world-class wellness' resorts will include Six Senses The 'world-class wellness' resorts will include Six Senses Amaala, designed by architects U+A

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 […]

Mabanee Kuwait

$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 […]

Tourists among houses in Bodrum. Turkey's housing costs rose 93 percent year on year, well above the general inflation rate of 75 percent

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 […]

Knight Frank predicts that the value of the Saudi Arabia's construction projects will grow to $181.5 billion by the end of 2028

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 […]

Properties overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent

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 […]

Rooftop dining at a luxury hotel in Doha. The city's construction costs rank second in the region, cheaper than Riyadh but higher than Dubai

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 […]

Evening shoppers in downtown Riyadh. A lack of prime residential properties in the city is a growing problem

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 […]

Construction workers in Manama. 'There is plenty of office space in Bahrain and the occupancy rates even in the better buildings are not that high,' says one real estate expert

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, […]

Mena 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. […]

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

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 […]

Saudi housing costs rose nearly 9% year on year in May

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 […]

Turkey foreign property sales

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 […]

The total value of Qatari mortgage transactions has risen by 110 percent in two years. New regulations came into force in 2023

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 […]

Arada sukuk. Rendering of Jouri Hills project in Jumeirah Golf Estates. Investor interest in the sukuk was geographically diverse, with participation from Europe, the Middle East and Asia

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 […]

Total real estate transactions in Abu Dhbai reached AED19.4 billion in Q1

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 […]

Mecca suburb Makkah Gate

‘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 […]

Eagle Hills chairman Mohamed Alabbar (left) with Iraqi prime minister Mohammed Shia Al-Sudani (centre), at the launch of the Baghdad Golf Course and Spa project

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 […]