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
Analysis Economy Saudi new mortgage approvals rebound A greater supply of affordable housing and a growing resignation among prospective house buyers that interest rates are unlikely to fall substantially is helping to propel a rebound in new residential mortgages in Saudi Arabia. Under Vision 2030, Saudi Arabia set a target to increase home ownership among the kingdom’s adult citizens to 60 percent […] June 5, 2024
Real Estate Trump’s convictions no problem in Gulf, says Saudi partner Donald Trump’s felony convictions in New York last week are not a deterrent to his potential business interests in the Gulf, a leading Saudi developer has said. Trump became the first former US president to be convicted of felony crimes on May 30 when a New York jury found him guilty of all 34 charges […] June 4, 2024
Leisure & Hospitality Dubai hotel developer pins success on green credentials As protests against mass tourism sweep across Europe, the head of a Dubai-based developer with business in Ibiza said he is confident his company’s sustainability credentials can address such concerns. Kabir Mulchandani, founder and chairman of Five Holdings, believes that mounting apprehension around increasing visitor flows to the world’s most sought-after destinations is rooted in […] June 4, 2024
Retail Emaar starts work on $408m Dubai Mall expansion Emaar Properties, Dubai’s largest developer, has commenced work on expanding Dubai Mall at a cost of AED1.5 billion ($408 million). The expansion will include 240 new luxury stores and food and beverage outlets. The contractor is already mobilising on-site, the Dubai-listed developer said in a statement. However, no details were given on when work would […] June 4, 2024
Real Estate Saudi HQ drive forces up Riyadh office rents A shortage of prime office space in Riyadh has pushed up B-grade office rents by 26 percent over the last year, a real estate report said this week, as companies rush to set up premises in the kingdom. Saudi Arabia says companies must base their regional headquarters in the kingdom if they want access to […] June 3, 2024
Real Estate Dubai developers fined for off-plan sales violations Three developers in Dubai were fined AED1.5 million ($408,441) for failing to comply with the regulations for off-plan sales. The Dubai Land Department (DLD) imposed fines of AED500,000 on each of the unnamed developers for promoting and marketing real estate projects without completing the required registration procedures. The regulations are mentioned in Law No. 8 […] June 3, 2024
Analysis Real Estate Overseas real estate talent takes on Omani bureaucracy Oman’s bid to develop its expanse of beaches, mountains and deserts means it needs to attract overseas real-estate expertise, but recent government restrictions are hindering its ambitions. In May Club Med said it would build its first Middle Eastern resort in Musandam. Abu Dhabi developer Eagle Hills is nearing the opening of its Mandarin Oriental-flagged […] June 2, 2024
Construction Egypt and UAE still in talks over $35bn Ras El Hekma deal Egypt and the UAE are holding talks on issuing contracts for the $35 billion Ras El Hekma development project, according to a news report. “It’s still extremely premature. We are now in the stage of finalising contracts,” Nader El Biblawi, chairman of the Egyptian Travel Agents Association, told Reuters. While no details were given on […] May 29, 2024
Video length: 06:12 Analysis Real Estate Dubai fractional ownership is promising, but untested Fractional ownership of property in Dubai promises to widen access to real estate investment in the emirate’s surging market. But the lack of a proven secondary market raises questions about just how much liquidity this asset class can count on in a potential crisis, experts say. Buying even small portions of one or more units […] May 29, 2024
Analysis Real Estate Flexibility and amenities key to UAE office sector’s future As workers globally grow resistant to spending all week at their desks, even the UAE’s strong-performing office sector must rethink its offering to meet shifting demand, industry professionals have told AGBI. “Since the pandemic, people have realised that the workplace has changed for ever. We are not going back to working in the office 80 […] May 27, 2024
Real Estate Infrastructure work to start on relaunched Palm Jebel Ali Work has commenced on Dubai’s Palm Jebel Ali mega project with the award of new infrastructure contracts. Among the contracts is one to build a 6km-long public access road from Sheikh Zayed Road to the palm-shaped master development, Nakheel, the developer of the man-made palm-shaped island, said in a statement. DBB Contracting, a local contractor, […] May 27, 2024
Real Estate What billionaires want in their luxury Dubai homes Never mind saunas and double garages, the new must-haves are underwater sound systems and cryogenic rooms May 24, 2024
Analysis Real Estate UAE offices in demand – in contrast to the West Offices in the UAE are outperforming Western equivalents, with a steady influx of foreign businesses and local developers’ preference for residential projects. “The need for more Grade A office space is becoming increasingly urgent,” Behnam Bargh, managing director at real estate agency CRC, told AGBI. “Addressing this issue will be crucial for maintaining the country’s […] May 24, 2024
Real Estate Abu Dhabi developer spots opportunity in Latvia Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […] May 23, 2024
