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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

A water taxi in Dubai's Business Bay, where off-plan real estate prices surged in 2023

Prices stabilise in Dubai’s off-plan market as supply grows

Prices for off-plan real estate in Dubai are stabilising following a spike in 2023 as developers bring more projects to the market. Property prices for off-plan purchases in areas such as Dubai Hills, Business Bay and Jumeirah Village Circle increased by as much as 30 percent in 2023 compared to the previous year. In August, […]

Students in shared accommodation. According to one expert, international investors have put more money into student housing than any other US real estate asset

Investors size up Gulf student housing after US success

Gulf entities have invested billions of dollars in student housing in the United States over the past few years, and are now considering making the same play locally. Accommodation for university students has become a hot asset class amid demographic growth fueled by the millennial generation, which recently passed the baby boomers to become the […]

Rents in the area surrounding Abu Dhabi's Hazza Bin Zayed Stadium are around 20 to 30% higher than in nearby neighbourhoods

GCC stadium projects have multifaceted impact on real estate

Entertainment and sports-focused construction across the Gulf is most likely to push property prices up despite bringing more traffic and noise, according to industry observers. A few of the region’s many projects include the 47,000-spectator Aramco stadium in Saudi Arabia’s Al Khobar, large amusement parks in Qatar and Kuwait, and the region’s inaugural ballpark on […]

A view of King Abdullah Economic City. Developer Emaar EC says it "stands at a vital inflection point"

Emaar EC’s new strategy to steer financial recovery

Emaar the Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, has initiated a SAR8.7 billion ($2.3 billion) turnaround plan a month after its first-half 2024 losses showed an almost five-fold increase from 2023. A capital optimisation plan will allow the Saudi-listed company to restructure its SAR3.8 billion in bank facilities. […]

Visitors at the real estate exhibition Seredo 2024 held in Jeddah in May. Saudi Arabia is targeting 70% homeownership by 2030

Saudi Arabia woos US investors to bolster housing sector

As growth in mortgage lending in Saudi Arabia runs up against local liquidity constraints, several US investment giants are looking to step in. After a visit by Saudi officials to the US at the end of August, household names such as BlackRock and King Street Capital signed preliminary agreements with the Saudi Real Estate Refinance […]

Construction work in Dubai Marina. With central locations filling up, developers are having to look for plots away from the city’s core

Developers race to secure more land in Dubai

Land sales in Dubai have been on a steep incline since the start of the year, signalling more development activity to come. According to figures shared with AGBI by real estate brokerage fäm Properties, 1,396 plots changed hands in August, for a total value of AED15 billion ($4 billion). In January, 473 plots were sold […]

A shot from a UN Habitat animation showing the Ras El-Hekma development. Property in the region is being snapped up before any building has started

ADQ’s Egypt project lights fire under region’s real estate

The $35 billion investment by the Abu Dhabi sovereign wealth fund ADQ in Egypt’s tourism sector appears to have spurred a jump in real estate transactions on the country’s Mediterranean coast. In February ADQ unveiled its plan to build Egypt’s “largest new city” in Ras El-Hekma, and develop the coastal region into a Mediterranean vacation […]

real estate transparency Reem Island Abu Dhabi

Only two bright spots for real estate transparency in Mena

Dubai, Abu Dhabi and Saudi Arabia have climbed higher in a biennial ranking of the most transparent real estate markets in the world, as local authorities push to open up their markets in a bid to appeal to foreign investors. But the UAE and Saudi Arabia are the only bright spots for transparency in the […]

Boulevard business park Riyadh

Saudi Arabia sets up new business park in Riyadh

Saudi Arabia launched a new business park in Riyadh this week, backed by more than SAR1 billion ($270,000) in funding, in an effort to stimulate foreign investment and local job creation.   The Boulevard Business Park is located in Riyadh’s Boulevard district which was recently host to the first e-sports ‘World Cup’, adding 60,000 square metres […]

Oxygen Park in Old Al Rayyan: the city had a third of all property sales in Qatar in the second quarter of this year

Sales surge but rents fall in Qatar property market

Lively mortgage activity helped sales surge in Qatar’s property market in the second quarter of this year, according to research by real estate research company ValuStrat. However, rents fell across the residential, commercial and industrial sectors. Some 1,300 apartments and 120 villas were built from April to June. An estimated 9,000 units are expected this […]

A construction site in Istanbul. Demand for rebuilding after last year's earthquakes in Turkey has resulted in a shortage of skilled workers

Turkey’s construction sector battles costs and credit

A tightening credit environment and higher costs have weakened demand in Turkey’s construction sector, causing a fall in new building licences and completion permits in the residential segment.  The number of new permits for buildings issued fell by 22.7 percent to 24,082 in the second quarter of 2024 compared to the same period last year, […]

Ex-patriate families moving to Dubai for the back-to-school period tend to increase property transactions

Back-to-school season to kick off Dubai’s busy real estate market 

Expatriate families moving to Dubai for the start of the school year traditionally spur an increase in real estate transactions, while predictions of US interest rate cuts herald a lively property market in the emirate for the second half of 2024. More than 326,000 foreign and emirati students are slated to head back to Dubai […]

Arada’s Australian-born group CEO Ahmed Alkhoshaibi will spearhead the Australian operations and business growth

Arada moves into Australia with first project set for 2025

UAE developer Arada is planning multiple projects, valued at AED6 billion ($1.6 billion) in Australia, adding more than 2,500 dwellings in Sydney, the country’s most populous city. The Dubai-based master developer announced that the first project will be launched next year, after opening its office in Sydney. Arada’s Australian-born group CEO Ahmed Alkhoshaibi will spearhead […]

A view of Royal Greens Golf and Country Club at KAEC. Developer Emaar EC's Revenue fell 74 percent year on year to SAR150m

King Abdullah Economic City developer’s losses at $185m

Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City near Jeddah, widened its losses in the first half of 2024 on higher finance costs and write-offs. Loss in the first half of the year reached SAR694 million ($185 million), compared with SAR76 million a year ago. Revenue fell 74 percent year […]

Dubai developer Emaar said property sales in the first half of 2024 hit a record high of AED31.5bn, rising 56 percent year on year

Emaar revenue jumps 17% as Dubai real estate thrives

Emaar Properties, the largest developer in Dubai, reported a net profit attributable to equity holders of AED5.3 billion ($1.4 billion) in the first half of 2024, a year-on-year increase of 8 percent. Revenue jumped 17 percent year on year to AED14.4 billion, thanks to high investor confidence and robust demand in Dubai’s real estate market. […]

The Wynn Al Marjan casino under construction in Ras Al Khaimah

Casino operator Wynn buys more land in Ras Al Khaimah

Wynn Resorts, the Las Vegas-based hospitality operator building the Gulf region’s first casino on Ras Al Khaimah’s Al Marjan Island, has closed a deal to bank an additional 70 acres of land in the emirate for future development. The disclosure was made during the company’s second-quarter earnings call on Wednesday. Wynn Resorts made a significant […]

A view of residential towers from Dubai's Palm Jumeirah. Cash buyers still dominate the property market but their power is waning, according to one expert

Mortgage buyers increase with Dubai’s rising rents

Dubai’s property market is shifting towards mortgages and away from the traditional image of cash buyers, with tenants seeking cost-effective alternatives to counter rising rental rates. A survey by mortgage consultancy Mortgage Finder indicates that mortgage buyers accounted for 43 percent of all ready sales transactions in the second quarter of 2024, up from 35 […]

Empower said total connected capacity rose to more than 1.53 million refrigeration tonnes in the first half of 2024

Empower revenues surge on growing real estate demand

Dubai-listed Emirates Central Cooling Systems Corporation, also known as Empower, posted an 11 percent year-on-year increase in revenue to AED814 million ($222 million) in the second quarter of 2024. The rise was fuelled by high demand and growing occupancy rates in housing projects. Net profit attributable to shareholders fell 6 percent to AED221 million in […]

Emaar Properties and Emaar Development took a hit in Monday’s trading, but ended Tuesday in the green

UAE real estate companies rebound after market turmoil

Real estate companies bore the brunt of Monday’s stock sell-off in the GCC, although prices showed significant signs of recovery on Tuesday. Dubai Financial Market closed on Monday down 4.5 percent, while Saudi Arabia’s Tadawul exchange was down 2.1 percent. Kuwait’s bourse was showing a negative of 2.13 percent on a day when $6.4 trillion […]