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
Analysis Real Estate In cultural capital Sharjah, selling homes is an art form Sharjah is investing big in culture, building up its education and arts offerings to tempt Emiratis and others to buy into a lifestyle said to be “unmatched” elsewhere in the UAE. The emirate “is referred to as the cultural capital of the Middle East”, said Professor Peter Barlow, executive director of the Sharjah Performing Arts […] February 8, 2023
Real Estate UAE master developers partner for 9,000 Dubai homes UAE mast developers Aldar Properties and Dubai Holding have formed a partnership to develop 9,000 residential units across prime locations in Dubai, with the first phase of launches planned to start this year. The joint venture will oversee the development of new communities in three locations along the E311 and E611 corridors – in the […] February 2, 2023
Real Estate Arada completes over 1,600 new homes in Sharjah megaproject UAE-based developer Arada has completed 1,621 apartments across 14 buildings in East Village, the third residential phase in its AED24 billion Sharjah megaproject Aljada. Featuring 2,000 units in total, East Village is targeted at the younger generation and comprises 16 apartment blocks. Home inspections will shortly begin at the 968 homes in the Riff 1-3 […] February 1, 2023
Real Estate Sustainable towers ready for lift-off with a little help from Nasa A real estate developer in Dubai is introducing Nasa technology to its latest project as it takes sustainable property to a new dimension. Fakhruddin Properties aims to provide homeowners with the cleanest air in Dubai when it launches the AED700 million ($190.5 million) Maimoon Gardens, a twin-tower development in the Jumeirah Village Circle. Despite completion […] January 30, 2023
Exclusive Manufacturing Cars, property and superjets: Pagani plots future with PIF Horacio Pagani, founder of the supercar that bears his name, is open to further partnerships with Saudi Arabia’s Public Investment Fund as his company expands into luxury real estate and private jet design. PIF acquired a 30 percent stake in the Italian business in 2021. Pagani, who acts as its CEO and chief design officer, […] January 29, 2023
Real Estate UAE fund manager raises $212m to target build-to-rent market Global Partners, a Dubai-based institutional fund manager, has raised $212 million from global investors through its debut property fund, and intends to build two residential projects near Dubai Water Canal. Based in the emirate’s financial free zone Dubai International Financial Centre (DIFC), Global Partners specialises in alternative investments and aims to tap the UAE’s growing […] January 26, 2023
Real Estate Aldar garners $272m from sale of phase one of sustainable city Abu Dhabi-listed Aldar Properties (Aldar) and Diamond Developers, the developers of The Sustainable City – Yas Island, sold out the project’s first phase in a day, generating sales of over AED 1 billion ($272.25 million). A total of 512 homes were sold in the first phase, with 76 percent of the units purchased by expatriates, […] January 23, 2023
Analysis Real Estate Tenants hit Dubai’s suburbs as prime property rents soar Rising property rents in prime areas of Dubai are increasingly causing tenants to move to more affordable suburban communities, leading to a growing demand in the mid-market residential segment. Dubai rents increased by an average of 36 percent in 2022, according to a new report by real estate firm Betterhomes. Average apartment rents increased by […] January 19, 2023
Real Estate Russians continue to splurge on real estate in Turkey Turkish home sales fell 8.2 percent year-on-year in December to 207,963 houses, with sales to foreigners dropping 18.6 percent, data from the Turkish Statistical Institute showed. Russians topped the list of foreigners with 2,403 houses purchased in December, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of Ukraine and […] January 18, 2023
Real Estate South Korea’s house prices suffer worst fall in nearly 19 years House prices in South Korea fell 1.98 percent in December from a month earlier, the fastest drop since data releases began in late 2003 and a seventh consecutive month of decline, data from the Korea Real Estate Board showed on Monday. That follows a 1.37 percent loss in November and marked a 4.68 percent decline […] January 16, 2023
Real Estate Momentum gathers on Dubai mega-projects Rising property prices and demand from wealthy buyers is encouraging Dubai to accelerate plans for several high profile projects that could represent the biggest real estate investment opportunities in the emirate in years. Among the key opportunities are fresh plans for a 300-acre plot once intended to house a 22 million square foot mega-project known […] January 13, 2023
Real Estate Dubai rents to stabilise after record-breaking rises Dubai residential rents are expected to stabilise this year after record-breaking increases in 2022. Average rents across the Emirate increased by 26.9 percent last year, real estate consultancy firm CBRE reported. Apartment rents were up 27.1 percent, while villas saw a 24.9 percent rise. Villa rents are 45.3 percent higher than in 2019 due to […] January 10, 2023
Real Estate Bahrain’s Investcorp to spend $1bn on real estate across GCC Investcorp is planning to invest up to $1 billion in the GCC real estate market over the next five years, it said on Tuesday. The Bahrain-based company’s announcement follows its first property acquisition in Saudi Arabia: a 215,000-sq-ft temperature-controlled warehouse in Dammam. Investcorp is assessing $100 million worth of potential real estate investments in the […] January 10, 2023
Real Estate UK developers may cut dividends as surging rates deter buyers British housebuilders may cut dividends to preserve cash and ride out a property downturn, as high mortgage rates make homes less affordable and economic uncertainty deters buyers. The move by Persimmon in November – to scrap its dividend policy and rule out a special dividend – has started what analysts say could become a trend […] January 9, 2023
Real Estate Aldar to begin work on Yas Island sustainable city in Q2 2023 Construction of The Sustainable City – Yas Island will commence in Q2 2023, with the first handover of units expected in Q4 2025, according to a statement issued by Abu Dhabi-listed Aldar Properties. Announced in January 2022 during Abu Dhabi Sustainability Week, the project is a joint development with Dubai-based Diamond Developers. The Sustainably City […] January 8, 2023
Analysis Real Estate Dubai mid-market homes will rise 15%, says Danube chief Prices in Dubai’s mid-market property sector could climb as much as 15 percent this year, the founder and chairman of Danube Group has said. The prediction comes as the firm’s property arm, Danube Properties, sold out its latest affordable housing project, Elitz, on the day of its launch. Rizwan Sajan said that the real estate […] January 5, 2023
Real Estate Burj Khalifa records 94 unit sales worth $130m in 2022 Burj Khalifa, the world’s tallest building, reported 94 apartment sales in 2022, totalling over AED477 million ($129.87 million), according to global property consultant Knight Frank. The 828-metre-tall tower accounted for three percent of all real estate sales in the Downtown area of Dubai, which amounted to AED15.6 billion. “What’s impressive about the Burj Khalifa is […] January 5, 2023
Real Estate Turkey to provide cheaper home loans for mid-income citizens Mortgages with lower rates and longer maturities will be offered to middle income Turks looking to buy new housing, Turkish finance minister Nureddin Nebati said on Wednesday. Nebati told a news conference the mortgage loans up to 5 million lira ($266,823), will have up to 15 years maturity and rates will start from 0.69 percent. […] January 5, 2023
