Real Estate Rising supply softens Dubai’s short-term housing market Short-term rents in Dubai’s housing market have fallen this year as the rapid rise in supply begins to outstrip demand. Vinayak Mahtani, CEO of bnbme holiday homes, told AGBI that over the past three years, he had seen 100 percent growth in the short-term rental market. “It’s become a buzzword in Dubai, a trendy business,” […] December 29, 2023
Real Estate Bahrain introduces real estate data service for investors Bahrain’s Real Estate Regulatory Authority has launched an online service providing investors with data on the kingdom’s real estate sector. Aqari Data Bank uses artificial intelligence to give up-to-date information on transaction volumes, property valuations, land classifications and the locations of commercial complexes, healthcare facilities and educational institutions. The subscription-based platform provides interactive maps and […] December 27, 2023
Opinion Economy 2023 was a year of living dangerously The Gulf will hope it can maintain its safe haven status December 26, 2023
Opinion Real Estate The dark side of life in Los Angeles The economic record of California will come under global scrutiny December 22, 2023
Real Estate Dubai’s Union Properties settles $188m bank debt Dubai developer Union Properties has repaid debts worth up to AED875 million ($187.6 million) to a “national bank”, according to a bourse filing, as efforts to restructure the company continue. Union Properties, best known for its Motor City development in the emirate, announced the debt payment following a board meeting on Thursday and said the […] December 22, 2023
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Sustainability Mubadala unit banks on decarbonising buildings The UAE has set a target of reducing emissions in its building sector by 56 percent by 2030 compared to 2019 levels. This is part of the country’s broader efforts to slash emissions by 40 percent by the end of the current decade. However, it is going to be difficult for the UAE to reach […] December 15, 2023
Real Estate ADCB sells 80% stake in property unit for $161m Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80 percent stake in its wholly-owned property management subsidiary, Abu Dhabi Commercial Properties (ADCP), for AED591 million ($160.92 million). The agreement was signed with Nine Yards Plus Holding, the real estate subsidiary of Abu Dhabi-based EIH Ethmar International Holding (EIH), the bank said in a […] December 15, 2023
Real Estate Aldar joins Mubadala and Ares to invest in Europe real estate Abu Dhabi-listed Aldar Properties has partnered with Mubadala Investment Company (Mubadala) and Ares Management Corporation (Ares) to invest $1 billion through a private credit fund in the UK and Europe’s real estate market. Mubadala will hold a 50 percent stake in the new platform, while Aldar will own 30 percent. Ares will hold the remaining […] December 14, 2023
Construction Contractors upbeat despite Dubai real estate warning The mood was decidedly upbeat at the Big 5 construction conference in Dubai this week, despite recent warnings that the emirate’s real estate sector will slacken next year. Dubai residential property prices rose nearly 17 percent year-on-year in the first half of 2023, the fastest pace in nearly a decade. But a senior S&P Global […] December 8, 2023
Opinion Real Estate Big squeeze: Dubai’s office market reaches new peak The emirate is witnessing a ‘first come, first served’ leasing mentality December 7, 2023
Construction US Green Building Council to launch new ratings system The US Green Building Council is launching a new ratings system to measure structures against tough sustainability targets. It is the first time in 10 years that the organisation has updated its policy, with the industry largely relying on the Leadership in Energy and Environmental Design (Leed) green building system. According to the US Green […] December 6, 2023
Analysis Markets Real estate trusts struggle despite strong Dubai market Dubai’s resurgent property market has delivered riches to property owners and shareholders of leading developers like Emaar Properties, but investors in two listed Dubai real estate investment trusts – Emirates REIT and ENBD REIT – are nursing sustained losses. Both trusts are listed on Nasdaq Dubai. The emirate’s international bourse launched in 2005 with the […] December 6, 2023
SPECIAL REPORT Real Estate Turkish housing crisis persists despite construction surge Activity in the Turkish construction industry is picking up pace, fuelled by the need to rebuild after the February earthquakes — but economic woes mean the road could be long, experts tell AGBI. Even before the February earthquakes, which killed 50,000 people, injured 100,000 more, and made 3 million homeless overnight, the country of 83 […] December 5, 2023
Construction UAE’s Aldar buys British developer for $291m Abu Dhabi-listed Aldar Properties has acquired London-based developer London Square in a deal worth AED1.07 billion ($291.4 million). The transaction marks Aldar’s first acquisition outside the Mena region. The Abu Dhabi developer plans to leverage its expertise and balance sheet to support London Square’s land acquisition strategy to develop larger prime central London sites. Additionally, […] December 1, 2023
Real Estate Saudi property prices hold up despite drop in sales The Saudi residential property market is beginning to take a hit from the economic slowdown caused by the kingdom’s oil production cuts. Yet according to figures published by real estate consultancy CBRE, prices remain resilient in the face of a fall-off in third quarter sales. A total 61,473 transactions took place in the third quarter, […] November 28, 2023
Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
Real Estate PIF expects $1trn real estate spending over next decade Saudi Arabia’s Public Investment Fund (PIF) says it intends to invest SAR4 trillion ($1.1 trillion) in the real estate sector over the next 10 years, mainly developing 12 cities as part of the Saudi Downtown project. The Saudi Downtown Company was established in 2022 as a fully owned subsidiary of the PIF to develop city […] November 27, 2023
Real Estate Abu Dhabi real estate deals soar to new high of $18.5bn Real estate transactions in Abu Dhabi hit a new high of AED 67.76 billion ($18.45 billion) in the first nine months of 2023, propelled by rising demand from local and international investors. Buying, selling and mortgage activities across the real estate sector rose 56 percent year on year, Abu Dhabi Media Office reported, citing data […] November 27, 2023
Construction PIF unit launches $354m entertainment centre in Aseer Seven, a wholly owned subsidiary of the Public Investment Fund (PIF), has launched its fifth entertainment destination in Saudi Arabia. The SAR1.3 billion ($353.96 million) project near Abha International Airport will cover a land area of 64,000 sq m with a built-up area of more than 79,000 sq m. The architecture, designed by California-based firm Gensler, […] November 27, 2023
