Exclusive Real Estate Dubai businessman ready to take on The World A Dubai businessman is in talks to try and launch a project on The World, as the emirate’s record-breaking real estate market revives interest in the manmade island development. The World was launched in 2003 by state-owned master developer Nakheel. Made up of 300 small manmade islands in the shape of the map of the […] July 31, 2023
Real Estate Dubai has 392 real estate projects under development Nine real estate projects worth AED4.06 billion ($1.11 billion) were completed in the first half of 2023, according to the Dubai Land Department (DLD). The emirate has 392 real estate projects currently under development, the UAE state-run Wam news agency reported, citing DLD data. The first half of 2023 saw the registration of 42,583 real […] July 27, 2023
Real Estate Russians bucking trend in Dubai with bigger, pricier homes Russian buyers are bucking the trend in Dubai real estate and buying bigger, more expensive houses as they make the emirate their new permanent home. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of this year. Villas topped previous records set in 2014. Property […] July 27, 2023
Analysis Real Estate Residential deals slump in Saudi as mortgage costs rise Residential real estate deals in Saudi Arabia fell by nearly a third during the first half of 2023 as higher mortgage costs eroded purchasing power. New analysis from Knight Frank showed there were about 70,000 transactions during the first six months of the year, down from 103,000 in the same period last year, representing a […] July 26, 2023
Real Estate Off-plan sales in Abu Dhabi surged 111% in Q2 to $490m The value of off-plan property deals in Abu Dhabi more than doubled to AED 3.8 billion ($490 million) in Q2 2023 from AED 1.8 billion in Q2 2022. In a Q2 market overview report based on data from Quanta, the consultancy JLL said most of the deals were in the AED2 million to AED3 million […] July 26, 2023
Real Estate Norwegians return to Dubai commercial property sector Norwegian investors were the second-largest group active in Dubai’s commercial real estate in the second quarter of the year, marking a dramatic return after being largely absent since before the Covid-19 pandemic. The number of sales transactions in Dubai’s commercial sector reached 3,080 in the second quarter of 2023, a year-on-year increase of 22 percent, […] July 25, 2023
Real Estate Turkey island in Dubai set for $21m auction A manmade island on The World development off the coast of Dubai has been put up for auction, with the price tag starting at AED78 million ($21.24 million). Part of an archipelago built in the shape of the map of the world, the island – named Turkey – has had “many” potential buyers visit the 47,645 […] July 25, 2023
Real Estate Foreign investment up 363% in Abu Dhabi real estate Abu Dhabi real estate encountered a record 363 percent rise in purchases by foreign buyers in the first half of 2023, according to new data. Foreign purchasers spent AED834.6 million ($227.2 million), Abu Dhabi’s Department of Municipalities and Transport (DMT) reported. The DMT figures showed that the most popular location among overseas investors was Saadiyat […] July 20, 2023
Analysis Real Estate Dubai real estate still playing catch-up after pandemic Dubai’s real estate market is experiencing soaring demand but the supply shortfall from the Covid pandemic is still having an impact and is likely to remain for at least another two years, experts have said. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of […] July 19, 2023
Tourism Abu Dhabi checks into $900m deal for Japan hotels A subsidiary of Abu Dhabi Investment Authority is part of a consortium that has completed a $900 million deal to acquire a portfolio of hotels in Japan. The Adia subsidiary has joined Singapore’s private equity real estate firm SC Capital Partners and Goldman Sachs Asset Management in acquiring 27 hotels from Japanese developer Daiwa House […] July 19, 2023
Real Estate Turkish home sales drop by 44% after earthquakes Macroeconomic trends, a quirk of the calendar and the market fallout from February’s earthquakes have led to a 44 percent drop in Turkish home sales, experts have told AGBI. A total of 83,636 homes were sold in Turkey in June, according to the Turkish Statistical Institute, compared to 150,509 during the same month last year. […] July 19, 2023
Real Estate Emaar given ratings upgrade after first-quarter sales surge Dubai’s largest real estate developer Emaar Properties has received credit rating upgrades from Fitch Ratings, Moody’s and S&P Global, as residential property prices in the emirate continue to rise. Fitch Ratings upgraded its long-term issuer default rating to ‘BBB’ from ‘BBB-‘, Moody’s announced an upgrade to Baa2 from Baa3 and S&P Global raised Emaar to […] July 18, 2023
Real Estate Saudi’s new mortgage scheme to encourage homebuyers Saudi Arabia has launched a new mortgage guarantee services firm in an effort to increase home ownership among nationals. The Saudi Real Estate Development Fund (REDF) has launched Dhamanat, a wholly owned subsidiary, with SAR18 billion ($4.7 billion) in capital to provide insurance, alongside mortgages. Mortgage issuance fell by more than one third year-on-year in […] July 14, 2023
Real Estate Sharjah real estate sales surge from Dubai spillover The loosening of buying rules and a steady spillover of tenants from Dubai has boosted real estate sales in its neighbouring emirate Sharjah. Arada, a master developer in the emirate, has reported a 186 percent increase in sales during the first half of this year. It sold a total of 1,616 homes worth a total […] July 13, 2023
Real Estate Dubai residential property prices surpass 2014 peak Dubai’s residential property prices climbed at their fastest rate in almost a decade in the year to June 30, with villa prices topping previous records set in 2014. Property consultancy CBRE reported that average residential prices in June increased by 16.9 percent, up from the 15.9 percent growth registered a month earlier. Meanwhile, international consulting […] July 12, 2023
Real Estate Union Properties reaches settlement with ex-chairman Dubai developer Union Properties has settled a long-running dispute with former chairman Khalifa Al Hammadi and members of his family, according to an announcement on the Dubai bourse. Details of the agreement were not revealed but the posting said it would be “executed once the custodian and escrow agents are appointed”. UP, one of Dubai’s […] July 12, 2023
Real Estate Dubai’s Sobha Realty plans $300m debut sukuk Real estate developer Sobha Realty is set to raise $300 million through a debut sale of Islamic bonds, a bank document showed. The five-year sukuk, non-callable for three years, launched at a yield of 8.75 percent, the lower end of initial guidance earlier on Monday of 8.75-8.875 percent, after drawing final orders of more than […] July 11, 2023
Real Estate Shuaa sells Business Bay plot to Danube for $52m UAE-based asset manager and investment bank Shuaa Capital has sold a plot of land in Dubai’s Business Bay master development to Danube Properties, a local real estate developer, for AED190 million ($51.73 million). The transaction is part of the investment bank’s ongoing strategy to consolidate its asset portfolio. Danube Properties launched six projects worth AED3.42 […] July 6, 2023
Real Estate UAE changes bank rules for Emirati mortgage holders The Central Bank of the UAE has introduced new mortgage repayment rules for citizens this week as a response to rising interest rates. Customers who have a monthly income of AED40,000 ($10,890) or more will now have their mortgage repayments capped at 60 percent of their present salary. Banks were previously only allowed to deduct […] July 5, 2023
Real Estate Merger will create GCC property management giant Plans have been announced to merge Abu Dhabi’s Aldar Estates and Eltizam Asset Management Group, creating the GCC’s largest property and facilities management company. Aldar Properties will hold a majority stake with the remaining shareholding held equally between International Holding Company and Adnec Group, Eltizam’s joint owners. According to a statement the merger will see […] July 4, 2023
Exclusive Real Estate Iraq’s Amwaj builds $3bn portfolio in ‘virgin country’ “The sky’s the limit” for real estate development in Iraq, says Namir El Akabi, whose company Amwaj International aims to capitalise on surging demand for upscale housing in Baghdad and beyond. The country, ravaged by war between 2014 and 2018 and stifled by almost 40 years of rule by Saddam Hussein, has been home to […] July 3, 2023
Real Estate Indian buyers flock to Dubai for higher rental yields With more wealthy Indians moving to the UAE and rental yields in the Gulf state more than twice the size of those in India, interest in purchasing real estate is set to continue to rise. Indians were the top foreign buyers in Dubai last year, spending more than those from Russia, China, Pakistan and the […] June 29, 2023
