Real Estate Saudi mortgage issuances fall as stock shortage bites Saudi mortgage issuance fell by 35.8 percent year on year in the first quarter of 2023, as the kingdom grapples with rising interest rates and a delay in new stock. Residential mortgage contracts issued by Saudi banks fell to 30,213 in the first three months of 2023, according to research from real estate consultancy firm […] June 28, 2023
Real Estate Egypt’s housing developers lift activity as demand rises Rising interest in homeownership and a surge in development are expected to lift Egypt’s real estate sector this year, as currency devaluation keeps prices high. A report from data firm Property Finder said 17 residential and mixed-use projects with a total value of $1.3 billion were completed in the first quarter of the year – […] June 28, 2023
Real Estate Bahrain homebuyers opt for more affordable real estate Bahrain residents are turning towards more affordable real estate in the kingdom, says property consultant Knight Frank. The average price for apartments declined by 3.5 percent year on year to BHD668 ($1,772) per sq m, according to Knight Frank’s Bahrain Real Estate Market Review Summer 2023 report. Villas recorded a marginal increase of 1.5 percent […] June 27, 2023
Analysis Real Estate Affordable homes warning for Dubai private developers Private developers in Dubai must build enough affordable housing or the government may be forced to step in, a prominent business leader has warned. Nasser al Shaikh, who served as director-general of Dubai’s Department of Finance until 2009 and held senior roles at real estate finance firm Amlak Finance and property developer Deyaar Development, said […] June 26, 2023
Real Estate Taiba gets nod for $800m purchase of hotel group Dur Taiba Investments Co, one of the largest real estate developers in Saudi Arabia, said on Wednesday that its offer to acquire hospitality firm Dur in a SAR3 billion ($800 million) deal has been approved by the General Authority for Competition. In a filing to the Saudi Stock Exchange, Medina-based Taiba, which is best known for […] June 21, 2023
Real Estate Emaar launches $20bn The Oasis project in Dubai Emaar Properties, the developer of the iconic Burj Khalifa, has launched a $20 billion luxury development in Dubai, which plans to house over 7,000 residential units. The Oasis by Emaar will cover over 9.4 million sq m of land, offering large mansions and villas with views of water canals, lakes and parks. While the exact location of […] June 15, 2023
Real Estate Mubadala co-launches $600m Japanese property fund Sovereign wealth fund Mubadala has launched a $600 million Japanese property investment joint venture, the Abu Dhabi investor said on Wednesday. Mubadala, which has $276 billion of assets under management, has partnered with Canada’s Manulife Investment Management, Connecticut-based Proprium Capital Partners and Tokyo’s Samurai Capital to buy real estate in the world’s third-largest economy. The […] June 14, 2023
Opinion Tourism Raffles the Palm could just be peak Dubai bling Global billionaires keep demanding more ways to splash their cash in the emirate June 9, 2023
Real Estate UAE’s overseas property tax may push rents up The introduction of a tax on income from UAE property held by non-residents could cause rents to creep up as owners pass on the increment to tenants, experts have told AGBI. “The rental market is based on supply and demand, so if there’s less supply and more demand at any point, landlords can ask for […] June 8, 2023
Real Estate Lusail is first choice for wealthy Qatari buyers Lusail, Qatar’s second-largest city and host for much of the Fifa World Cup last year, has become wealthy buyers’ preferred destination for residential real estate in the Gulf state, a new report shows. Lusail Marina and Lusail Waterfront were named as the most popular destinations where Qatar-based high net worth individuals (HNWIs) are planning to […] June 7, 2023
Opinion Real Estate Dubai’s office market upswing is no temporary blip It's a sign of the emirate's strong economic fundamentals June 1, 2023
Real Estate Palm Jebel Ali to add much needed beachfront properties A revamped master plan for the billion-dollar Palm Jebel Ali man-made island development in Dubai has been approved, helping to meet demand for prime, residential, beachfront properties. The 13.4 sq km mega-project – twice the size of Palm Jumeirah – will add 110 km of coastline to the emirate and provide real estate for approximately […] June 1, 2023
Video length: 3:37 Video Real Estate Dubai’s wealthy buyers short of new homes in prime areas Global high-net-worth individuals are looking to Dubai to invest in property, but with only 289 units due to be completed in prime residential areas by 2026, supply in the emirate’s real estate market is low, driving prices up. “We are short of easy-to-activate waterfront development sites – we have run out of coastline,” said Faisal Durrani, […] May 31, 2023
Real Estate Egypt’s commercial property sector resists economic woes Demand for commercial property in Egypt remains buoyant despite the fragile economy, as retail and office landlords offer “flexible and generous” terms until the market stabilises, according to a report. Landlords are resorting to making changes to retail and office lease terms in response to “challenges stemming from the current local and global economic volatility”, […] May 31, 2023
Real Estate Q Holding in $1.9bn deal to build 1,742 villas Abu Dhabi-listed developer Q Holding has signed two agreements with the emirate’s housing authority, Adha to design and build 1,742 villas. It will also see the development of mosques and commercial buildings, and in total will involve an investment of AED7 billion ($1.91 billion). The West Baniyas project includes 1,500 villas and 14 commercial buildings. […] May 25, 2023
Real Estate Dubai tenants staying put as rents continue to soar More Dubai renters are opting to renew their existing tenancies than move to a different property altogether, to avoid being hit by soaring rental rates in a “very strong” property market, according to CBRE. The number of rental renewals in Dubai’s residential market grew by 29.7 percent year-on-year in the first quarter of 2023, compared […] May 23, 2023
Real Estate Dar Al Arkan profit dip no cause for alarm Saudi Arabian real estate firm Dar Al Arkan posted a 47 percent profit dip in the first quarter of the year to SAR117.6 million ($31.3 million), from SAR221 million a year earlier. The decrease was attributed to lower property sales in Q1 and higher financing burdens, the company said in a filing to the Tadawul […] May 22, 2023
Real Estate Rising cost of credit squeezes Bahrain luxury property The increased cost of credit due to higher interest rates is starting to dent demand for luxury property in Bahrain, with apartments experiencing the most impact. High-end apartment prices in Bahrain dropped by 1.3 percent quarter on quarter in the first three months of 2023, according to a report published this week by Savills. Luxury […] May 21, 2023
Real Estate Kuwait to let expats buy property to boost market Real estate activity in Kuwait has fallen over the past year, but the government is hoping to turn that around by allowing expats to buy property for the first time. A ministerial committee has lodged a proposal to the cabinet to allow non-Kuwaitis to own investment residential properties, according to a local media report this […] May 17, 2023
Construction Al Habtoor forced to look overseas for contractor Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […] May 16, 2023
Real Estate Demand grows for a life of luxury in Dubai Dubai’s prime residential real estate sector enjoyed a 55 percent year-on-year increase in demand in the first quarter, as a lack of supply has spurred the market for luxury homes. The emirate recorded 88 sales of units valued over $10 million in Q1, while average transactions stood at AED3,360 ($915) per square foot, according to […] May 12, 2023
Real Estate Emaar’s profit rises 43% as property sales hit $2.5bn Emaar Properties reported a net profit of AED3.2 billion ($873 million) for the first quarter, surging 43 percent year on year on higher tourism, sales and demand for real estate in Dubai. Revenue for the period rose to AED6.3 billion, as Ebitda increased 26 percent year-on-year to AED4 billion. The group’s property sales reached AED9.2 […] May 12, 2023
