Exclusive Real Estate ‘Pivotal’ year for Ras Al Khaimah, says property chief RAK Properties, the Abu Dhabi-listed company developing much of the emirate of Ras Al Khaimah, is seeking to capitalise on rising demand for local real estate. It is in talks with several UAE developers and landowners to form joint ventures, according to chief executive Sameh Al Muhtadi. He declined to reveal names of prospective partners, […] May 2, 2023
Video length: 02:35 Video Real Estate Millennial investors hiking property prices for Dubai expats Dubai is seeing a “big rise” in millennial investors looking for luxury properties. “A lot of rich people are investing in Dubai, which is why we see villas being sold for $50 million to $100 million,” said Rizwan Sajan, founder and chairman of Danube Group in an exclusive video interview with AGBI. “There are a […] April 27, 2023
Real Estate UK house prices show weak rise in April Asking prices for property being put on sale in the UK over the past month rose less than normal for the time of year, figures from property website Rightmove showed, adding to signs of more subdued momentum in the property market. Rightmove said that average asking prices were up by 0.2 percent over the month, […] April 24, 2023
Real Estate Luxury comes at a price for Dubai’s real estate brokers The cameras have all but stopped rolling on the third series of Dubai Hustle, a BBC docudrama that tracks the lives of real estate brokers in one of the world’s ritziest cities. Glamour junkies await their fix of tears and laughter, clothes and interiors – and firings and hirings – which feature in the lives […] April 21, 2023
Real Estate Ajman real estate is reaching saturation point Every inch of sand in Ajman will be developed in the next five years, according to the CEO of GJ Properties. Ali Jaber told AGBI the UAE’s fifth largest emirate, which measures 42 square kilometres, is close to reaching saturation point in terms of new construction projects. “In five years Ajman will not have a […] April 3, 2023
Exclusive Real Estate Sheikh’s salute puts London’s Mr Super Prime on the map Business is booming for London-based luxury property broker Daniel Daggers, founder of DDRE Global, thanks in part to clients such as the chairman of Dubai airline Emirates. When Sheikh Ahmed Bin Saeed Al Maktoum was looking to purchase in the UK capital, his adviser turned to DDRE’s Daggers for help. And the real estate mogul […] March 31, 2023
Exclusive Real Estate Dubai development awakens after a decade of lying dormant An iconic development in Dubai – which has been on hold for 12 years – is finally set for completion in the first quarter of 2025, according developer GJ Properties. The 40-storey block by the Sheikh Zayed Road in the Al Sufouh area of the emirate has recently been host to large advertising banners from […] March 31, 2023
Real Estate Branded homes deepen share of Dubai’s property market Luxury branded residences made up almost two-thirds of off-plan apartment sales in Dubai last year, up from 30 percent in 2020, as appetite for this type of real estate grows. Sales of branded residential property – developed in partnership either with upscale hospitality groups such as the Ritz-Carlton and the Four Seasons, or luxury brands […] March 29, 2023
Real Estate Italian firm secures acquisition deal to clean Burj Khalifa An Italian firm has bought a controlling stake in the company that cleans the Burj Khalifa, the world’s tallest building in Dubai. EdiliziAcrobatica has acquired 51 percent of the shares in Enigma Capital Investments in a deal initially worth 7.2 million Euros ($7.76 million). As part of the agreement 70 percent (5 million Euros) will […] March 22, 2023
Real Estate Saudi families pause plans to buy property as villa prices rocket Rising home prices are forcing Saudi families to pause plans to get on the property ladder, according to real estate consultancy Knight Frank. The agency’s Saudi Report 2023, which is based on a survey of 1,014 Saudi-national households, found that only 40 percent of tenants were keen to buy a home this year, down from […] March 21, 2023
Real Estate Saudi property investors pursue growth in UK regions Saudi Arabian investors are increasingly active in the UK’s regional property markets. They are looking to take advantage of historical underinvestment by institutions in northern cities, low supply of rentals for young professionals, and higher returns than in London. Among the Saudi property investors with UK growth strategies are Lote Global, which plans to add […] March 17, 2023
Real Estate Turkey home sales down, but Russians still active buyers Turkey recorded an 18 percent year-on-year drop in the number of house sales in February, the same month in which an earthquake killed more than 44,300 people and caused $34.2 billion worth of damage. The latest data from the Turkish Statistical Institute also found that sales to foreign buyers were down 27 percent year-on-year in […] March 15, 2023
Real Estate Dubai’s Union Properties returns to profit after restructuring Union Properties, one of Dubai’s oldest developers, announced on Monday a turnaround in fortunes – transforming a AED966 million ($263 million) net loss in 2021 to a AED30 million ($8.1 million) net profit last year. The Dubai Financial Market-listed company also said revenue from customer contracts increased by 5 percent year-on-year to AED419.2 million in […] March 13, 2023
Real Estate Dubai real estate prices haven’t yet peaked, says S&P Dubai’s fast-growing real estate market has not yet hit its peak and is unlikely to do so until at least next year, when supply will begin to catch up with demand, according to a senior industry analyst. The total volume of residential transactions in Dubai hit 90,881 in the full-year 2022, exceeding the historic record […] March 10, 2023
Retail MAF unveils plan to open more malls in Egypt, Saudi and UAE Retail and property conglomerate Majid Al Futtaim has unveiled plans to expand in the GCC and North Africa as consumer confidence rises. The Dubai-based company said it wanted “further expansion in high growth potential markets such as Saudi Arabia and Egypt, as well as in its home market, the UAE, amid a resurgence in consumer […] March 6, 2023
Real Estate China to guard against risks among property developers Warning that risks remain in the property market, China’s government said in a report released at its parliament’s annual opening that it would promote the sector’s stable development and prevent disorderly expansion by developers. Premier Li Keqiang made guarding against risks to top property developers one of the government’s priorities this year, amid still cautious […] March 6, 2023
Real Estate Turkish building’s fatal collapse blamed on permit violations The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. But when a powerful earthquake jolted the city in the early hours of Feb. 6, the seven-floored building disintegrated, killing 29 people, according to two government officials. It was as if […] March 5, 2023
Construction Ardco’s $1.6bn vision blurred by Saudi mega-projects A slowdown in residential property demand and construction capacity issues due to Saudi Arabia’s bulging projects pipeline will be among some of the challenges facing Ardco, the latest player to the Riyadh property market and development scene, experts said. Ardco, which is also known as the Riyadh Development Company, announced last month it is becoming […] March 2, 2023
Real Estate Dubai approves second phase of Hatta development project Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has approved phase II of the development of Hatta, the mountain exclave of Dubai, comprising 22 projects and initiatives. Among the projects is a waterfront development on Hatta Beach and a waterfall near Hatta Dam, the UAE state-owned WAM news agency reported. The site will see the […] March 2, 2023
Real Estate Bloom CEO plans to double number of its UAE homes The CEO of Bloom Holding expects Abu Dhabi’s property market to continue to grow this year as the company progresses plans to double the number of homes it builds in the UAE. Although in the shadow of the double-digit growth of its neighbour Dubai, average prices in the UAE capital rose by up to 3 […] March 1, 2023
Real Estate Expo City Dubai to unveil plans for residential projects shortly Expo City Dubai will soon unveil plans for sustainable residential developments as part of a “green” urban planning blueprint. These projects will include apartments, townhouses and villas, allowing residents to live in the heart of the legacy city, an integral hub in the Dubai 2040 urban master plan, Expo City Dubai said in a statement. […] March 1, 2023
Exclusive Real Estate Dubai mortgage market needs overhauling, says Gulf developer Mortgage systems for overseas investors looking to buy completed homes in Dubai need to be overhauled, says the leader of one of the Gulf’s biggest property firms. “Dubai is a very unique market where off-plan sells higher than the ready properties,” said Ziad El Chaar, CEO of Dar Global Real Estate, Saudi Arabian real estate […] February 28, 2023
