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
Health Bahrain’s GFH takes on US healthcare with Big Sky deal Bahrain’s GFH Financial Group announced on Tuesday it has completed the acquisition of a majority stake in Big Sky Asset Management, a US real estate asset manager focused on the healthcare sector. The transaction further expands GFH’s presence in the States and follows the partnership in May with SQ Asset Management, a specialist in student […] January 3, 2023
Real Estate Egypt increases home loan repayment limit to 50% Egypt’s Financial Regulatory Authority (FRA) has increased the maximum installment limit for mortgage finance schemes up to 50 percent of the purchaser’s income, according to a local media report. Previously, the maximum limit was set at 40 percent. This aims to increase the number of beneficiaries from real estate financing, said FRA Chairman Mohamed Farid, […] January 1, 2023
Opinion Real Estate Vic Chhabria: Prime London property will still attract global buyers In 2023, the prime central London property market will attract wealthy international buyers due to the low value of the pound and restricted supply of top end properties December 30, 2022
EXCLUSIVE Real Estate Middle East buyers to cash in on prime London property market Cash is king when it comes to the prime central London property market and Middle East buyers are perfectly positioned to take advantage of this. Vic Chhabria, managing director of London Real Estate Office, whose client base largely comprises overseas buyers from Mena and more specifically the GCC, said the potential for further interest rate […] December 30, 2022
Real Estate Dar Al Arkan plans to list Dubai unit on London stock exchange Saudi-listed Dar Al Arkan Real Estate Development Co. plans a direct listing of its Dubai subsidiary on the London Stock Exchange’s (LSE) main market after rebranding it as Dar Global Group. The proposed listing will involve a corporate re-organisation of Dar Global subject to UK Financial Conduct Authority (FCA), LSE approvals, and disclosure of an […] December 30, 2022
Analysis Tourism Ras Al Khaimah tourism to take off as global investors see promise Ras Al Khaimah (RAK) is learning lessons from the tourism success story of Dubai and financiers are closely watching the market and are keen to support it, according to a senior banker. “I fully expect the growth in Ras Al Khaimah to explode in the coming years,” said Cyril Lincoln, executive vice president, global head […] December 29, 2022
Real Estate Al Habtoor Group to launch $2.6bn projects in Dubai Dubai-based Al Habtoor Group (AHG) will launch three residential projects in the emirate next year worth AED9.5 billion ($2.59 billion). Khalaf Ahmad Al Habtoor, founding chairman of AHG, said the new projects include residential towers, one of which, in Al Habtoor City, will be the “largest in the world in size and number of apartments” […] December 26, 2022
Analysis Real Estate Ski chalets are hot property for Middle East buyers Demand for high-end ski chalets from affluent Middle East buyers has surged, even though the price of a home on the slopes is rising at its fastest rate for almost a decade. Despite the pandemic’s impact on international travel, the specialist property market has benefitted from an influx of remote workers looking for semi-permanent bases […] December 25, 2022
Real Estate Cypriot property developer sees strong Middle East demand Middle East investors make up almost a third of the €100 million ($106 million) total sales so far in a new high-end property development in Cyprus. The €300 million Limassol Blu Marine project is the latest to be undertaken by Leptos Estates, the largest property developer in Cyprus, behind the government and the church. “Cyprus […] December 23, 2022
Analysis Real Estate China the ‘wild card’ for Dubai property sales, says Damac The reopening of China following their strict Covid lockdown will be the “wild card” that propels the Dubai real estate surge for at least another 18 to 24 months, says a senior executive at Damac Properties. “It’s no secret that there is a large influx of Russian buyers. European buyers have [also] increased drastically,” Ali […] December 21, 2022
Real Estate Tecom Group invests $120m to expand Dubai innovation hub Tecom Group, the Dubai-based operator of business parks and free zones, has broken ground on the AED 442 million ($120.34 million) Innovation Hub Phase 2 in Dubai Internet City. Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces. It will provide more […] December 19, 2022
Real Estate Dubai co-working startup eyes new funding as it goes global Hotdesk, an on-demand workspace booking platform based in Dubai, is preparing to launch a Series A round of funding as the startup continues to enjoy exponential growth throughout the region and globally. The company, which provides access to co-working spaces at the click of a button, was launched in 2021. It has since expanded into […] December 16, 2022
Real Estate Turkey sees 17% drop in foreign property buyers in November Turkish home sales fell 34.1 percent year-on-year in November to 117,806 houses, with sales to foreigners dropping 17.4 percent, data from the Turkish Statistical Institute showed on Thursday. Russians topped the list of foreigners with 2,575 houses purchased, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of Ukraine and […] December 16, 2022
Real Estate Dubai’s mid-market property sales next to flourish, says Damac This has been a record year for Damac Properties, with sales up 100 percent, and a senior executive predicts the current Dubai boom will continue for at least another 18-24 months. The company’s most recent launch was Cavalli Couture, described as an ultra-luxury branded project along the Dubai Canal, with interiors designed by the Italian […] December 15, 2022
Real Estate Aldar and Mubadala jointly buy Al Maryah Tower for $123m Aldar Properties and Mubadala Investment Company, an Abu Dhabi sovereign investor, have partnered to acquire Al Maryah Tower, a prime Grade A commercial office property on Al Maryah Island, for AED 450 million ($122.51 million), state-owned WAM news agency reported. The transaction gives Aldar control of all Grade A office space at Abu Dhabi Global […] December 15, 2022
Real Estate Israeli lawmaker tables bill to limit banks raising mortgage rates The head of Israel’s powerful parliamentary finance committee submitted a bill on Monday that would limit banks’ ability to raise mortgage rates after central bank interest rate increases. The Bank of Israel has raised its benchmark interest rate by 3.15 percentage points to 3.25 percent since April, with more hikes likely. Monthly mortgage repayments have […] December 13, 2022
Construction Sheikh Mohammed reveals phase 2 of Dubai 2040 plan Agricultural industry, heritage preservation and the “20-minute city” concept are key planks of the second phase of the Dubai 2040 Urban Master Plan, the government said on Monday. The plan – whose first phase was published in March 2021 – sets out a strategy for Dubai’s urban development over the next two decades. It is […] December 13, 2022
Construction Union Properties launches first project in seven years Dubai developer Union Properties, which recently completed a debt restructuring, announced on Tuesday its first new launch for seven years. The AED1.6 billion ($436 million) mixed-use development called Takaya will be located in Dubai Motor City, with construction expected to commence during the third quarter of 2023. Handover of units is scheduled for the final quarter […] December 6, 2022
