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Real Estate

Real estate and property news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Emaar Development waterfront high-rises

Emaar Development profit rises 74% to $1.8bn in 2023

Emaar Development, a wholly owned subsidiary of Dubai’s Emaar Properties, reported that net profit surged 74 percent year on year to AED6.6 billion ($1.8 billion) last year, propelled by 27 new project launches across Dubai. Property sales increased 22 percent year on year to AED37.4 billion. The developer’s sales backlog stands at AED57.1 billion, which […]

Aldar awards $6bn contracts for Abu Dhabi projects

Abu Dhabi’s largest-listed property developer Aldar awarded 49 contracts worth AED22 billion ($5.99 billion) across various projects in 2023. The contracts comprise infrastructure, residential, commercial, and mixed-use developments, the UAE state-run Wam news agency reported, citing a statement from Aldar Properties. The contracts were awarded to 36 UAE-based companies. Nearly 50 percent or AED10.5 billion […]

Total transactions in Dubai reached a new high of 1.6 million, rising 16.9 percent annually, across various real estate activities

Dubai real estate deals rise to $173bn in 2023

Dubai recorded 166,400 real estate transactions valued at AED634 billion ($172.61 billion) in 2023, according to official Dubai Land Department (DLD) data. Real estate investments grew 55 percent year on year to AED412 billion, propelled by 113,655 investors, including 71,002 new entrants, marking a 20 percent rise year on year, the UAE state-run Wam news […]

Dubai real estate bubble

Dubai real estate ‘hot’ but no bubble fears, say experts

Dubai’s real estate market is running “a bit hot”, but it is not heading towards a bubble or another catastrophic crash, experts say. Residential sales prices in the emirate increased 20 percent in 2023, while city-wide rents grew 9 percent higher, according to the latest research from Cushman & Wakefield Core. Although Dubai remains more […]

Aldar unveils $1.4bn plan for new real estate assets

Aldar Properties will invest AED5 billion ($1.36 billion) to develop a range of commercial, retail, hospitality and logistics assets within its prime real estate projects in Abu Dhabi. The assets, which will be part of the developer’s investment portfolio, will be delivered in a phased manner between 2025 and 2027, the Abu Dhabi-listed developer said […]

Silkhaus offers short-term rentals in Dubai and Abu Dhabi and has plans for Saudi Arabia

Rental platform Silkhaus plans new Saudi home

Silkhaus, a property technology platform specialising in short-term rentals, plans to launch in Riyadh after more than doubling its revenues last year and completing a pre-series A financing round this month. The size of the round, with San Francisco-based Partners for Growth, was not disclosed.  Silkhaus launched in Dubai in 2021 and entered Abu Dhabi […]

Hive Coliv co-living

Millennial ‘co-living’ concept gains momentum in Gulf

The appetite for “co-living”, a form of communal housing that offers private rooms and shared spaces, is on the rise in the GCC, and more investors are entering the sector.  Co-living as a sub-segment of residential property has gained in popularity in markets such as the UK and the US, as developers seek to provide […]

From left: Ora Developers Group chairman Naguib Sawiris, Iraqi Prime Minister Mohammed S Al-Sudani and Iraqi housing minister Bangin Rekani at the contract award ceremony

Egyptian developer to build Iraq’s largest housing project

Egypt’s Ora Developers Group will build the largest residential city in Iraq’s capital, Baghdad, which will feature 100,000 residential units. The contract was awarded by the Iraqi government. No details of the project cost were given. Ali Al-Wardi, a smart city project located 25 km southeast of Baghdad, will be built on an area of […]

National Bank of Kuwait mortgage reform

Kuwait banks boosted by likely mortgage law reform

Kuwait bank stocks are hitting highs as traders bet that a long-awaited liberation of  the country’s mortgage laws will come into force and provide a windfall for lenders. Currently only the government-controlled Kuwait Credit Bank (KCB) provides financing to Kuwaiti citizens and companies for them to buy real estate, and commercial banks are not permitted […]

A view of Ajman Corniche. The emirate reported a strong increase in business license renewal

Ajman real estate deals surge 43% to $4.6bn in 2023

The number of real estate deals in Ajman increased 43 percent year on year to 11,474 last year, with a total value of AED16.9 billion ($4.6 billion), the annual report of the Ajman Department of Land and Real Estate Regulation reveals. The highest sale recorded was AED136 million in the Al Nakheel 2 neighbourhood, the […]

Tecom Group's revenue reached a record of AED2.2 billion, up 10 percent year on year

Tecom profit rises 49% on growing customer demand

Tecom Group saw net profit for 2023 rise 49 percent year on year to AED1.1 billion ($299.48 million) on robust demand from new and existing customers across all its six business clusters. The company registered broad-based growth across the business, owing to the group’s ongoing efforts to enhance operations and reduce costs. Revenue reached a […]

Adult, Female, Person The number of real estate deals fell in 2023 but residential sales accounted for almost 59 percent of sales property real estate keys

Value of Saudi real estate deals fall 11% in 2023

The value of Saudi real estate transactions fell 11 percent during 2023 to about SAR193.45 billion ($51.59 billion), but the number of construction material licenses awarded in the kingdom rose 39 percent in the same period. Figures released by the Ministry of Justice this week showed transactions fell from SAR216.7 billion to SAR193.45 billion. The […]

A view of Aljada Discovery Center. Arada sold 2,824 homes in 2023, a 25% year-on-year gain

Arada sets $2.7bn sales target on UAE market optimism

UAE real estate developer Arada expects sales to hit AED10 billion ($2.72 billion) in 2024, a 42.5 percent increase from AED7.02 billion achieved last year. The higher sales will be driven by continued global interest in the UAE real estate sector. The developer sold 2,824 homes in 2023, a 25 percent gain year on year, […]

Cuts in service and community charges for Abu Dhabi property owners resulted in year-on-year savings of AED39.7m

Abu Dhabi property service charges cut by 6% in 2023

Service and community charges for property owners in Abu Dhabi fell six percent in 2023, resulting in savings of AED39.7 million ($10.81 million) year on year. The total approved budgets for jointly owned property development projects reached AED 685 million by the end of Q4 2023, state-run Abu Dhabi Media Office reported, citing Abu Dhabi […]

The view from the Burj Khalifa in Dubai. The UAE visa decision means a minimum downpayment of AED1m is no longer required to buy a property Video length: 06:59

UAE scraps minimum payment for property golden visa

The UAE has removed the AED1 million ($272,294) minimum downpayment requirement to qualify for a golden visa through real estate investment, industry sources have told AGBI.  Investors must acquire property valued at AED2 million or above to be eligible for the 10-year renewable residency scheme, introduced in 2019.  Previously, for properties bought on mortgage or […]

Tria is Deyaar’s first luxury residential tower in Dubai Silicon Oasis

Deyaar trebles profits to $120m in 2023

Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), recorded preliminary unaudited net profit of AED440.7 million ($119.98 million) in 2023, an annual increase of 206 percent. Total revenue in 2023 increased 56 percent year on year to AED1.25 billion as income from the sale of properties reached AED412 million, mainly due to higher construction progress in its […]

A property model in Dubai. Properties in the emirate are becoming smaller but remain more afforable than other global cities

Dubai’s smaller homes more affordable than global rivals

Dubai homes for sale today are about a quarter smaller than their equivalents four years ago, despite average prices growing by more than half, industry data shows. But experts claim this is a result of the rise in demand for smaller units, which are still substantially bigger and more affordable than those in rival global […]

A house in Maden, Buyukada, Turkey. Home sales declined 17.5 percent year on year to 1.23 million in 2023

Turkey home sales hit nine-year low on rising interest rates

Sales of residential properties in Turkey fell to their lowest levels in nine years in 2023 due to rising interest rates and inflation. Home sales declined 17.5 percent year on year to 1.23 million in 2023, Daily Sabah newspaper reported, citing Turkish Statistical Institute (TurkStat).  The central bank has raised its policy rate by 3,400 […]

Building workers on site in Riyadh. Last mile funding opportunities 'remain very interesting', said one industry expert

Private credit lenders expect surge in ‘last mile’ finance

Private credit firms are preparing for a surge in demand for “last mile” financing from construction companies across the Middle East. This form of financing plays a critical role in the delivery of projects that are on the brink of completion but have been hit by budget overruns or unforeseen costs. William Watson, a partner […]

Dubai housing projects

Dubai launches housing projects worth $1.5bn

A series of projects including 2,300 ready-to-move-in houses and 3,500 plots of land for housing being allocated among citizens of Dubai have been approved by the emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. The housing projects, part of the Dubai Social Agenda 33, are valued at AED 5.5 billion ($1.49 billion), the UAE state-run […]