Construction 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 […] January 26, 2024
Real Estate 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, […] January 26, 2024
Construction 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 […] January 25, 2024
Video length: 06:59 EXCLUSIVE Real Estate 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 […] January 23, 2024
Real Estate 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 […] January 23, 2024
Analysis Real Estate 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 […] January 22, 2024
Real Estate 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 […] January 22, 2024
Construction 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 […] January 15, 2024
Real Estate 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 […] January 15, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
Real Estate Egypt to offer residency to foreign property buyers Egypt is looking to attract investments into its residential property market by offering a five-year residency to international buyers. This initiative is highlighted in a cabinet document providing the economic roadmap for 2024-2030, Egypt Today newspaper reported. The government intends to establish a specialised company to manage real estate export and leasing activities, with expected […] January 10, 2024
Logistics Aldar invests $272m to expand logistics business Aldar Properties, Abu Dhabi’s largest developer, will invest AED 1 billion ($272.27 million) to expand its logistics real estate business in Abu Dhabi and Dubai. The investment includes acquiring operational assets and the development of ready-to-lease and build-to-suit options due to strong demand for Grade A logistics facilities. The move will increase Aldar’s gross leasable […] January 9, 2024
Construction New Dammam project to house 50,000 residents Saudi developer Adel Real Estate has completed the blueprint for Adel District, which will accommodate 50,000 people in Dammam. Plots will be put for sale in the project, spanning 5.6 million sq m, in the first quarter of 2024, the developer said in a statement. The urban development will comprise five neighbourhoods, which include residential buildings, office […] January 9, 2024
Video length: 07:13 Real Estate Landlords keep upper hand in Dubai rental market Landlords have the upper hand in Dubai’s rental market, real estate experts say, as single-cheque payments for annual leases continue to dominate in the emirate. “With a limited number of properties available and an influx of new tenants, landlords find themselves in a stronger negotiating position,” Lewis Allsopp, chairman of the Dubai estate agent Allsopp […] January 8, 2024
Video length: 07:13 Analysis Real Estate Dubai mortgage surge as tenants flee rent rises There was a 40 percent increase in the value of home mortgage approvals in Dubai last year despite climbing interest rates, with tenants seeking to get on the property ladder to dodge rising rents, according to new data. Not since the 1980s, when the US Federal Reserve tried to curb inflation, have interest rates shot […] January 8, 2024
Video length: 07:13 Opinion Real Estate Something has gone wrong in Dubai residential real estate Policymakers must remember what makes the emirate attractive: value for money and quality of life January 5, 2024
Real Estate Aldar’s green retrofits lead to ‘phenomenal payback’, says CEO Aldar Properties has increased the value of buildings in its portfolio by up to 10 percent through green retrofits, its group chief executive said. The Abu Dhabi developer has seen “phenomenal” payback, Talal Al Dhiyebi told AGBI, after investing around $40 million to improve the energy efficiency of residential and other real estate. “We’ve done […] January 3, 2024
Real Estate Arada’s $163m land plot to house 50-floor residential tower UAE-based real estate developer Arada will build a 50-storey luxury residential tower adjacent to Dubai International Financial Centre (DIFC). The company purchased a land plot in Zabeel 2 for AED600 million ($163.36 million) from Rital Properties, the real estate subsidiary of Emirates NBD. The 138,466 sq ft land plot is close to Index Tower and […] January 3, 2024
Analysis Real Estate A moment of calm after two hectic years for UAE real estate Dubai’s real estate market reported record growth in 2023, but analysts are predicting slower price rises and a steady supply next year. “Demand is very, very strong and has driven up prices,” said Taimur Khan, head of Middle East research at consultancy CBRE. For 2024, he is predicting “a contraction in the total number of […] January 2, 2024
Real Estate Rising supply softens Dubai’s short-term housing market Short-term rents in Dubai’s housing market have fallen this year as the rapid rise in supply begins to outstrip demand. Vinayak Mahtani, CEO of bnbme holiday homes, told AGBI that over the past three years, he had seen 100 percent growth in the short-term rental market. “It’s become a buzzword in Dubai, a trendy business,” […] December 29, 2023
Real Estate Bahrain introduces real estate data service for investors Bahrain’s Real Estate Regulatory Authority has launched an online service providing investors with data on the kingdom’s real estate sector. Aqari Data Bank uses artificial intelligence to give up-to-date information on transaction volumes, property valuations, land classifications and the locations of commercial complexes, healthcare facilities and educational institutions. The subscription-based platform provides interactive maps and […] December 27, 2023
Opinion Economy 2023 was a year of living dangerously The Gulf will hope it can maintain its safe haven status December 26, 2023
