The total traded value of properties in the Sultanate of Oman recorded a rise by 5.4 per cent by the end of August 2024 to reach OMR1,933,200,000 compared to OMR 1,834,800 over the corresponding period in 2023, according to the data released by the National Centre for Statistics and Information (NCSI). Fees collected for legal transactions amounted to OMR 43.7 million till the end of August 2024, comprising an increase of 0.2 per cent compared to the corresponding period of 2023. The traded value of sales contracts reached OMR 716.1 million till the end of August 2024, and the number of sale contracts increased by 0.9 per cent to 44,398. The traded value of mortgage contracts increased by 7.9 per cent till the end of August 2024 to OMR 1,207.8 million. Meanwhile, the number of mortgage…

KUWAIT CITY: Kuwait is currently undertaking several large-scale housing projects aimed at addressing the growing demand for residential units, and it includes Al-Multaa City, South Saad Al-Abdullah City, and South Sabah Al-Ahmad City. Those major projects were set to provide housing for thousands of citizens and offer significant opportunities for foreign companies to contribute, particularly in the fields of infrastructure and construction. Al-Mutlaa City is one of three major housing projects currently being executed by the Public Authority for Housing Welfare (PAHW), with a projected population of 400,000, the pace of infrastructure completion was accelerating in two other major projects: South Saad Al-Abdullah City and South Sabah Al-Ahmad City.In September, the PAHW signed a…

Riyadh, Saudi Arabia – Kingdom Holding Company announced that its associate firm, Jeddah Economic Co., has signed a SAR 7.2 billion (approximately $1.9 billion) agreement with the Saudi Binladin Group to resume construction of the Jeddah Tower. Any remaining costs will be financed through internal resources and banking facilities. Infrastructure development for the first phase, spanning 1.3mn sqm, has been completed, including essential services such as electricity, water, sewage, flood drainage, and high-speed internet connectivity. Once finished, the Jeddah Economic Company Tower will join an exclusive group of mega-tall skyscrapers- buildings that reach 600 metres or taller – according to The Council on Tall Buildings and Urban Habitat. Currently, only four…

The upcoming edition of Cityscape Global, the region’s leading real estate event, will be the biggest in the international series’ history, said its organiser Tahaluf, a joint venture between the Saudi Federation for Cybersecurity, Programming, and Drones, Events Investment Fund and Informa, one of the world’s biggest tradeshow organisers.   With a heightened B2B and investment focus for the second annual instalment in Saudi Arabia, Cityscape Global 2024 is poised to retain its standing as the largest property showcase of its kind globally, with 400+ exhibitors, 500+ speakers, and 7 conferences.   For 2024, Tahaluf has added additional sector profiles to the Cityscape Global line-up. Joining the portfolio are Stadiums and Attractions, Sustainable Smart…

Saudi-based Ladun Investment said its key subsidiary, Built Industrial Company, has been awarded a SAR646 million ($172 million) contract for the development of The Point, a 75,000 sq m mixed-use project on King Fahd Road at Abha in the Asir region of the kingdom. The contract was awarded by Real Estate Development Fund Company, a private closed real estate investment fund owned by the Red Sea Asir Company and the Tourism Development Fund. On completion, the project will boast a shopping mall, a hotel as well as variety of entertainment facilities in addition to administrative buildings, open spaces and gardens, said Ladun Investment Company in its filing to Saudi bouse Tadawul. A unique retail and hospitality destination, The Point aims to provide an exceptional retail, lifestyle,…

Retal Urban Development Company has announced that it has awarded a SAR224.4 million ($59.7 million) construction contract to one of its key subsidiaries, Building Construction Company, for a key project located in the Saudi port city of Jeddah. As per the deal, Building Construction Company will be responsible for the construction of 442 residential units within the South Jeddah development, said Retal in its filing to Saudi bourse Tadawul. The entire work will be completed within a 30-month period, it added. On the financial impact, the company stated that it is expected to have a positive impact on the results post the start of the project execution for 2024 , 2025 ,2026 & 2027.

Doha: Alijarah Holding Company announced the expansion of its new property project - ‘Al-Rawdah’ in the Saudi market, yesterday. Signing an agreement worth QR55m with Arch. Radhwan Jamal Aldeen Babili company for Architectural Contracting, the collaboration aims to foster the design and enhancement of residential villas, externally and internally. The deal was signed and attended by the Chief Executive Officer of Alijarah Holding and its subsidiaries, Hamad Al Jamali and Arch. Radhwan Jamal Aldeen Babili, along with their respective teams. Speaking to The Peninsula on the sidelines of the partnership event, Hamad Al Jamali, Chief Executive Officer of Alijarah Holding said: “We bought land in Jeddah with over 5000 sq m. Our project is to build almost 10 luxury houses…

KUWAIT CITY: In a recent Financial Stability Report, the Central Bank of Kuwait revealed concerning trends in the local real estate sector for 2023, reports Al-Seyassah daily. The report highlighted that this year marked the lowest average value of real estate transactions in the past five years. The report detailed a significant decline in both the value and total number of transactions, attributing this downturn to a gradual increase in local interest rates that began in early 2022. The value of real estate transactions plummeted by approximately 28 percent, dropping to 2.74 billion dinars, well below the average of previous years. Furthermore, the growth rate of residential real estate prices also faltered, with the average price growth across the six governorates dwindling to about…

KUWAIT CITY: Imad Haidar, the head of the Real Estate Brokers Association, recently shared insights into the challenges facing Kuwait’s residential real estate sector. He noted a slowdown in demand that began at the start of last year, attributing this decline to several key factors, including rising interest rates on deposits, peak residential property prices, and the implementation of new regulations that have psychologically impacted market participants. According to Haidar, the residential real estate market has experienced an average decline of 25 percent since the beginning of 2023, with the most significant drops occurring in outer areas that had previously seen speculative surges in prices. He pointed out that declines vary by region, with some areas experiencing reductions…

Banan Real Estate Company plans to establish a simplified joint stock firm for investment and real estate development, according to a bourse disclosure. The board members approved the new entity, which will be developed with Al Azizah Real Estate Investment and Development Company and other shareholders. Meanwhile, the joint venture will own, manage, and develop lands as well as buildings. In August, Al Azizah Real Estate obtained a SAR 50 million loan from Riyad Bank to expand business activities. During the first half (H1) of 2024, Banan Real Estate posted a 45.21% year-on-year (YoY) leap in net profit to SAR 20.05 million, compared to SAR 13.81 million. Revenues jumped by 83.63% to SAR 59.52 million from SAR 32.41 million.

The second edition of Cityscape Global, the region’s leading real estate event, is set to be the biggest in the international series’ history with focus on 'The Future of Living', featuring over 400 top exhibitors in addition to more than 500 speakers and 7 conferences, according to the event organisers Tahaluf. Tahaluf is a joint venture partnership between the Saudi Federation for Cybersecurity, Programming, and Drones, Events Investment Fund and Informa, one of the world’s biggest tradeshow organisers. Taking place from November 11 to 14 at the Riyadh Exhibition and Convention Center, Malham, Cityscape Global 2024 will be held under the theme ‘The Future of Living’, sponsored by the Ministry of Municipalities and Housing (MOMAH), supported by the General…

  The Gulf Co-operation Council (GCC) nationals and GCC-based expats are prepared to spend as much as $538mn on Doha’s residential market, according to global property consultancy Knight Frank’s second annual Destination Qatar report. This is based on its survey of 253 GCC nationals and 249 GCC-based expats, each with a minimum monthly income of $5,000, said Knight Frank, a London-based leading independent global property consultancy. “The principal reason GCC nationals and GCC-based expats would like to own residential property in Qatar is purely for capital gains, while the second biggest motivation is for a buy-to-let property," said Adam Stewart, Partner – Head of Qatar, Knight Frank. Overall, the survey uncovered a potential pool of $537.5mn of…