Doha, Qatar: The new real estate registration law has been issued to keep pace with latest developments and use information technology in providing services, said a top official.   “The Law No. (5) of 2024 for regulating real estate registration stipulates that the Real Estate Registration Department can provide its services completely electronically,” said Director of the Real Estate Registration Department at the Ministry of Justice Amer Al Ghaferi.   Speaking to Qatar TV recently, he said that it will ease the services provided by the Department to citizens, expatriates and the entire real estate sector.   “Now we are providing services through SAK application which requires the applicants to visit the headquarters of the Ministry of Justice for…

Muscat: The total value of real estate transactions in the Sultanate of Oman decreased by 19.5 percent to OMR587.50 million at the end of March 2024 compared to OMR730.10 million during the same period in 2023. Statistics issued by the National Centre for Statistics and Information (NCSI) indicated that the fees collected for all legal transactions decreased by 10.3 percent to OMR16.5 million at the end of March 2024. The total value of sales contracts amounted to OMR284.90 million. The traded value of mortgage contracts decreased by 30.8 percent to OMR299.80 million in 4,858 contracts while the number of swap contracts reached 383 worth OMR2.8 million. Property issuance figures showed a 6.9 percent decrease, with 57,167 properties issued by the end of March 2024. Properties issued to…

 Leading international retail franchise operator Alshaya Group proudly announces the opening of the first Hampton by Hilton in Kuwait, in partnership with Hilton. Located in the heart of Kuwait, in the Salmiya District, Hampton by Hilton Kuwait Salmiya boasts 110 modern and stylishly designed bedrooms. The brand-new hotel promises a hassle-free experience with comfortable, thoughtfully designed rooms, friendly service, as well as convenient and modern amenities, including a free hot breakfast and a fully-equipped gym. “The opening of our first Hampton by Hilton marks a milestone in diversifying our hospitality offerings to customers in Kuwait. Over the years, the region has experienced a surge in demand for high-quality hotels, and we're thrilled to bring the Hampton by…

To finish the process of implementing the new law’s provisions, the Ministry of Justice (MoJ) is drafting the executive decisions and regulations of Law No. (5) of 2024, which governs real estate registration. Saeed Abdullah Al Suwaidi, the MoJ’s Assistant Undersecretary for Real Estate Registration and Documentation Affairs, explained that this is part of the ministry’s efforts to modernize the legal and service system and to carry out the wise leadership’s directives to speed up transactions and services provided to citizens and residents. It also aims to raise the standard of services provided by government authorities, including the initiation of digital transformation initiatives. According to him, the law has entirely created several new provisions for real…

Doha, Qatar: The Commercial Avenue Company has signed a long-term lease agreement with Retaj Real Estate for 232 residential apartments in the ‘Jeera’ residential buildings, comprising one, two, and three-bedroom units.   Fahad Abdullatif Al Jahrami, Chairman of the Board at The Commercial Avenue Company, signed the agreement and stated, “This agreement is a significant milestone in enhancing Qatar’s real estate landscape. We are dedicated to delivering exceptional value, and this partnership exemplifies our commitment to excellence.”   Abdulla Abdulrazzak Haidar, Chief Executive Officer of The Commercial Avenue Company, commented that the new contract underscores the company’s significant impact on the Qatari real estate…

Doha, Qatar: Qatar has seen tremendous growing demand for residential properties in recent months as industry leaders note many new projects are in the pipeline for the current year.   Speaking to The Peninsula, Anum Hassan, who leads the Research team at ValuStrat said: “Rents decreased by 7 percent per year by the end of 2023, and there was no change in Q4 of that year. Over 6,000 units are in our pipeline for 2024, and most of them are planned apartment buildings.”   The market expert highlighted the post-FIFA fluctuation in the residential market, which saw a fall in rental prices across the country.   “After the World Cup 2022 concluded, we witnessed a significant decline in occupancy during the first half of 2023w. Rents thus decreased by 5…

Kuwait's Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42.468 million ($140 million) for the construction of social housing units within the new Al Metlaa residential district in the north of the country, reported Kuna.   One of the major housing projects in Kuwait, the Al Metlaa residential district will boast several key facilities and amenities including nurseries, stores as well as two schools in addition to various other retail outlets.   Electricity connections have been given to 109 buildings in the district, said the report citing PAHW officials, indicating at the ongoing work to build all necessary facilities for the new residential district.   Currently, the authority is executing several projects including a medical center, a…

The Public Authority for Housing Welfare (PAHW) has signed two contracts to construct public buildings in the new Al-Metlaa residential district worth KD 42.468 million (USD 140 million).   The Authority said in a statement on Wednesday that the new buildings would be constructed with high-quality materials, affirming the keenness to secure all needs for the citizens while moving to their newly built houses in the region.   The facilities will include nurseries, stores, two schools in addition to various other shops.   Currently, the authority is executing several projects including a medical center, a supermarket, a police station, a municipal building, a postal office and others.   Electric power has been connected to 109 buildings in the district, it said,…

Riyadh –  Knowledge Economic City announced signing two contracts with Elkhereiji Commerce and Contracting Company for Al Alya project at a combined value of SAR 288.60 million.   The two deals were awarded and signed on 4 April 2024, according to separate bourse disclosures.   The first contract is valued at SAR 171.12 million and holds a duration of 20 months starting from 5 May 2024. The deal covers the electromechanical, finishing, and landscaping works for eight residential buildings comprising 264 apartments within the first phase of the mixed-use project.   For this deal, the contractor's dues will be paid in monthly instalments based on work progress. Meanwhile, the financial impact will be represented in the cash outflow for the amount payable to…

  The office segment, for 2024, is expected to witness major projects that are in the pipeline, leading to augmenting the growth of Qatar’s economy. Several analysts in the country said that this indicates a vital boost for the sector.   However, as per reports, the key projects are expected to reach 350,000 sqm gross leasable area (GLA), representing an estimated increase of 50% in the forecast.   With the majority of the projects being delayed during 2023, oversupply is projected to exceed 2 million sq m GLA, which may continue to put “downward pressure” on the performance of the commercial sector.   Speaking to The Peninsula, Anum Hasan, Head of Research at Valustrat Qatar said: “In 2023, the office market saw a slowdown in the rent…

Bahrain's Ministry of Housing and Urban Planning has invited bids from qualified consultants to provide contract management and site supervision consultancy services for the construction of a major residential project being developed in the East Hidd Village in the kingdom.   A major project being funded by the Government of Kingdom of Bahrain, it will feature 284 social apartment units in the A2, C1 & C2 as well as 05, 06, 11 &14 plots within the East Hidd Village.   As per the notification in the Bahrain Tenders site, only qualified engineering consultants with Category ‘A’ licensed with the Council for Regulating the Practice of Engineering Professions (CRPEP), Kingdom of Bahrain, will be eligible to take part in the bids.   The ministry said…

Doha, Qatar: Qatar’s real estate market has continued its upward trajectory growth during the first three months of this year. Realty sector witnessed deals worth QR4.253bn in the third quarter (Q3) of 2024, according to Ministry of Justice data. Qatar’s market is poised to benefit in the long-term, driven by several infrastructure projects and developments, expansion of the industry across the country, and investment-friendly initiatives implemented by the Qatari government in addition to an appetite for safe investment. The real estate transactions achieved the highest levels during January 2024 with a total value of QR1.919bn. February 2024 registered a total value of QR1.391bn and March of this year also recorded QR942m realty transactions. The growth in real estate…