Egypt - Al Ahly Sabbour Developments, a premier real estate developer in Egypt, has unveiled its bold business plan for the year, which entails the addition of approximately 2,000 new feddan by year’s end, as stated by Chairperson Ahmed Sabbour. Sabbour conveyed to Daily News Egypt the company’s robust expansion strategy, which has already seen a 36% increase in land assets in this year’s first quarter, amounting to 1,045 feddan. This growth includes 181 feddan in Mostakbal City’s initial phase, solidifying Al Ahly Sabbour’s role as a leading developer in the region. Moreover, the acquisition of 864 feddan in Ras Al Hekma on the North Coast bolsters the company’s footprint in this coveted area, complementing its North Coast endeavors. These projects…
Dubai Real Estate
The Real Estate Registration Department in Sharjah has announced the provision of the service of ownership and usufruct deeds of various types in the digital wallet of the UAE Digital Identity (UAE Pass) app, making it the first government department in the emirate to provide this service. This comes within the framework of its commitment to providing the best services to customers, and in an implementation of the UAE government’s vision for digital transformation and enhancing customer experience, The Department's customers can now download ownership and private benefit deeds (ownership deed, joint ownership deed, usufruct deed, or joint usufruct deed) through the digital ID smart application on mobile phones. In this context, Abdul Aziz Ahmed Al-Shamsi, Director-General of…
Speculators and holiday homeowners who used their Dubai properties just a couple of times in a year are increasingly opting to rent for full-year it out to benefit from the spike in rental returns. “With the increase in rentals, long-term speculators or holiday home owners who come twice a year to Dubai to their holiday home are forced to rethink because the same property which had a rentability of Dh150,000 earlier, today it is Dh450,000. So they are encouraged to rent their units also. The occupancy of 45 days – 15 days during Christmas and 30 days in summer – has improved to 365 days because a resident is living now,” said Imran Farooq, CEO of Samana Developers. In an interview with Khaleej Times, he said seen to eight per cent returns on rentals is very…
Flipping is virtually unheard of in the residential property market due to top developers now requiring around 30 to 50 per cent of payment before owners can sell it. However, when it comes to commercial land, there is a lot of flipping happening as prices have rocketed by around 300 per cent in the past couple of years. “As far as demand for residential units is concerned, whether you’re buying under Dh1 million or Dh10 million property, we don’t have a traces of flipping because 90 per cent of the market is controlled by top 15 developers. And reselling of the property by these developers is not allowed until you pay 30 per cent to 50 per cent, depending on the developer. Secondly, in most cases, there is an accelerated payment also. In my opinion, 90…
Are a sizable portion of newly arrived residents in Dubai choosing to rent co-living spaces? particularly if they are in their 20s or early 30s and are still gaining experience in new roles or endeavors they have undertaken. According to market sources, co-living rental spaces are becoming more prevalent in listings, and the actual lease rates also appear to be stabilizing. “When I search across Dubai, the last one came back with 3,500 (co-living) rooms (listed),” said Danielle Hall, founder of Co-Living Legends, which works closely with developers and landlords to lease and manage such rentals. “If one goes online to search for a room to rent in say, the Dubai Marina, you will find hundreds of options. These range from individuals offering a…
British architectural firm Foster + Partners has unveiled the designs of two new residential towers - Vela and Vela Viento (Latin for sails and wind) - being set up by Dubai developer Omaniyat as part of its Marasi Bay project. The development employs the same architectural language as The Lana, Dorchester Collection, Dubai, which is also designed by the practice for Omniyat and located on the waterfront nearby. These towers offer its residents ultra-luxury waterfront living with direct access to the waterfront promenade and marina. On the Vela project, Foster + Partners said rising to 150m, it provides a floor area of 272,860 sq. ft. over 30 floors. The 38 residences range in size from 4,253 sq. ft. to 11,727 sq. ft. (internal area) and encompass penthouses and…
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 that the winning…
Egypt - PRE Developments has begun the initial delivery phase of the HADABA compound, situated in the 6th of October City, west of Cairo. Hossam Zaki, the Chairperson of PRE Developments’ board of directors, announced that the HADABA project covers 33 feddan and features a variety of villa models, including standalone, twin homes, and townhouses. Zaki noted that HADABA represents the company’s second successful project delivery, succeeding the Stone Residence project in New Cairo, completed in 2021 with over 4,000 units. PRE Developments anticipates the launch of several new projects in 2024, expanding across New Cairo and Sheikh Zayed City, encompassing residential, administrative, and commercial sectors. Since its establishment in 2017, PRE Developments has created…
British architectural firm Foster + Partners has unveiled the designs of two new residential towers - Vela and Vela Viento (Latin for sails and wind) - being set up by Dubai developer Omaniyat as part of its Marasi Bay project. The development employs the same architectural language as The Lana, Dorchester Collection, Dubai, which is also designed by the practice for Omniyat and located on the waterfront nearby. These towers offer its residents ultra-luxury waterfront living with direct access to the waterfront promenade and marina. On the Vela project, Foster + Partners said rising to 150m, it provides a floor area of 272,860 sq. ft. over 30 floors. The 38 residences range in size from 4,253 sq. ft. to 11,727 sq. ft. (internal area) and encompass penthouses and three-and four-bedroom…
Saudi-based Thakher Development Company has announced that steady progress is being made on its SAR26 billion ($7 billion) premium development, Thakher Makkah, located in the Saudi city, featuring a mix of residential, retail and hospitality elements, said the project developer. Spanning an area of 320,000 sq m on a site located 1 km from the Grand Mosque (Haram), the massive project will, upon completion, include about 100 land plots for the development for hotels and residential, commercial, and service-related facilities. Giving a project update, Thakher said as part of this initiative, work has been completed on 8 four-star hotel properties as well as hotel apartments, which are being managed by international operators. These facilities boast over 2,276 rooms and 7,000 beds,…
Many landlords in Dubai have started increasing rents upon renewal of their tenancy contracts after the Real Estate Regulatory Authority (RERA) updated its rental index that allowed property owners to increase rents to bring them in line with the market value. Industry executives, however, say that many tenants in the emirate will not have to pay higher rents until later this year or early next year when their current tenancy contracts end. That is because RERA guidelines state that landlords can only increase the rent at the time of tenancy renewal. In March, the Authority updated the index which is expected to see up to a 20 per cent increase in rental value for tenants in the emirate. This revision in the index is said to impact those tenants who have been staying in the property for…
Doha, Qatar: The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from March 24 to 28, 2024, reached QR237,067,641. Total sales contracts for residential units in the Real Estate Bulletin for the period from March 24 to 28, 2024, is QR,24,005,831. The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale has included vacant lands, houses, Apartment Complex, Shops, Residential Units. Sales were concentrated in, Al Rayyan, Al Daayen, Doha, Al Wakrah, Al Khor, Al Dakhira , Al Shamal, Umm Slal, and Al Sheehaniya municipalities, and in the Pearl Island Zone.