Riyadh: The National Housing Company (NHC) has announced a significant leap in its residential unit sales during the first half of 2024, reaching SAR13.5 billion.   Over 13,000 units were sold, a fourfold increase compared to the same period last year.This achievement results from ongoing efforts to meet the housing needs of citizens across various regions of the Kingdom and all segments of society, focusing on providing a comprehensive urban environment that enhances the quality of life.The sales growth is attributed to NHC's launch of numerous housing projects across different regions of the Kingdom. These projects contributed to the realization of Saudi Vision 2030 goals by increasing the homeownership rate to 70%.The exceptional growth results from NHC's adoption of…

Work is forging ahead on the SAR17.2 billion ($4.586 billion) The Avenues – Riyadh, which is expected to open in the first quarter of 2026.       Having broken ground during the first quarter of 2022, the project has reached 44.5 per cent completion, said a statement.   Joining the kingdom’s numerous new mega projects, The Avenues - Riyadh is a collaboration between Shomoul Holding Company and regional architecture and engineering firm, Pace.   Located at the heart of Saudi Arabia in the northern region of Riyadh City, overlooking the intersection of King Salman Road and King Fahad Road, The Avenues - Riyadh extends across an area of 390,000 sq m with a total built up area of 1,870,000 sq m. The mixed-purpose development will house a plethora…

Minister of Municipalities and Housing Majid Al-Hogail concluded his official visit to the United States. He engaged with American government officials and leaders in the construction and real estate development sectors to strengthen bilateral partnerships in construction, finance, and real estate.   During the visit, five significant agreements were signed between the Saudi housing system and various American companies, including the Saudi Real Estate Refinance Company (SRC) with BlackRock and King Street. These agreements aim to develop real estate refinance market programs, expand access to local and international capital markets, and diversify funding sources through fixed income markets.   Additionally, two partnership agreements were signed between the Saudi Housing…

This partnership seeks benefit from the experience of the two companies in establishing, managing and developing commercial and service real estate projects. These assets are located on the lands owned by the two companies in the centre of Riyadh, which include Al-Taamir Markets, Al-Muaiqiliyah Center and Al-Dira Markets. The in-kind contribution of Riyadh Development Company to Al-Taamir Wholesale Commercial Center represents 46.34% of the partnership, while the contribution of Riyadh Holding Company to Al-Muaiqiliyah Commercial Center and Al-Dira Market is estimated at 53.66% of the partnership. The agreement comes in accordance with Riyadh Development Company's strategy and its eagerness to establish supportive partnerships that enable it to achieve financial sustainability and raise…

Palm Hills Development Company is considering implementing residential projects in Saudi Arabia’s Jeddah, Riyadh, and the northern region, the company’s Co-CEO and Managing Director Hazem Badran told Asharq Business.     Badran noted that his company does not expect real estate prices to hike in the short term in Egypt after being stabilized during the past three months.   On August 4th, Palm Hills announced the establishment of a new company in Saudi Arabia.

Riyadh: The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, signed a memorandum of understanding (MoU) in New York City today with King Street Capital Management.   The agreement aims to foster cooperation and strategic partnership between the two parties in the real-estate finance sector, under the patronage and in the presence of Minister of Municipalities and Housing and SRC chairman Majed bin Abdullah Al-Hogail, SRC said in a news release. The MoU, signed by SRC chief executive Majeed Fahd Al-Abdul Jabbar and King Street managing partner Brian J. Higgins is part of the minister’s official visit to the United States, which aims to explore ways to enhance partnership and cooperation between the two countries in the sectors of urban…

The Saudi Ministry of Justice announced that the number of beneficiaries of the real estate stock exchange services has reached more than 2.1 million since its launch a year ago.   The real estate exchange is one of the pioneering projects through which the Ministry of Justice seeks to simplify and facilitate real estate procedures and achieve transparency in transactions.   The real estate exchange allows beneficiaries to carry out buying, selling, and transferring ownership electronically in a safe and fast manner, which contributes to improving the user experience and saving time and effort.

 Banan Real Estate Company signed a credit facilities agreement valued at SAR 50 million with Riyad Bank on 19 August 2024. The Saudi company will use the five-year financing to expand business activities, according to a bourse disclosure. Meanwhile, the loan is secured by a promissory note in addition to the continued mortgage of some previously mortgaged properties. In June, Banan Real Estate submitted a request to transfer its shares to the main market of the Saudi Exchange (Tadawul). During the first half (H1) of 2024, the company’s net profits hiked by 45.21% to SAR 20.05 million from SAR 13.81 million in H1-23. Revenues jumped by 83.63% to SAR 59.52 million from SAR 32.41 million.  

A Saudi-controlled real estate firm says it plans to break ground early next year in Egypt's new capital on a $1 billion, 50-storey office tower that aims to be the first of its kind to be powered by clean hydrogen.       The sophisticated design and high price tag represent a bet by Magnom Properties, a subsidiary of Saudi industrial group Rawabi Holding, that international clients will be drawn to the new capital, a city for over 6 million people being built from scratch in the desert east of Cairo.   It is also a bet on clean hydrogen, produced using renewable energy and not yet proven at scale, as Egypt seeks to position itself as a green energy hub in the face of regional competition.       Ministries transferred to the city from July…

The Saudi Arabian real estate market is experiencing a surge in activity, according to the latest report from CBRE Middle East. While demand across various sectors is robust, a shortage of quality stock is hindering the market’s full potential.       Riyadh’s office market is particularly buoyant, with rental rates increasing significantly across all segments. Prime and Grade A office spaces are now fully occupied, while Grade B occupancy remains high at 99.4%. Jeddah and the Eastern Province cities of Dammam and Khobar also recorded rental growth and increased occupancy rates.   The Saudi residential sector is thriving, with sales transactions soaring in Riyadh, Jeddah, and Dammam. Riyadh saw the most substantial increase in sales, up 51.6%…

ROSHN Group announced the release of 1,251 new homes for sale in SEDRA Phase 4, part of its flagship Riyadh development and the city’s most desirable community.     The fourth phase of SEDRA community, situated north of the third phase, boasts a strategic location offering residents convenient access to shopping and office areas in the ROSHN Front.   It is also easily reachable via the Airport Road and is close to two metro stations. Moreover, it is near Princess Nourah University, Imam Muhammad bin Saud Islamic University, King Khalid International Airport, and the SAR train station.   The residences come in various sizes and designs, offering 10 floorplans and two facades in three color variations to choose from. Approximately 30% of the area is…

Riyadh: The Real Estate Price Index (RPI) showed a 1.7% increase in the second quarter of 2024 compared to the same quarter of last year. This rise is mainly due to a 2.8% increase in residential prices, according to a General Authority for Statistics (GASTAT) report released today.The report revealed that residential land plot prices have increased by 2.8% year-on-year, primarily driven by the residential sector, significantly impacting the overall increase in real estate prices. Specifically, prices for apartments rose by 2.9%, while residential building prices decreased by 0.1%, villa prices by 0.5%, and house prices by 1.4%.The report also showed that the commercial sector experienced a 0.4% decrease in real estate prices due to declines in the prices of commercial land plots by 0.4%…