Doha: The average asking rent for residential apartments indicates a significant upsurge in key neighborhoods across Qatar in Q3 2024, according to the online realty research platform - hapondo. The prime apartment markets continued to observe a spike in rents from July to September, the online marketplace said. As per the analysts at hapondo, the average rent for a one-bedroom listed in the West Bay area surged by over 7 percent to QR9,760 per month and by 4.5 percent to QR7,980 per month in Lusail’s Marina District. Meanwhile, in the two-bedroom apartment category, both West Bay and Marina have witnessed considerable increases in rental rates on a quarterly basis. On the other hand, market experts note that the rents in The Pearl Qatar have remained steady at QR8,490 per month…

Doha, Qatar: With an emphasis on redefining the concept of smart cities, Msheireb Downtown Doha seeks to change how people experience city life.   By relocating essential services underground — creating what Faisal AlMalki, COO of Msheireb Properties describes as ‘City under the City’ — this development not only enhances the aesthetic and functional quality of the urban landscape but also promotes sustainability and community engagement.   In an interview with The Peninsula AlMalki shares insights into the project’s evolution, its smart technologies, and how it aligns with global trends in urban development, positioning Msheireb Downtown Doha as a pioneering model for future cities.   “Our vision is to change the way that people…

Saudi Arabia’s King Abdullah Financial District (KAFD) is planning to raise $700 million through a real estate investment trust (REIT) to fund further development, according to Bloomberg. The financial centre real estate project in Riyadh will put some of its income-generating buildings into a trust to offer a stake to investors through a listing on Tadawul, the Saudi stock exchange. The final amount raised could be closer to $750 million, Bloomberg said, citing people familiar with the matter, with Citigroup Inc, HSBC Holdings Plc and Al Rajhi Capital hired as advisors on the deal. Saudi sovereign wealth fund PIF took over the development in 2016 following its launch in 2007.  

Qatar: UDC elevates luxury living standards with Crystal Residence at Cityscape The United Development Company (UDC), the master developer of The Pearl Island and Gewan Island, is showcasing its most anticipated project, Crystal Residence, as the centrepiece of its participation in Cityscape.   Situated at the heart of Gewan Island, Crystal Residence exemplifies luxury, lifestyle, and sustainability, and stands as one of the most significant additions to UDC's growing portfolio of premium developments.   Crystal Residence offers a unique blend of opulence and modern convenience. Designed to cater to the discerning needs of its residents, the development includes a variety of luxurious units ranging from one to three-bedroom apartments and spacious four-bedroom duplexes. The…

Doha, Qatar: Qatar’s real estate market has continued to witness growth during the third quarter (Q3) of this year as it saw deals worth QR3.351bn for 798 real estate transactions in Q3 of 2024. In the third quarter of last year the real estate index achieved total value of QR3.597bn for 855 real estate transactions. The real estate transactions achieved the highest levels during September 2024 with a total value of QR1.419bn. While August 2024, registered a total value of QR827.058m and July of this year recorded QR1.105bn realty transactions. The real estate market index for Q3, 2024 revealed that Doha Municipality, Al Rayyan Municipality and Al Dhaayen Municipality consecutively are the most active in terms of financial value. The financial values of Doha Municipality totaled…

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…