The Ministry of Justice, represented by the Real Estate Brokerage Department, has licensed so far 610 real estate brokers to streamline the real estate sector of the country.       The growing number of licensed brokers shows the success of the ministry in curbing the unlicensed brokers and speculations that affect the real estate market reputation.   The list of licensed real estate brokers with their contact number (mobile and e-mail) and licence numbers is shared on the website of the Ministry of Justice, making it easy for buyers and sellers of properties to approach them for their services.   In Doha Municipality, 340 brokers have been licensed, followed by Al Rayan Municipality with 163 licences.   As many as 47 brokers have been licensed in…

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…

Diyar Al Muharraq, a leading real estate development company in Bahrain, has highlighted that the third and final phase of its Al Naseem project is progressing as per schedule. Comprising 115 villas, the residential project is 31% complete and on track for Q2 2025 completion.   Giving a project update, Diyar Al Muharraq said the foundational infrastructure for the project is now finished, with construction and finishing works for the villas currently underway.   The project offers a diverse array of five villa types, each boasting unique features and ranging in size from 305 to 384 sq m. These include Sabah El Nasayem, Duha El Nasayem, Aseel El Nasayem, Layl El Nasayem 1, and Layl El Nasayem 2.   On the steady progress, CEO Engineer Ahmed Ali Al Ammadi said: "We are…

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.

Doha, Qatar: Qatar’s property sector reported a thriving period as sales transactions significantly rose during the second quarter of 2024.       In its latest report, Cushman & Wakefield Qatar highlighted that there is a robust underlying demand for higher specification buildings in key areas as residents are taking advantage of rental declines, which saw a general downward since 2022.   In The Pearl, the demand soared in residential buildings such as Viva Bahriya and Floresta Gardens with tenants drawn towards the high quality of finishing, property management services, and all-inclusive rents offered by landlords.       On the other hand, vacancy rates are expected to increase for residential towers in Porto Arabia, especially in…

 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.  

Doha: 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 Aug. 04 to 08, reached QR217,052,596, while the total sales contracts for residential units in the Real Estate Bulletin during the same period reached QR17,662,685.       The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale included vacant lands, houses, residential buildings, a residential-commercial building, shops, and residential units.   Sales were concentrated in the municipalities of Al Rayyan, Doha, Umm Salal, Al Daayen, Al Shamal, Al Wakrah, Al Khor and Al Dakhira, and the areas of The Pearl Island and Lusail 69.   The volume of real estate…

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…

After more than six years of addressing the real estate fraud crisis and significant progress made by the government from 2017 to 2022 to eliminate this phenomenon, real estate fraud cases are once again resurfacing, particularly through real estate brokerage. Recent activity on social media has revealed many cases of real estate fraud, with some individuals impersonating real estate brokers to carry out deceptive operations under the guise of accredited real estate offices. To understand the reasons behind the resurgence of real estate fraud in brokerage and explore the potential solutions, Al-Seyassah met with several real estate brokers.       They stressed the need to tighten control over unauthorized individuals in the profession, enhance societal awareness of real…

According to a report by Al-Shall Center, the total number of buildings in Kuwait reached approximately 219,600 by the end of June 2024, up from about 216,300 at the end of June 2023, reports Al-Seyassah daily. This represents a growth rate of around 1.5 percent over the past year, slightly lower than the 1.6 percent growth recorded during the previous year.     The report also highlighted that the number of building units increased to about 786,800 by the end of June 2024, compared to 778,200 units a year earlier, marking a 1.2 percent increase. The compound annual growth rate for units from June 2015 to June 2024 was about 1.9 percent, while the compound growth rate for buildings was 1.2 percent. This suggests a trend toward smaller unit sizes within buildings and a shift…

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 July 28 to Aug. 1, reached QR111,956,851, while the total sales contracts for residential units in the Real Estate Bulletin during the same period reached QR19,102,371.   The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale included vacant lands, houses, residential buildings, a residential commercial building, shops, and residential units.   Sales were concentrated in the municipalities of Doha, Al Rayyan, Al Daayen, Al Wakrah, Umm Salal, Al Shamal, Al Khor and Al Dakhira, and the areas of The Pearl Island, Lusail 69, Al Kharaej, and Al Dafna 60.     The volume…

According to statistics issued by the Real Estate Brokers Union concerning real estate transactions in July, there was an increase in the value of real estate transactions by 22 percent and the number of properties by 46 percent in July compared to June. The total value of real estate transactions in July was about KD 385.5 million compared to KD 316.4 million in June. The number of properties in July was 472 compared to 323 properties in June. The statistics showed that the residential sector led in both the value and number of real estate transactions, comprising 39 percent of the total trading value and 71 percent of the total number of properties. The investment sector ranked second with 30 percent in trading value and 24 percent in property numbers. The commercial sector secured…