KUWAIT CITY: In a recent Financial Stability Report, the Central Bank of Kuwait revealed concerning trends in the local real estate sector for 2023, reports Al-Seyassah daily. The report highlighted that this year marked the lowest average value of real estate transactions in the past five years. The report detailed a significant decline in both the value and total number of transactions, attributing this downturn to a gradual increase in local interest rates that began in early 2022. The value of real estate transactions plummeted by approximately 28 percent, dropping to 2.74 billion dinars, well below the average of previous years. Furthermore, the growth rate of residential real estate prices also faltered, with the average price growth across the six governorates dwindling to about…

KUWAIT CITY: Imad Haidar, the head of the Real Estate Brokers Association, recently shared insights into the challenges facing Kuwait’s residential real estate sector. He noted a slowdown in demand that began at the start of last year, attributing this decline to several key factors, including rising interest rates on deposits, peak residential property prices, and the implementation of new regulations that have psychologically impacted market participants. According to Haidar, the residential real estate market has experienced an average decline of 25 percent since the beginning of 2023, with the most significant drops occurring in outer areas that had previously seen speculative surges in prices. He pointed out that declines vary by region, with some areas experiencing reductions…

Banan Real Estate Company plans to establish a simplified joint stock firm for investment and real estate development, according to a bourse disclosure. The board members approved the new entity, which will be developed with Al Azizah Real Estate Investment and Development Company and other shareholders. Meanwhile, the joint venture will own, manage, and develop lands as well as buildings. In August, Al Azizah Real Estate obtained a SAR 50 million loan from Riyad Bank to expand business activities. During the first half (H1) of 2024, Banan Real Estate posted a 45.21% year-on-year (YoY) leap in net profit to SAR 20.05 million, compared to SAR 13.81 million. Revenues jumped by 83.63% to SAR 59.52 million from SAR 32.41 million.

The second edition of Cityscape Global, the region’s leading real estate event, is set to be the biggest in the international series’ history with focus on 'The Future of Living', featuring over 400 top exhibitors in addition to more than 500 speakers and 7 conferences, according to the event organisers Tahaluf. Tahaluf is a joint venture partnership between the Saudi Federation for Cybersecurity, Programming, and Drones, Events Investment Fund and Informa, one of the world’s biggest tradeshow organisers. Taking place from November 11 to 14 at the Riyadh Exhibition and Convention Center, Malham, Cityscape Global 2024 will be held under the theme ‘The Future of Living’, sponsored by the Ministry of Municipalities and Housing (MOMAH), supported by the General…

  The Gulf Co-operation Council (GCC) nationals and GCC-based expats are prepared to spend as much as $538mn on Doha’s residential market, according to global property consultancy Knight Frank’s second annual Destination Qatar report. This is based on its survey of 253 GCC nationals and 249 GCC-based expats, each with a minimum monthly income of $5,000, said Knight Frank, a London-based leading independent global property consultancy. “The principal reason GCC nationals and GCC-based expats would like to own residential property in Qatar is purely for capital gains, while the second biggest motivation is for a buy-to-let property," said Adam Stewart, Partner – Head of Qatar, Knight Frank. Overall, the survey uncovered a potential pool of $537.5mn of…

RIYADH - Ajdan Real Estate Development has announced the signing of an agreement with Aljazira Capital to establish a project amounting to about SR2 billion to build mixed-use towers as well as to launch the Aljazira Ajdan Real Estate Fund. This was part of a new strategic partnership and an extension of previous partnerships between the two entities.The project, which spreads over an area exceeding 21000 square meters, is located in the heart of Riyadh, in a prime geographical location in Al-Rahmaniyah district, at the intersection of two key roads, King Fahd Road and King Abdullah Road. It is also close to major landmarks, including the Ministry of Municipalities and Housing, King Abdullah Financial District (KAFD), King Saud University, King Salman Park, Kingdom Tower, Dallah…

Al Mouj Muscat, Oman’s premier lifestyle destination has set a new standard in golf course living by introducing the Golf Link Residences, a collection of elegant apartments and residences nestled on the lush fairways of Al Mouj Golf.   The highly anticipated neighbourhood is set to become one of the most desirable residential options as it redefines luxury living with breathtaking views, premium amenities, and unmatched benefits, a press release said.   Featuring only 28 luxurious four-bedroom residences and a range of one to three-bedroom apartments, the exclusive neighbourhood seamlessly integrates ‘the luxury of nature’ into every detail of its design to catch the eye of today’s discerning homebuyers and investors.   The bespoke residences…

Bahrain - Al Areen Holding Company, a subsidiary of GFH Financial Group and the developer of Al Areen masterplan, is set to kick off a 10-day promotional campaign to highlight its pioneering Tilal Residential Project, in Bahrain.   A soon-to-be contemporary destination for those seeking an exceptional lifestyle close to scenic nature, Tilal Residential Project, boasts a panoramic view of Al Areen Wildlife Reserve, said the developer in a statement.   Starting from September 19, Al Areen Holding Company will provide exclusive offers on residential units within the Tilal Residential Project. Spanning over 93,000 sq m, the premium project will offer residents a range of luxurious villas and townhouses. The property is characterised by lavish modern design and spaciousness, with…

Egypt - Mountain View for Real Estate Development and Investment is planning to begin its operations in Saudi Arabia before the end of this year, Chairman Amr Soliman told Asharq Business.   The company is set to make its debut in the Saudi market by launching a project in Riyadh, in partnership with Maya Real Estate Development and Investment and Al Saedan Real Estate, Soliman noted.   He added that his company targets up to SAR 2 billion in sales from its new project in the kingdom.   Furthermore, the firm seeks to boost its investments in Egypt by pumping up to EGP 30 billion in into projects in 2025, compared to EGP 15 billion in investments targeted for the current year, Soliman revealed.   Additionally, Mountain View is set to launch three projects in…

Leading Saudi real estate developer and a PIF company Roshn Group has opened registration for the participants of Musahama Design Competition - Emerging Design Firms Track - with the registration due by September 30.   Part of PIF’s Musahama programme, it aims to qualify and select designs for facilities and amenities within the flagship Sedra community.   The contest is designed to boost local content and empower national talent in line with Vision 2030, said the statement from the developer.   Musahama Design Competition: Sedra Pedestrian Spine offers rising architects, including final-year students and recent graduates of architecture programs, as well as emerging local design firms, the opportunity to envision the future of living in the…

The Egyptian government launched 543 new real estate projects in the country last year with initial investments worth $363 million, Asharq Business reported, citing Deputy Minister of Housing Walid Abbas. Abbas highlighted that 86% of the total new projects are held by the private sector. He added that the government allocated 1,350 industrial land plots of an area of 17,393 feddans worth EGP 26 billion for investors and developers last year.

Doha, Qatar: The volume of mortgage transactions registered during August of this year reached 86 transactions with a total amount of QR1.671bn.   Doha Municipality registered the highest number of mortgage transactions with 36 (equivalent to 41.9 percent) of the total number of mortgaged properties, followed by Al Rayyan Municipality with 25 transactions (equivalent to 29.1 percent).   Then Al Dhaayen Municipality with nine transactions (equivalent to 10.5 percent) of the total number of mortgaged properties, according to data by Ministry of Justice. Regarding the value of mortgages in August 2024, Doha Municipality came first with amount of QR1.418bn while Al Shamal Municipality registered the lowest value which reached QR2.160m.   Considering the indicator of…