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…

Qatar’s office market continues to witness a hike in demand with expansion projects across the country. However, the rents for office rooms during the second quarter of 2024 remained constant, according to a report released yesterday by ValuStrat.   Anum Hassan, Head of Research, Qatar commented “Office sector rents remained stable throughout the period. Whilst, street retail and shopping centers in Doha saw a quarterly decline of 5 percent and 2 percent respectively.”   However, the data indicated an overall decrease of 3.6 percent Y-O-Y in the rents for the office market.   Some of the primary business districts including the West Bay observed a quarterly reduction of 1 percent, while office rents in Grand Hamad Avenue dropped by 3…

Diyar Al Muharraq, Bahrain’s largest real estate firm, has appointed ASK Real Estate to provide comprehensive executive management support services for the Al Naseem Community.     ASK Real Estate will oversee daily operations, maintain common areas, and offer strategic advice on community management. The company has also been entrusted to manage all financial aspects related to the community’s operations.   Held at Diyar Al Muharraq headquarters, the signing ceremony for this collaboration was attended by Majed Al Khan, Chairman of the Board of Directors of ASK Real Estate, Karim Yazji, Chief Executive Officer of ASK Real Estate, Eng Ahmed Ali Alammadi, Chief Executive Officer of Diyar Al Muharraq, and other officials from both companies.   Vibrant,…

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…

Qatar - Leasing trends have created a two-tiered office market in Qatar where demand is focused on an ever-decreasing Grade-A space, while older stock is lying vacant for extended periods with limited new demand, according to Cushman and Wakefield Qatar (CWQ)."Pipeline supply is dominated by Lusail Towers, with three of the four landmark buildings allocated to QNB, the Qatar Investment Authority and the Qatar Central Bank. It is yet unclear as to how much, if any of this office space will be released to the wider market," CWQ said in a report.With occupancy rates climbing across Grade A locations, it said upward pressure on rents is starting to re-emerge for the first time since 2015.While the majority of Grade A office space in West Bay and Lusail can be leased for between QR100 and…

The real estate sector across the GCC region is expected to maintain its upward momentum, reinforced by strong macroeconomic fundamentals, supportive government policies, and increasing investor interest, according to industry expert Markaz Real Estate       In its latest real estate reports, Markaz has forecast a positive outlook for the real estate markets in Kuwait, Saudi Arabia, and the UAE in H2 2024.   The scores in the Markaz GCC Macro Index for the second half of 2024 are projected at 3.5 for Kuwait, 3.7 for Saudi Arabia and 3.6 for UAE.     These comprehensive reports, developed by Markaz Mena Real Estate team and Marmore Mena Intelligence, the research arm of Markaz, offer a detailed analysis of the real estate sector's performance during…

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.

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…