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…

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%…

DOHA: The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice from July 21 to 25, reached QR234,841,770, while the total sales contracts for residential units in the Real Estate Bulletin during the same period reached QR12,390,000. 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 Wakrah, Al Rayyan, Al Shamal, Al Daayen, Al Khor and Al Dakhira, Umm Salal, and the areas of The Pearl Island, Al Kharaej, Umm Abeeriya, Leqtaifiya, and Lusail 69. The volume of real estate trading in sales…

GCC investors are expected to spend more than $4 billion annually on UK commercial property as interest rates fall, creating improved affordability and outlook.       The Bank of London and The Middle East (BLME) said purpose-built student accommodation buildings are a popular asset due to a growing number of students from the Gulf region at British universities.   The bank said the UK market is heading for a “once-in-a-decade economic alignment” as new opportunities emerge for GCC investors as a result of cuts in interest rates, a new government, and falling inflation and lower property prices in some segments.     The Bank of England (BoE) announced on Thursday that it was cutting its base rate from 5.25% to 5%, the first cut since…

The General Authority for Statistics (GASTAT) disclosed on Thursday that the real estate price index has shown a 1.7% increase in the second quarter of 2024 compared to the same quarter of the previous year. This rise is attributed to a 2.8% increase in residential real estate prices.       The report indicated that residential land prices rose by 2.8% on an annual basis, making the residential sector the largest contributor to the overall increase in real estate prices in Q2 2024 compared to Q2 2023.   The residential sector recorded a 2.8% increase in Q2 2024, while the prices of residential buildings increased by 0.1%, villas by 0.5%, houses by 1.4%, and apartments by 2.9%.       Conversely, the commercial real estate sector saw a decline of…

SALALAH: Dhofar Governorate is witnessing a significant increase in construction activities, driven by an urgent need to modernise infrastructure and accommodate a growing population. A key indicator of this urban boom is the remarkable rise in building permit applications. In 2023, the Building Permits Department of Dhofar Municipality reported a 22-per cent increase in applications compared to the previous year, bringing the total to 3,043. This surge underscores the accelerated pace of development and the heightened demand for new constructions in the governorate. To meet this rising demand, the Building Permits Department has been actively enhancing its services and modernising its systems. These improvements aim to streamline the permit application process, making it more efficient…