Bahrain Marina Development Company has announced that steady progress is being made on its iconic Bahrain Marina project being developed at a tota investment of BD200 million ($527 million) in the capital Manama with nearly 18% of the construction work already completed.   On completion, this premier destination features an array of retail stores with leading brands, high-end restaurants, and cafes recognised both locally and internationally.   Additionally, the project encompasses a commercial complex, a yacht parking facility, and an expansive 3,200-square-meter marine club.   Giving a project update, the Bahraini developer said the marina project was not only advancing confidently towards its developmental objectives but also surpassing anticipated progress, as…

volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from 28 April to 2 May 2024 reached QR, 247,261,294.   Total sales contracts for residential units in the Real Estate Bulletin for the period from 28 April to 2 May 2024, is QR, 44,144,614.   The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale has included vacant lands, houses, Residential Buildings, Commercial Residential Building and Shops, Residential Units.   Sales were concentrated in, Doha, AL Rayyan, Al Daayen, Al Wakrah, Umm Slal, Al Khor and Al Dakhira, Al Shamal, municipalities, and in the Pearl Island, Al Dafna 60, Lusail 69, Legtaifiya, Zones.  

Doha, Qatar: Ezdan Real Estate announced the opening and lease of second phase at Al Janoub Gardens Residence, yesterday. Following the complete leasing of all 880 units in its first phase, the company has launched the second phase of Al Janoub Gardens Residence project, which comprises approximately 775 residential units of varying sizes.   Addressing a press conference, Deputy CEO of Ezdan Holding Group, Hani Dabash highlighted the overwhelming demand and popularity the project has received, particularly for its modern amenities and lifestyle offerings, including a central garden featuring children’s play areas and lush greenery, which facilitated the rapid lease-up of the first phase.   Al Janoub Gardens Residence is among the company’s key developments,…

Doha, Qatar: The new real estate registration law has been issued to keep pace with latest developments and use information technology in providing services, said a top official.   “The Law No. (5) of 2024 for regulating real estate registration stipulates that the Real Estate Registration Department can provide its services completely electronically,” said Director of the Real Estate Registration Department at the Ministry of Justice Amer Al Ghaferi.   Speaking to Qatar TV recently, he said that it will ease the services provided by the Department to citizens, expatriates and the entire real estate sector.   “Now we are providing services through SAK application which requires the applicants to visit the headquarters of the Ministry of Justice for…

Muscat: The total value of real estate transactions in the Sultanate of Oman decreased by 19.5 percent to OMR587.50 million at the end of March 2024 compared to OMR730.10 million during the same period in 2023. Statistics issued by the National Centre for Statistics and Information (NCSI) indicated that the fees collected for all legal transactions decreased by 10.3 percent to OMR16.5 million at the end of March 2024. The total value of sales contracts amounted to OMR284.90 million. The traded value of mortgage contracts decreased by 30.8 percent to OMR299.80 million in 4,858 contracts while the number of swap contracts reached 383 worth OMR2.8 million. Property issuance figures showed a 6.9 percent decrease, with 57,167 properties issued by the end of March 2024. Properties issued to…

 Leading international retail franchise operator Alshaya Group proudly announces the opening of the first Hampton by Hilton in Kuwait, in partnership with Hilton. Located in the heart of Kuwait, in the Salmiya District, Hampton by Hilton Kuwait Salmiya boasts 110 modern and stylishly designed bedrooms. The brand-new hotel promises a hassle-free experience with comfortable, thoughtfully designed rooms, friendly service, as well as convenient and modern amenities, including a free hot breakfast and a fully-equipped gym. “The opening of our first Hampton by Hilton marks a milestone in diversifying our hospitality offerings to customers in Kuwait. Over the years, the region has experienced a surge in demand for high-quality hotels, and we're thrilled to bring the Hampton by…

To finish the process of implementing the new law’s provisions, the Ministry of Justice (MoJ) is drafting the executive decisions and regulations of Law No. (5) of 2024, which governs real estate registration. Saeed Abdullah Al Suwaidi, the MoJ’s Assistant Undersecretary for Real Estate Registration and Documentation Affairs, explained that this is part of the ministry’s efforts to modernize the legal and service system and to carry out the wise leadership’s directives to speed up transactions and services provided to citizens and residents. It also aims to raise the standard of services provided by government authorities, including the initiation of digital transformation initiatives. According to him, the law has entirely created several new provisions for real…

Doha, Qatar: The Commercial Avenue Company has signed a long-term lease agreement with Retaj Real Estate for 232 residential apartments in the ‘Jeera’ residential buildings, comprising one, two, and three-bedroom units.   Fahad Abdullatif Al Jahrami, Chairman of the Board at The Commercial Avenue Company, signed the agreement and stated, “This agreement is a significant milestone in enhancing Qatar’s real estate landscape. We are dedicated to delivering exceptional value, and this partnership exemplifies our commitment to excellence.”   Abdulla Abdulrazzak Haidar, Chief Executive Officer of The Commercial Avenue Company, commented that the new contract underscores the company’s significant impact on the Qatari real estate…

Doha, Qatar: Qatar has seen tremendous growing demand for residential properties in recent months as industry leaders note many new projects are in the pipeline for the current year.   Speaking to The Peninsula, Anum Hassan, who leads the Research team at ValuStrat said: “Rents decreased by 7 percent per year by the end of 2023, and there was no change in Q4 of that year. Over 6,000 units are in our pipeline for 2024, and most of them are planned apartment buildings.”   The market expert highlighted the post-FIFA fluctuation in the residential market, which saw a fall in rental prices across the country.   “After the World Cup 2022 concluded, we witnessed a significant decline in occupancy during the first half of 2023w. Rents thus decreased by 5…

Kuwait's Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42.468 million ($140 million) for the construction of social housing units within the new Al Metlaa residential district in the north of the country, reported Kuna.   One of the major housing projects in Kuwait, the Al Metlaa residential district will boast several key facilities and amenities including nurseries, stores as well as two schools in addition to various other retail outlets.   Electricity connections have been given to 109 buildings in the district, said the report citing PAHW officials, indicating at the ongoing work to build all necessary facilities for the new residential district.   Currently, the authority is executing several projects including a medical center, a…

The Public Authority for Housing Welfare (PAHW) has signed two contracts to construct public buildings in the new Al-Metlaa residential district worth KD 42.468 million (USD 140 million).   The Authority said in a statement on Wednesday that the new buildings would be constructed with high-quality materials, affirming the keenness to secure all needs for the citizens while moving to their newly built houses in the region.   The facilities will include nurseries, stores, two schools in addition to various other shops.   Currently, the authority is executing several projects including a medical center, a supermarket, a police station, a municipal building, a postal office and others.   Electric power has been connected to 109 buildings in the district, it said,…

Riyadh –  Knowledge Economic City announced signing two contracts with Elkhereiji Commerce and Contracting Company for Al Alya project at a combined value of SAR 288.60 million.   The two deals were awarded and signed on 4 April 2024, according to separate bourse disclosures.   The first contract is valued at SAR 171.12 million and holds a duration of 20 months starting from 5 May 2024. The deal covers the electromechanical, finishing, and landscaping works for eight residential buildings comprising 264 apartments within the first phase of the mixed-use project.   For this deal, the contractor's dues will be paid in monthly instalments based on work progress. Meanwhile, the financial impact will be represented in the cash outflow for the amount payable to…