British architectural firm Foster + Partners has unveiled the designs of two new residential towers - Vela and Vela Viento (Latin for sails and wind) - being set up by Dubai developer Omaniyat as part of its Marasi Bay project.   The development employs the same architectural language as The Lana, Dorchester Collection, Dubai, which is also designed by the practice for Omniyat and located on the waterfront nearby.   These towers offer its residents ultra-luxury waterfront living with direct access to the waterfront promenade and marina.   On the Vela project, Foster + Partners said rising to 150m, it provides a floor area of 272,860 sq. ft. over 30 floors. The 38 residences range in size from 4,253 sq. ft. to 11,727 sq. ft. (internal area) and encompass penthouses and…

Bahrain's Ministry of Housing and Urban Planning has invited bids from qualified consultants to provide contract management and site supervision consultancy services for the construction of a major residential project being developed in the East Hidd Village in the kingdom. A major project being funded by the Government of Kingdom of Bahrain, it will feature 284 social apartment units in the A2, C1 & C2 as well as 05, 06, 11 &14 plots within the East Hidd Village. As per the notification in the Bahrain Tenders site, only qualified engineering consultants with Category ‘A’ licensed with the Council for Regulating the Practice of Engineering Professions (CRPEP), Kingdom of Bahrain, will be eligible to take part in the bids. The ministry said that the winning…

Egypt - PRE Developments has begun the initial delivery phase of the HADABA compound, situated in the 6th of October City, west of Cairo. Hossam Zaki, the Chairperson of PRE Developments’ board of directors, announced that the HADABA project covers 33 feddan and features a variety of villa models, including standalone, twin homes, and townhouses. Zaki noted that HADABA represents the company’s second successful project delivery, succeeding the Stone Residence project in New Cairo, completed in 2021 with over 4,000 units. PRE Developments anticipates the launch of several new projects in 2024, expanding across New Cairo and Sheikh Zayed City, encompassing residential, administrative, and commercial sectors. Since its establishment in 2017, PRE Developments has created…

British architectural firm Foster + Partners has unveiled the designs of two new residential towers - Vela and Vela Viento (Latin for sails and wind) - being set up by Dubai developer Omaniyat as part of its Marasi Bay project. The development employs the same architectural language as The Lana, Dorchester Collection, Dubai, which is also designed by the practice for Omniyat and located on the waterfront nearby. These towers offer its residents ultra-luxury waterfront living with direct access to the waterfront promenade and marina. On the Vela project, Foster + Partners said rising to 150m, it provides a floor area of 272,860 sq. ft. over 30 floors. The 38 residences range in size from 4,253 sq. ft. to 11,727 sq. ft. (internal area) and encompass penthouses and three-and four-bedroom…

Saudi-based Thakher Development Company has announced that steady progress is being made on its SAR26 billion ($7 billion) premium development, Thakher Makkah, located in the Saudi city, featuring a mix of residential, retail and hospitality elements, said the project developer. Spanning an area of 320,000 sq m on a site located 1 km from the Grand Mosque (Haram), the massive project will, upon completion, include about 100 land plots for the development for hotels and residential, commercial, and service-related facilities. Giving a project update, Thakher said as part of this initiative, work has been completed on 8 four-star hotel properties as well as hotel apartments, which are being managed by international operators. These facilities boast over 2,276 rooms and 7,000 beds,…

Many landlords in Dubai have started increasing rents upon renewal of their tenancy contracts after the Real Estate Regulatory Authority (RERA) updated its rental index that allowed property owners to increase rents to bring them in line with the market value. Industry executives, however, say that many tenants in the emirate will not have to pay higher rents until later this year or early next year when their current tenancy contracts end. That is because RERA guidelines state that landlords can only increase the rent at the time of tenancy renewal. In March, the Authority updated the index which is expected to see up to a 20 per cent increase in rental value for tenants in the emirate. This revision in the index is said to impact those tenants who have been staying in the property for…

Doha, Qatar: 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 March 24 to 28, 2024, reached QR237,067,641. Total sales contracts for residential units in the Real Estate Bulletin for the period from March 24 to 28, 2024, is QR,24,005,831. The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale has included vacant lands, houses, Apartment Complex, Shops, Residential Units. Sales were concentrated in, Al Rayyan, Al Daayen, Doha, Al Wakrah, Al Khor, Al Dakhira , Al Shamal, Umm Slal, and Al Sheehaniya municipalities, and in the Pearl Island Zone.

Many landlords in Dubai have started increasing rents upon renewal of their tenancy contracts after the Real Estate Regulatory Authority (RERA) updated its rental index that allowed property owners to increase rents to bring them in line with the market value. Industry executives, however, say that many tenants in the emirate will not have to pay higher rents until later this year or early next year when their current tenancy contracts end. That is because RERA guidelines state that landlords can only increase the rent at the time of tenancy renewal. In March, the Authority updated the index which is expected to see up to a 20 per cent increase in rental value for tenants in the emirate. This revision in the index is said to impact those tenants who have been staying in the property for…

Saudi Real Estate Construction Company (Tamear) has announced that it has secured a SAR160 million ($42.6 million) contract for implementation of architectural and external works for the Tilal Al Riyadh, a key mixed-use project coming up in a major neighbourhood north of capital Riyadh. Located in the Al Malqa District, the Tilal Al Riyadh is characterised by a contemporary aesthetic with its dynamic curved shape and the engaging facade design enhancing transparency and connectivity with the surroundings. It has a built-up area of 54,769 sq m. A major subsidiary of Saudi Real Estate Company (Al Akaria), Tamear said the project scope includes implementation of civil, structural, architectural, electromechanical and external works. The entire contract work will be completed within a…

Demand for ready properties grew in the UAE in the first quarter of 2024 as tenants are increasingly opting for ownership to beat rising rentals. According to the data released by Property Finder, the first quarter of 2024 opened up to strong demand for existing projects across both Dubai and Abu Dhabi unlike the first quarter of 2023 where off-plan transactions soared high. Rents have been consistently on the rise over the past three years after the pandemic. It is expected that this upward rental trend will continue in 2024 also due to unprecedented demand from the rising population. Rising rentals have prompted residents in the UAE to resort to buying properties in Dubai and Abu Dhabi, which will help residents save on rentals and also see their property value…

UAE -  In the first quarter (Q1) of 2024 Abu Dhabi recorded spikes in ready transactions while Dubai sustained a growing interest for both existing and off-plan properties, says a report. Unlike Q1 2023 where off-plan transactions soared high, Q1 2024 has opened up to a strong demand for existing projects across both Dubai and Abu Dhabi, said Property Finder, Mena’s leading property portal, which has revealed key data from its Market Watch digest report for Q1 2024. Abu Dhabi recorded 814 residential transactions in the first quarter (Q1) of 2024 representing around 38% of the total transactions compared to 628 transactions that contributed to 27% of the total transactions in Q1 2023. This was a notable growth of 30% from Q1 2023 Existing/ready transaction By reaching…

“W Capital” latest study   24% annual growth in off-plan property sales value Dubai Maritime City tops the list with the highest demand for off-plan sales, AED 4.24bn AED500bn in real estate sales expected in 2024 Off-plan sales activity comes in light of a group of buyers preferences to bank on the revenues, W Capital- the leading Dubai real estate brokerage – assessed off-plan real estate sales growth in the first quarter of 2024.The study expected 24% growth in sales to AED44.52bn, compared to AED35.9bn in the same period in 2023. W Capital stated in the report, which was based on data from the Dubai Land Department-DLD, that the number of off-plan sales transactions rose 27.48% on an annual basis in the first quarter of this year, to about 20.540…