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Saudi: ‘Do not inflate housing issue’

Posted on 18 March 2013 by Laxman  |  Email |Print

The Minister of Economy and Planning Mohammad Al-Jasser said, “We will not overcome the issue of housing through exaggeration while ignoring achievements. What we are looking for rather is to be accurate when stating new data and not exaggerating the issue of lacking houses in the Kingdom.”
He added that the housing projects would provide new job opportunities to the public. The government, he said, would look into all issues related to urbanization that includes the issue of pollution, and increase in crimes, need for water and power supply, as well as other challenges. He said: “Providing houses will help create political and social security.”……………………………………….Full Article: Source

Dubai luxury villa prices up 20pct in 2012

Posted on 15 March 2013 by Laxman  |  Email |Print

Property prices in Dubai rose the second highest globally, registering a 20 per cent increase in 2012, a new global report has confirmed. “Dubai stands out with strong growth of 20 per cent in the price of luxury villas during 2012… the emirate rebounded in 2012 on the back of a resurgence in demand,” Knight Frank, a global property company, said in the Wealth Report 2013.
“This was aided by lower prices and underpinned by its [Dubai's] location as a strategic hub, able to attract wealth from the Middle East, North Africa, the Indian Subcontinent and Central Asia…………………………………Full Article: Source

Saudi real estate weighs funding for project, chief says

Posted on 13 March 2013 by Laxman  |  Email |Print

Saudi Real Estate Co. (SRECO) may sell Islamic bonds or take out bank loans this year to finance a 5 billion-riyal ($1.3 billion) housing development north of Riyadh, its chief executive officer said.
“We are trying to ensure we can sell Islamic bonds, borrow from banks or get financing from real estate funds if we have to,” Fahad Al Said said in a March 10 telephone interview. “Off-plan sales make a lot of sense for residential development at the moment.”……………………………………….Full Article: Source

Saudi property market to be opened up to foreign lenders

Posted on 11 March 2013 by Laxman  |  Email |Print

The residential property market in Saudi Arabia is set to be transformed with the country’s central bank allowing foreign companies to provide mortgages, it is claimed. There is huge demand for homes in the country but until now getting funding has been difficult. Now a draft law approved last year is set to open up the market.
According to rating agency Standard & Poor’s the new legislation will transform home financing and overall the lending market is set to grow substantially………………………………………..Full Article: Source

Prime property cheaper in Dubai than Monaco, Mumbai

Posted on 11 March 2013 by Laxman  |  Email |Print

Even though luxury property prices in the UAE climbed by around 20 percent in 2012, it remained more affordable than some of the other top global cities. The Wealth Report 2013, prepared by Knight Frank, a global property company, shows that the price of prime luxury property in Dubai as at least 10 times lower than Monaco, the world’s most expensive residential property market.
Figures of the report suggest that, in fourth quarter of 2012, property prices in Dubai ranged between USD 520 and USD 580 per square feet. On the other hand, prime real estate cost between USD 5,350 and USD 5,920 per square feet in Monaco during the same period last year. In the list of 20 cities, Dubai was positioned on 19th rank, only ahead of Cape Town………………………………………..Full Article: Source

Dubai records second highest property price rise in the world: report

Posted on 11 March 2013 by Laxman  |  Email |Print

Luxury property in Dubai recorded the world’s second highest price increase last year, according to international property consultancy group Knight Frank. The value of top end homes in the emirate rose 20 percent, equal to the island of Bali and behind only the Indonesian capital, Jakarta, which saw luxury property prices increase by 38.1 percent.
According to Knight Frank, the rapid price rise was led by the world’s rich searching for safe haven investments and a recovery from the global financial crisis………………………………………..Full Article: Source

Bahrain to build 6,000 houses in 6 months

Posted on 07 March 2013 by Laxman  |  Email |Print

Around 6,000 new government homes will be ready within the next six months, said a top official, adding they will be handed over to people who have been on a waiting list for 19 years.
Almost half (45 per cent) of Bahrain’s 54,000 requests for government homes date back to 1993, Housing Ministry assistant under-secretary for housing policies and services Khalid Al Amer was quoted as saying in the Gulf Daily News………………………………………..Full Article: Source

Jeddah to level mountains to create residential areas

Posted on 07 March 2013 by Laxman  |  Email |Print

Jeddah Municipality is taking steps to implement a plan to level nearby mountains in order to create more housing plots for the city’s burgeoning population. According to an official, the plots will become a part of the government’s land grants.
The municipality also has plans to extend the city’s mass transit project to areas that will be developed in the future, the source added. “The leveling project, which falls within the strategic plan for development of the coastal governorate, will cover areas currently outside the urban confines of the governorate,” he said………………………………………..Full Article: Source

Saudi stresses on quality as new units come online

Posted on 06 March 2013 by Laxman  |  Email |Print

With thousands of new housing units set to come online in Riyadh and Jeddah over the next few years, the Saudi government is focusing on two key factors - environmental sustainability and the quality of property management, said a report.
Awareness of the benefits of more sustainable construction and operation of real estate remains at a nascent stage in the Saudi market, according to real estate expert Jones Lang LaSalle (JLL)………………………………………..Full Article: Source

Saudi’s property market valued at over $500bln

Posted on 05 March 2013 by Laxman  |  Email |Print

The level of investments in real estate projects in Saudi Arabia has been valued at around $533bn (SR: 2tn), according to the chairman of Taifah Al-Aqar. Khaled Al-Ghamdi said that housing is one of the major problems facing the Kingdom, with the city of Jeddah alone requiring one million new units by 2020 as the population rises, according to Arab News.
“The Kingdom’s housing need in 2020 is estimated at 4.5m units at an estimated cost of SR: 117bn ($31.2bn) annually,” said Al-Ghamdi………………………………………..Full Article: Source

Real estate bank needed to make housing affordable

Posted on 04 March 2013 by Laxman  |  Email |Print

People in the Kingdom tend to spend 40 percent of their salaries on rents and this amount even increases when they are buying homes, Gagan Suri, Vice-President and head of real estate asset management at National Commercial Bank Capital,said.
He suggested that housing will become affordable if government gives subsidized land, banks give loans to investors and developers, and people opt for apartments instead of villas. Riyadh Al-Thuqafi, CEO of Ewaan Global Residential Company, shed light on the global definition of affordable housing and the requirements of the Saudi community………………………………………..Full Article: Source

UAE investors splash cash on European property - report

Posted on 04 March 2013 by Laxman  |  Email |Print

UAE investors bought almost €1bn (US$1.3bn) worth of commercial property in Europe during the second half of last year, according to international real estate advisor CBRE. The investment accounted for 3 percent of the cross-border commercial property purchases across the continent during the six months.
Buyers from across the Middle Eastern, particularly sovereign wealth funds, accounted for a significant amount of the investment that flowed into the European market last year, CBRE said………………………………………..Full Article: Source

Property speculators’ return fuels Dubai bubble fear

Posted on 28 February 2013 by Laxman  |  Email |Print

Property speculators are back in Dubai, aiming to make their fortunes by buying apartments and villas for cash, then selling them within months, weeks or even days. It’s a sign, some people fear, that Dubai risks repeating the mistakes of the past.
Queues of investors have formed outside the offices of major real estate developers in the past several months, in scenes that recall the emirate’s boom days before 2008, when money poured into Dubai property from around the world………………………………………..Full Article: Source

Regulatory body key to streamlining Saudi’s real estate business

Posted on 27 February 2013 by Laxman  |  Email |Print

Working hand in hand with the Saudi government to adopt changes in its real estate market, regulating its real estate funding market, and promoting its commercial sector with a global appeal are the three main concerns of Khalid Jamjoom, CEO of SEDCO Development.
According to Jamjoom, SEDCO’s vision is reflected clearly in its outstanding performance marked by the balancing of originality, creativity, ingenuity and quality of projects………………………………………..Full Article: Source

Cash is king in Dubai’s real estate market

Posted on 25 February 2013 by Laxman  |  Email |Print

Cash accounts for 70-80 percent of property transactions in Dubai, according to the industry. That equates to $30-33 billion in real money splashed across the emirate last year.
Sam Wani, general manager of mortgage adviser Independent Finance, says the level of cash payments in Dubai real estate is extraordinary compared to the rest of the world………………………………………..Full Article: Source

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UAE Real estate reflects optimism in 2013

Posted on 22 February 2013 by Laxman  |  Email |Print

Statistics reveal that the UAE real estate market, though facing major challenges in terms of oversupply, will be showing positive signs of recovery with major projects in infrastructure and real estate in store.
According to lan Robertson, CEO, Jones Lang LaSalle MENA, “The foundations are being laid for a recovery from 2014, with a number of major infrastructure projects scheduled to start later this year. We also expect the real-estate in both Abu Dhabi and Dubai to benefit from increased economic activity between the UAE and East Asia, specifically China and South Korea, as well as sub Saharan Africa and Australia.”…………………………………..Full Article: Source

Middle East serviced office market sees volatility

Posted on 21 February 2013 by Laxman  |  Email |Print

The serviced office market in the Middle East has been volatile in the last two years, with the number of open centres in Dubai falling by almost 30%, but growing by 72% in Abu Dhabi. These are the findings of Instant, the flexible office specialist, which says in its latest research report “Emerging Markets Serviced Office Review 2013″ that the serviced office sector of the property industry- led by the likes of Regus- is set to boom in emerging markets over the next five years, with the number of office centres forecast to double to over 1,500.
Volatility in the Middle East’s serviced office market has also been reflected in rates for individual workstations or desks. In Dubai rents for a desk fell from a high of $1,675 per month in 2008 to $900 per month in 2011. Workstation rates in Dubai currently stand at $955 and at $1,075 in Abu Dhabi. (Press Release)

Ghana real estate market promises to Flourish in 2013

Posted on 20 February 2013 by Laxman  |  Email |Print

The rise of Ghana property market has been well documented in the past decade and there has been an improvement in infrastructure deficit with better prospects for growth still to come.
Millions of dollars are being realised by private entrepreneurs, especially in the real estate sector and the ever changing skyline of Accra illustrates this well. The private sector is possibly one of the main engines of growth in Ghana’s economy, says Kenneth Ofori, business manager for Devtraco Plus, a luxury real estate company in Ghana…………………………………Full Article: Source

Kuwait real estate market liquidity drops 22.8 pct

Posted on 18 February 2013 by Laxman  |  Email |Print

The Latest available data from the Ministry of Justice, Department of Real Estate Registration and Authentication, for January 2013, indicated a noticeable drop in real estate market liquidity compared with December 2012, a specialized economic report revealed.
“The total value of contracts and agencies trading scored about KD 302.7 million, down by 22.8 percent from December 2012 value of about KD 392.2 million,” reads the report, by Al-Shall Economic Consultants………………………………………..Full Article: Source

Dubai real estate is ‘dominated by cash buyers’

Posted on 15 February 2013 by Laxman  |  Email |Print

Dubai real estate agent Laura Adams won’t soon forget one Iranian home buyer. “He literally put a suitcase on my desk, opened it up, and it was full of 1,000-dirham notes,” says the Carlton Real Estate managing director. “I asked him to go across the road to Western Union (WU) and get it exchanged for a manager’s check, half a million dirhams ($136,000).”
It wasn’t the first cash-stuffed suitcase she’d seen. One customer told Adams he had the money with him because he’d just completed a diamond deal and didn’t want to stop by the bank, she says. A Russian buyer walked in with €250,000 in cash ($334,000) as the down payment on a two-bedroom apartment in the Burj Khalifa, the world’s tallest tower, and paid the rest with a single check………………………………………..Full Article: Source

African property markets poised for strong growth

Posted on 13 February 2013 by Laxman  |  Email |Print

Demand for high quality commercial and residential property continues to grow across Africa on the back of the continent’s sustained strong economic growth and rising wealth, according to Knight Frank’s newly released Africa Report 2013.
Africa is in the midst of a period of dynamic economic expansion, having averaged GDP growth of more than five per cent per annum over the last decade. This strong growth is expected to continue and is creating wealthier populations, particularly in the largest and most rapidly growing urban centres………………………………………..Full Article: Source

Lebanese emerge top Arab investors in Dubai property market in 2012

Posted on 13 February 2013 by Laxman  |  Email |Print

Arab nationals bought properties worth Dh4.88 billion in Dubai last year, according to statistics shared with this website by the Dubai Land Department. The total Arab money invested in Dubai’s property market was a mere 9 per cent of the overall Dh58.6 billion investments made by Gulf Cooperation Council, Arab and other foreign nationals.
Lebanese were the largest Arab investors, having purchased real estate worth Dh984 million while Jordanians pumped in Dh947 million………………………………………..Full Article: Source

A middle-class paradise in Palestine?

Posted on 12 February 2013 by Laxman  |  Email |Print

The West Bank’s first Palestinian-designed planned city offers a window into the promises and perils of the current situation in the Middle East. But will it be a novelty, or a game-changer?
The sole outlet to Rawabi sits off a dizzying two-lane highway flanked by round, scraggly hills. In this part of the West Bank, just north of where the Jerusalem suburbs thin into a dry, granite-gray wilderness, the mountains seem to aid in the illusion that Israeli and Palestinian spheres of authority can remain perfectly, even harmoniously separate………………………………………..Full Article: Source

Kuwait real estate sales hit $11bln in 2012

Posted on 11 February 2013 by Laxman  |  Email |Print

Kuwaiti real estate sales registered a solid 16 per cent growth in 2012 to hit KD3.1 billion ($10.9 billion) compared to KD2.7 billion the previous year, indicating a generally healthy year, said a report.
The property sales more than doubled to KD363 million ($978 million) in December following a solid performance by all three major segments - residential, investment and commercial - after some slowdown in the past few months, according to country’s top lender National Bank of Kuwait (NBK)………………………………………..Full Article: Source

HSBC says Dubai property recovery to spur 27pct surge for Emaar

Posted on 08 February 2013 by Laxman  |  Email |Print

Dubai’s economic and real estate recovery will probably boost Emaar Properties PJSC’s share price by 27 percent to the highest since 2008 as apartment sales pick up amid increasing demand, HSBC Holdings Plc said.
The “Dubai rebound is real,” HSBC said in the note, maintaining its overweight recommendation on the stock. “We expect Emaar to continue performing well on the back of strong Dubai real estate launches.”……………………………………….Full Article: Source

UAE mortgage caps postponed

Posted on 07 February 2013 by Laxman  |  Email |Print

The proposed mortgage cap in the UAE has been postponed while discussions of the plans take place. The limit on lending to foreigners at a maximum of 50 per cent of a property’s value, along with a cap on loans at 70 per cent for citizens, was announced at the end of last year, following 12 months of strong growth.
The plan was criticised by experts, who feared it might cause the market’s strong recovery to slow down, while officials aimed to avoid another bubble as investors return to the economic safe haven of Dubai property………………………………………..Full Article: Source

Five steps to prevent volatility in UAE property market

Posted on 06 February 2013 by Laxman  |  Email |Print

After a few weeks of uncertainty over the supposed circular on mortgage caps, the UAE Central Bank recently issued further clarifications regarding the matter including the announcement of its plan to issue new regulations later in 2013.
Like most people that have a stake in the economy of the UAE, our initial concern was the impact it may have on property prices, rentals, the profitability of banks and financial institutions and the economy………………………………………..Full Article: Source

The reality of real estate

Posted on 04 February 2013 by Laxman  |  Email |Print

Real estate has always been the surest way to accumulate wealth – and is likely to remain so. Yet, the financial crisis of 2008 changed the game, and brought a healthy dose of reality back to the real estate sector. Today, as investors look at this asset class again with renewed optimism, we need to ask ourselves if we have truly learned the lessons of the past five years.
If you look back over historical data, real estate has provided investors with a stronger and steadier return than any other investment option. It has an uncanny ability to bounce back after a downturn and outperform other asset classes……………………………………..Full Article: Source

Varying dynamics at work in Dubai and Abu Dhabi property markets

Posted on 01 February 2013 by Laxman  |  Email |Print

Last year ended on something of a high note in respect of the Dubai real estate market, with the rents and prices in select locations resulting in a return of confidence and a rash of major new project launches. As we look to 2013, we are cautiously optimistic, expecting the Dubai market to experience a broader based recovery but certainly not a boom.
The Abu Dhabi market remains 18 to 24 months behind Dubai in its real estate cycle, with most sectors continuing to move in favour of the tenant or occupier. While the government has introduced steps to control development and promote demand, these are not expected to result in any recovery in prices or rentals until 2014 at the earliest………………………………………..Full Article: Source

Property prices in Dubai record 30pct growth in 2012

Posted on 31 January 2013 by Laxman  |  Email |Print

The Dubai real estate sector has recorded a price increase of up to 30% in the premier locations during 2012, according to Hamptons MENA, the premier property services company. The Hamptons MENA 2012 property report records that on average property prices increased by 20 to 30% across the market, while well-established neighbourhoods such as Downtown Dubai and The Palm Jumeirah witnessed an upward trend in price to the range of 30%.
The most significant price increase was noted for villas, such as in Arabian Ranches, the masterplanned community by Emaar Properties, which led the growth in values during the year. High-end apartments in Downtown Dubai and Emirates Living also reported price appreciation, highlighting the growing investor confidence led by a buoyant market. (Press Release)

South African housing market in the doldrums

Posted on 30 January 2013 by Laxman  |  Email |Print

If we look at the boom years it was slightly higher, at 26% — and 28% at one stage — but those were exceptional years. I’d suggest that 23% is probably a good number — it has to settle somewhere and it’s certainly significantly up from 15% back in 2008, when the economy hit rock bottom.
Typically first-time buyers are more cyclical than the overall market — they’re young and flexible and can rent for longer or live in their parents’ homes for longer. When times are better they come out the woodwork in greater numbers so that’s what’s happened in recent years. My guess is it’s probably settled and will fluctuate from quarter to quarter but I wouldn’t be surprised if this year’s numbers come out with similar percentages to the 23% of the last two years………………………………………..Full Article: Source

Uganda: Are we in a property market burst?

Posted on 30 January 2013 by Laxman  |  Email |Print

After four years of a mind-numbing experience paying rent, Alfred Kakuru, an employee of one of the corporate companies in town thought it was high time he owned a house. He sought a mortgage loan from one of the local banks. “I really hoped I had survived the hassle of rent with landlords,” he says.
By the time he acquired the loan, it was valued at the interest rate of 15 per cent. Kakuru thought his salary of Shs 750,000 a month would help him finance the mortgage and realise his dream for a home. However, this was not to be. The demands become too much and the interest rate was revised upwards at the peak of inflation in 2011, when the number touched 30%………………………………………..Full Article: Source

Qatar housing market set for strong growth

Posted on 30 January 2013 by Laxman  |  Email |Print

The market for leasing homes in Qatar is likely to show strong signs of growth in 2013 and 2014 as major infrastructure projects get under way, according to EC Harris’ latest Property Market Outlook. The report states that Qatar is also set for a hotel building boom, with 5,000 new hotel rooms planned each year in the run-up to the 2022 FIFA World Cup.
Terry Tommason, head of Property and Social Infrastructure Middle East at EC Harris said: “The market for residential property sales in the emirate is likely to remain flat, though, and no major new office development is planned due to the continuing overhang of space from the last commercial boom.”……………………………………….Full Article: Source

UAE property prices at pre-crisis level - Al Ghurair

Posted on 29 January 2013 by Laxman  |  Email |Print

UAE property values have returned to their pre-crisis levels and in many cases have climbed higher, Emirates Banks Association (EBA) chairman Abdul Aziz Al Ghurair said. Real estate prices started to rebound last year after Dubai suffered one of the world’s worst property market crashes following the 2008-09 credit crisis.
Al Ghurair said the recovery had helped to limit banks’ losses to an average 0.15 to 0.20 percent of the industry’s total home loan book. “That’s healthy,” he said. “Mortgage lending has been low risk so far………………………………………..Full Article: Source

Dubai property price increases to continue in 2013: report

Posted on 29 January 2013 by Laxman  |  Email |Print

Stock-listed developers in Dubai jumped in value Sunday on a report released by property services company Asteco that prices in the villa and apartment segment would extend the positive momentum from last year into the first half of 2013.
According to the report, shares of the United Arab Emirates ( UAE) biggest developer Emaar Properties surged to a three-year high on Sunday, closing up 3.57 percent at 4.64 Dirham (1.26 U.S. dollars)………………………………………..Full Article: Source

Mideast remains hotspot for realty investments

Posted on 28 January 2013 by Laxman  |  Email |Print

On the whole, the Middle East remains a property hotspot for global investors, with the UAE, Saudi Arabia and Qatar providing choice real estate investment opportunities.
According to research firm Ventures Middle East, the current value of infrastructure projects in the GCC is estimated at $408.8 billion, driven by strong growth the UAE still holds the lion’s share of infrastructure projects, accounting for $187.2 billion………………………………………..Full Article: Source

Saudi- Housing outlook positive, but where will supply come from?

Posted on 28 January 2013 by Laxman  |  Email |Print

No one can deny that housing is of critical importance to the Kingdom. A recently released report from the National Commercial Bank (NCB) confirms most assessments that demand for new units is expected to increase from 195,000 units per annum in 2011 to 264,000 units totaling 2.4 million units by 2020.
That means that the outlook for the Saudi housing sector is very positive, as a young, fast-growing, affluent Saudi population will continue feeding demand for housing. The mortgage law has been enacted and the Saudi Arabian Monetary Agency (SAMA) is working on issuing the implementing regulations - key drivers for facilitating end-user financing………………………………………..Full Article: Source

UAE Real estate market heats up

Posted on 28 January 2013 by Laxman  |  Email |Print

The cost of accommodation in UAE increased at a rapid pace in 2012, with prices of villas and rents climbing up by 23 per cent and 17 per cent, respectively.
The upward trend in property prices is expected to continue in the coming months. As investors showed renewed interest in the real estate market, villa prices increased at the highest rate in four years. The prices of apartments jumped by 14 per cent in 2012………………………………………..Full Article: Source

Dubai office & residential market view: Q4 2012

Posted on 28 January 2013 by Laxman  |  Email |Print

Dubai’s office sector has remained broadly stable during the final quarter with average CBD lease rates flat at AED1,450/m²/annum. However, over the course of the year rents have fallen marginally by around 4.0%, due to an increase in tenant movements away from ageing properties to newer, better quality accommodation.
Despite a minor decline in the average rate, some prime properties around the CBD have actually managed to grow their headline rents over the past 12 months, aided by the limited supply of good quality and efficient office spaces. (Press Release)

Kenya: Property values on steady rise

Posted on 24 January 2013 by Laxman  |  Email |Print

Property values in the country have increased by 3.36 times since 2000 as the average value for a property has gone from Sh7.1 million in December 2000 to Sh24.1 million in December 2012, according to the latest annual housing report by HassConsult.
Head of Research and Marketing at HassConsult Sakina Hassanali said that the last three months have seen the property market come back to life, after the very low levels of activity from the end of 2011 following the sharp interest rate rises rolled out by the government………………………………………..Full Article: Source

UAE mortgage rule confusion see housing market boom

Posted on 24 January 2013 by Laxman  |  Email |Print

Amid confusion and speculation over upcoming changes in the rules governing mortgages [in the UAE], nationals and expats are rushing to buy homes in the strongest property market since 2006.
According to a Dubai Municipality official, who declined to be named, “We witnessed a hike in sales as of the beginning of this year. As of January 21, 2013, we have witnessed transactions amounting to Dh490 million compared to mere Dh200 million for the same day last year, a rise of 160 per cent.”……………………………………….Full Article: Source

UAE real estate companies Aldar, Sorouh to merge

Posted on 23 January 2013 by Laxman  |  Email |Print

The merger would create one of the largest listed real estate companies in the Middle East and North Africa region, with over AED 47 billion (US $12.8 billion) of combined total assets.
Abu Dhabi-listed companies Aldar Properties PJSC (Aldar) and Sorouh Real Estate PJSC (Sorouh) announced today that their boards of directors have unanimously voted to recommend a merger to their shareholders. The proposed merger will create a stronger and more diversified company to take advantage of future opportunities in Abu Dhabi and other regional markets in the coming years………………………………………..Full Article: Source

Dubai residential rents up 17pct in 2012 - CBRE

Posted on 22 January 2013 by Laxman  |  Email |Print

Average rental rates for residential property in Dubai increased 17 percent last year while villa rentals rose 14 percent following a rebound in the emirate’s real estate sector, according to a new report.
The rise in property prices has helped spur a number of developers to launch off-plan properties but speculative buyers could be a concern, real estate consultants CB Richard Ellis (CBRE) said in its quarterly review of the Dubai property market………………………………………..Full Article: Source

Abu Dhabi’s property market will struggle in 2013

Posted on 22 January 2013 by Laxman  |  Email |Print

Abu Dhabi’s property market “remains 18-24 months behind Dubai and is not expected to to experience an upturn in 2013″, according to Jones Lang LaSalle’s MENA region CEO Alan Robertson.
According to the firm’s latest report on the market, the property sector in Abu Dhabi remains “heavily reliant on the Government investing revenue surpluses” in infrastructure and economic development projects in order to stimulate private sector jobs growth and demand for property………………………………………..Full Article: Source

Rents in Jeddah expected to fall 40pct over three years

Posted on 21 January 2013 by Laxman  |  Email |Print

Real estate businessmen in Jeddah believe that the spiraling trend of house rents will be reversed and rent rates will fall by 40 percent over the next three years. Rents have been rising at unreasonable rates in the past few years and citizens and expatriates with middle and low incomes have been finding it hard to cope with the situation.
A member of the Real Estate Committee at the Jeddah Chamber of Commerce and Industry (JCCI) Awad Al-Dousi attributed the expected drop in rent rates to a recent change in municipal regulations that allow building owners to construct more stories to their buildings………………………………………..Full Article: Source

Qatar banks over exposed to real estate

Posted on 18 January 2013 by Laxman  |  Email |Print

Banks in Qatar are over exposed to the Gulf state’s real estate sector, according to investment bank SICO’s GCC Banking Sector Outlook for 2013.
Forty percent of private sector lending by banks goes to real estate developers and contractors, while most listed Qatari real estate companies reported disappointing results in 3Q2012………………………………………..Full Article: Source

Lebanon: Real estate transactions fall, values rise in 2012

Posted on 17 January 2013 by Laxman  |  Email |Print

The number of real estate sales plunged in 2012 but the total value of transactions grew by 3.8 percent, statistics published by the Directorate of Land Registry showed. The value of sales transactions increased to $9.175 billion in 2012, up by $330 million compared to $8.841 billion in 2011.
The number of transactions, however, declined by 9.9 percent in 2012, following a more acute drop of 11 percent in 2011. Sales to foreigners registered a sharp decrease of 8.9 percent in the volume of sales………………………………………..Full Article: Source

Saudi Arabia: Real estate agents to blame for exorbitant rent hikes

Posted on 17 January 2013 by Laxman  |  Email |Print

Many real estate agents have called on authorities to regulate the activities of real estate offices and put an end to unreasonable increases in rent. They said unlicensed real estate offices are mainly responsible for the hikes.
Some offices raise rent prices unreasonably and this in itself disrupts the stability of the real estate market because it makes potential tenants think twice before paying hefty rents………………………………………..Full Article: Source

Saudi Arabia to spend $1.3bln on new homes

Posted on 16 January 2013 by Laxman  |  Email |Print

Saudi Arabia will build more than 12,400 homes once the Real Estate Development Fund has sanctions new loans worth SR5bn ($1.3bn), Arab News reported.
The housing units will be constructed in different parts of the kingdom, the Jeddah based newspaper reported, citing Muhammad al-Abdani, director general of the fund………………………………………..Full Article: Source

New mortgage rules may stifle U.A.E. property recovery

Posted on 15 January 2013 by Laxman  |  Email |Print

Expatriates in the United Arab Emirates will have to make down payments of at least half the value of properties they buy if new central bank rules on mortgages go into force. This may dampen demand from foreign buyers and stifle the country’s tentative real estate recovery.
There is currently no limit on how much of a property’s value an expatriate in the U.A.E. can borrow when taking out a mortgage, a factor bankers say has helped boost demand for real estate through good times and bad………………………………………..Full Article: Source

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