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Unveiling Dubai's $3 Billion Megaproject: Al Habtoor Tower, Set to Join World's Tallest Residential Buildings

Unveiling Dubai’s $3 Billion Megaproject: Al Habtoor Tower, Set to Join World’s Tallest Residential Buildings

Dubai’s skyline is set to welcome another iconic addition with the commencement of construction on the $3 billion Al Habtoor Tower, poised to become the emirate’s next globally renowned landmark. Located off the Sheikh Zayed Road, Al Habtoor Tower is slated to soar to a height of 345 meters upon its completion, boasting 81 floors and over 1,700 units. Scheduled for delivery by the third quarter of 2026, the project has already garnered substantial interest, with over 20% of its properties sold within a month of its announcement. Read this also : Qatar Introduces New Law Allowing Digital Registration of Real Estate Omar Kabalan, Sales Project Manager at Provident Real Estate, underscores the appeal of Al Habtoor Tower, citing its strategic location that offers a mere 15-minute commute to key destinations across Dubai, including the airport. The scarcity of vacant plots along the Sheikh Zayed Road further amplifies the allure of this development. Upon its completion, Al Habtoor Tower will claim the title of the 11th tallest residential building globally, according to the Council of Tall Buildings and Urban Habitat. The diverse array of buyers, hailing from various countries, reflects the tower’s broad international appeal, with significant investment interest from Russian nationals noted by Mr. Kabalan. Read this also : Decline of 19.5% in Oman’s Real Estate Transactions for March Dubai’s penchant for glittering skyscrapers is well-established, with landmarks such as the Burj Khalifa dominating its skyline. Al Habtoor Tower joins the ranks of prestigious residential developments like Princess Tower and 23 Marina, further solidifying Dubai’s reputation as a global hub of architectural innovation. Real estate experts in the emirate have welcomed the introduction of Al Habtoor Tower, citing it as a testament to the enduring demand for premium real estate in Dubai. Fintan Flannelly, Head of Developer Sales at Allsopp & Allsopp, emphasizes the tower’s prime location near key attractions like Dubai Mall and Burj Khalifa, underscoring its appeal to discerning buyers. Read this also : Launch of Al Janoub Gardens Residence Phase 2 by Ezdan Real Estate in Qatar Rennie Sanger, Senior Off Plan and Investment Consultant at Haus & Haus, highlights the rapid sell-out of new launches as indicative of Dubai’s buoyant real estate market. Matthew Gregory, Branch Director at Betterhomes, affirms the enduring allure of iconic towers, predicting that Al Habtoor Tower will capitalize on Dubai’s reputation for prestigious addresses. Despite the trend towards suburban living in recent years, Al Habtoor Tower reaffirms the enduring appeal of high-rise living in Dubai. Mr. Gregory emphasizes the convenience and superior quality of life afforded by city-center living, making Al Habtoor Tower an enticing proposition for residents seeking a cosmopolitan lifestyle. Read this also : Bloom Holding Sells Out Sixth Phase of Bloom Living, Olvera In essence, Al Habtoor Tower epitomizes Dubai’s unwavering commitment to architectural excellence and innovation, cementing its status as a global destination for luxury living.

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Qatar Introduces New Law Allowing Digital Registration of Real Estate

Qatar Introduces New Law Allowing Digital Registration of Real Estate

In a move to embrace technological advancements and enhance service delivery, Qatar has introduced a new real estate registration law, facilitating digital transactions for property-related procedures. Amer Al Ghaferi, Director of the Real Estate Registration Department at the Ministry of Justice, emphasized that Law No. (5) of 2024 enables the Real Estate Registration Department to offer its services entirely electronically. This transition aims to streamline processes for residents, foreign nationals, and the real estate industry. Read this also : Decline of 19.5% in Oman’s Real Estate Transactions for March Previously, services were accessible through the SAK application, necessitating visits to the Ministry of Justice headquarters for ownership transfers and other transactions. However, the new law eliminates this requirement, allowing for full digital service provision once published in the Official Gazette and supported by executive regulations. Al Ghaferi highlighted that the initial focus will be on digitalizing real estate sale transactions, with plans to gradually introduce additional services. The forthcoming executive regulations will further define operational procedures, ensuring effective implementation. Read this also : Launch of Al Janoub Gardens Residence Phase 2 by Ezdan Real Estate in Qatar Under the new law, real estate registration processes can be completed electronically, adhering to Ministerial guidelines. Electronic requests and transactions carry the same legal weight as traditional paper-based methods, promoting efficiency and accessibility. To enhance transparency and mitigate fraudulent activities, the law mandates the prompt notation of judicial rulings on real estate pages. This measure aims to minimize disputes and ensure stakeholders are promptly informed of pertinent real estate data. Read this also : S&P Forecasts Rise in Saudi Developers’ Profits and Revenues Due to Increased Off-Plan Sales The introduction of this law marks a significant step towards modernizing Qatar’s real estate sector, aligning with global trends in digitalization and advancing the nation’s economic agenda. As the implementation progresses, customers can anticipate a seamless transition to electronic platforms for real estate transactions, fostering greater convenience and trust in the market.

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Decline of 19.5% in Oman's Real Estate Transactions for March

Decline of 19.5% in Oman’s Real Estate Transactions for March

In March 2024, the Sultanate of Oman witnessed a notable downturn in its real estate market, with total transactions plummeting by 19.5% compared to the same period in 2023. The total value of real estate transactions by the end of March amounted to OMR587.50 million, down from OMR730.10 million the previous year. Read this also : Launch of Al Janoub Gardens Residence Phase 2 by Ezdan Real Estate in Qatar According to statistics released by the National Centre for Statistics and Information (NCSI), the total fees collected for all legal transactions also experienced a decline of 10.3%, totaling OMR16.5 million by the end of March 2024. Sales contracts contributed OMR284.90 million to this figure. Swap contracts numbered 383, with a total worth of OMR2.8 million, while the value of mortgage contracts witnessed a significant decrease of 30.8% to OMR299.80 million across 4,858 contracts. Read this also : S&P Forecasts Rise in Saudi Developers’ Profits and Revenues Due to Increased Off-Plan Sales Additionally, the number of properties issued by the end of March 2024 stood at 57,167, reflecting a 6.9% decrease compared to the previous year. Among these, properties issued to residents of Gulf Cooperation Council (GCC) nations decreased by 1.2%, totaling 323 properties. The decline in real estate transactions underscores the challenges faced by Oman’s property market, necessitating a comprehensive analysis of market dynamics and potential strategies to stimulate growth and stability.

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Launch of Al Janoub Gardens Residence Phase 2 by Ezdan Real Estate in Qatar

Launch of Al Janoub Gardens Residence Phase 2 by Ezdan Real Estate in Qatar

Ezdan Real Estate has unveiled the eagerly awaited second phase of Al Janoub Gardens Residence in Qatar, marking another milestone in the development’s journey. This latest phase introduces 775 residential units of diverse sizes, following the successful leasing of all 880 units in the initial phase. Read this also : S&P Forecasts Rise in Saudi Developers’ Profits and Revenues Due to Increased Off-Plan Sales Hani Dabash, Deputy CEO of Ezdan Holding Group, highlighted the immense popularity and demand for the project during a recent press conference. Notably, the modern amenities and lifestyle offerings, including a central garden with child-friendly play areas and verdant surroundings, contributed to the swift lease-up of the first phase. Read this also : Bloom Holding Sells Out Sixth Phase of Bloom Living, Olvera Al Janoub Gardens Residence, a flagship project of Ezdan Real Estate, seamlessly blends residential and commercial spaces, providing a range of premium yet cost-effective real estate options. This development significantly enriches the cultural landscape of the Al Wukair area, prioritizing resident comfort and well-being through integrated sports and recreation facilities, family-friendly entertainment options, and dedicated kid-friendly zones. Read this also : Dubai’s Housing Delivery to Reach 35,000 Units by 2024 on Account of High Investor Demand In response to media inquiries, Dabash emphasized Ezdan’s deep-rooted strategy, driven by a commitment to social responsibility and community enrichment. He underscored the project’s role in promoting a healthy, active lifestyle among residents, fostering individual well-being and community-wide benefits. Moreover, Dabash highlighted the economic impact of Ezdan’s initiatives, positioning the company as a market leader committed to innovation and sustainable development practices. He encouraged small businesses to seize the opportunity to thrive within the vibrant community facilitated by Al Janoub Gardens Residence. Read this also : RAK’s Hilton, Al Hamra to Launch 43 Ultra-Luxury Apartments With the commencement of the second phase, Ezdan reaffirms its expertise in the real estate sector, aiming to create serene, luxurious living environments that promote happiness for all residents. The project’s strategic location near the Al Janoub World Cup Stadium, coupled with its array of amenities, reinforces its appeal as a family-friendly residential complex. Ezdan Real Estate recently introduced over 1,275 residential and commercial units across various developments in Al Wakra and Al Wukair, addressing the growing demand for quality housing in the region. These projects contribute to the enhancement of the real estate market, offering a diverse range of affordable yet exceptional properties. Read this also : Record-Breaking Success: Aldar Sells Out First Two Phases of Athlon in 48 Hours, Generating AED 4.1 Billion Strategically situated at the intersection of Al Wakra Highway and Al Wukair Main Road, Al Janoub Gardens Residence boasts not only superior residential quality but also a wealth of amenities, including retail outlets, fitness centers, and a meticulously landscaped central park. Noteworthy features such as water elements, play areas, and lush greenery create a unique, family-friendly ambiance seldom found in complexes of this scale. Read this also : UAE Property: Can a Landlord Raise the Rent by Any Amount? The project encompasses a comprehensive multi-use residential and commercial development, featuring over 2,500 fully furnished apartments and more than 400,000 square meters of commercial space. With ample parking facilities, including basement and outdoor spaces, and amenities such as a mosque accommodating up to 2,500 worshipers and multiple swimming pools, Al Janoub Gardens Residence epitomizes Ezdan’s commitment to creating vibrant, inclusive communities aligned with its social responsibility and mission.

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S&P Forecasts Rise in Saudi Developers' Profits and Revenues Due to Increased Off-Plan Sales

S&P Forecasts Rise in Saudi Developers’ Profits and Revenues Due to Increased Off-Plan Sales

According to a recent report from S&P, Saudi Arabia is poised to experience higher off-plan sales, leading to an uptick in developers’ revenue and profit margins. Off-plan development offers the advantage of pre-financing construction, facilitating quicker cash collection and reducing developer risk, thereby meeting the sector’s funding requirements. Read this also : Bloom Holding Sells Out Sixth Phase of Bloom Living, Olvera In the first half of 2023, off-plan transactions surged by 52% across the kingdom, with an anticipated continued growth trajectory supported by a reported 9% increase in off-plan developer numbers during the same period. Although off-plan sales are on the rise, they have not yet significantly disrupted the market due to prevailing buyer preferences for fully completed homes, coupled with factors such as limited trust and knowledge of the process, and rising interest rates, according to S&P. Read this also : Dubai’s Housing Delivery to Reach 35,000 Units by 2024 on Account of High Investor Demand However, by the end of the decade, substantial financing needs are expected to arise, driven by the scale of Saudi Arabia’s ambitious real estate projects and projected population growth. S&P foresees heightened capital acquisition efforts across the market, with sovereign entities, government organizations like the Public Investment Fund, and real estate firms expected to issue substantial debt annually. Read this also : RAK’s Hilton, Al Hamra to Launch 43 Ultra-Luxury Apartments This trend is anticipated to broaden the spectrum of funding sources, accelerating the growth of the domestic capital market and increasing reliance on foreign debt. Saudi Arabia’s real estate market is deemed more stable than Dubai’s, with less vulnerability to sudden demand fluctuations due to its larger and more stable population base. With only 42% of foreigners in Saudi Arabia compared to over 90% in Dubai, potential fluctuations in foreign residency, particularly during economic downturns, are unlikely to exert significant pressure on property values. Moreover, government initiatives, notably Vision 2030’s goal of achieving 70% home ownership among Saudi nationals, continue to drive housing demand. S&P expects continued government support for new housing supply and associated funding initiatives, reinforcing the overall demand for housing in the kingdom.

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Bloom Holding Sells Out Sixth Phase of Bloom Living, Olvera

Bloom Holding Sells Out Sixth Phase of Bloom Living, Olvera

Bloom Holding, a prominent real estate development firm in the UAE, has announced the successful sell-out of Olvera, the latest phase of its Bloom Living project. The rapid sales pace of townhouses in this phase reflects strong demand from buyers and investors, with the sales center reporting significant interest. Read this also : Dubai’s Housing Delivery to Reach 35,000 Units by 2024 on Account of High Investor Demand The complete sale of every villa and townhouse in the earlier phases of Bloom Living underscores the project’s appeal as a premier community living destination tailored to meet the evolving needs of residents. Read this also : RAK’s Hilton, Al Hamra to Launch 43 Ultra-Luxury Apartments Carlos Wakim, CEO of Bloom Holding, expressed his satisfaction, stating, “Bloom Living has garnered substantial interest from both local and international buyers seeking integrated community living in a prime location. The success of these sales highlights Abu Dhabi’s enduring allure as an investment destination and establishes Bloom Living as a sought-after residential destination. We anticipate continued robust sales performance as we unveil additional phases of this inclusive and dynamic community.” Read this also : Record-Breaking Success: Aldar Sells Out First Two Phases of Athlon in 48 Hours, Generating AED 4.1 Billion [End of Content] Tags: real estate, Bloom Holding, Bloom Living, Olvera, townhouses, Abu Dhabi, community living, residential destination, investment, integrated community, property development, UAE market

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Dubai's Housing Delivery to Reach 35,000 Units by 2024 on Account of High Investor Demand

Dubai’s Housing Delivery to Reach 35,000 Units by 2024 on Account of High Investor Demand

Dubai’s real estate market is poised for robust growth, with projections indicating the delivery of over 35,000 new residential units by the year-end, as per a recent study by JLL. This surge in housing supply is attributed to buoyant investor demand, driven by innovative product offerings, attractive payment options, and recent adjustments to the golden visa requirements. Read this also : RAK’s Hilton, Al Hamra to Launch 43 Ultra-Luxury Apartments According to JLL’s UAE Real Estate Market Overview for Q1 2024, the first quarter witnessed the delivery of approximately 10,000 units in Dubai and 1,600 units in Abu Dhabi, underscoring substantial growth in the residential sector across the UAE, particularly in secondary locations. Faraz Ahmed, research director at JLL Mena, highlighted a 20% increase in residential sales transactions in Dubai compared to the same period last year, with a similar trend observed in Abu Dhabi, where apartment sales outpaced villa and townhouse sales. Developers are strategically targeting secondary locations and properties within the Dh2 million price range to align with the Golden Visa eligibility criteria, amidst escalating land prices and construction costs. Read this also : Record-Breaking Success: Aldar Sells Out First Two Phases of Athlon in 48 Hours, Generating AED 4.1 Billion In the Dubai market, sale prices and rental rates surged by 21% annually, with apartment rentals experiencing a notable 22% increase, outperforming villa rentals at 14%. Abu Dhabi witnessed a 4.0% rise in rental rates and a 7.0% increase in sales prices, with apartment rentals registering a 5.0% growth rate compared to villas. The hospitality sector also witnessed significant growth, with Dubai adding 2,000 new hotel keys in Q1 2024, bringing the total to 155,000 keys. Additionally, Abu Dhabi’s hotel supply remained stable at 32,500 keys, with expectations of 500 more keys added throughout the year. Dubai’s Department of Tourism reported a noteworthy 18% increase in visitor numbers in January and February, with Western Europe, South Asia, and the GCC emerging as key source markets. This surge in tourism contributed to a 5.0% year-over-year increase in average daily rates (ADR) and revenue per available room (RevPAR). Read this also : Dubai Leads the Middle East with 72,500 Millionaires Abu Dhabi’s hospitality sector also exhibited strong performance, with an occupancy rate of 81% and notable growth in ADR and RevPAR. The report emphasized the importance of experience-driven developments in the hospitality industry, with operators investing in enhancing their value propositions through partnerships with lifestyle groups, particularly within the F&B segment. In summary, Dubai’s real estate market is poised for significant expansion, driven by investor confidence, while the hospitality sector continues to thrive, buoyed by robust tourism demand and strategic investments in experience-enhancing initiatives. Tags: real estate, Dubai, housing delivery, investor demand, JLL study, residential market, Abu Dhabi, secondary locations, golden visa, rental rates, sale prices, hospitality sector, tourism, hotel supply, F&B segment, experience-driven developments.

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