Month: September 2023
News
New luxury Dubai realty projects near completion
London Gate, a major real estate developer in the UAE, has a number of projects under development in Dubai.
The company is preparing to mark the imminent completion of several ventures. Among these, the ‘Maya V’ development is entering its final stages, ready to encapsulate sophistication and contemporary living in its finest form. Building on the resounding successes of its predecessors, the Maya V project is all set to establish new thresholds for luxury living.
In addition to Maya V, London Gate has introduced the ‘Nadine’ and the upcoming residential tower in Dubai Marina. The projects stand as a testament to London Gate’s unwavering dedication to crafting extraordinary properties. These projects exemplify London Gate’s resolute commitment to excellence, reaffirming their standing as pioneers in architectural brilliance.
“More than a mere real estate developer, London Gate symbolizes a bridge that seamlessly intertwines London’s iconic elegance with Dubai’s vibrant spirit. Our journey is a testament to our unwavering commitment to crafting living spaces that redefine urban luxury,” said Eman Taha, CEO of London Gate. “Our projects orchestrate a harmonious blend of tradition and modernity, resulting in an unparalleled living experience. Each development contributes to reshaping Dubai’s skyline, presenting our unwavering dedication to architectural innovation,” she added.
London Gate is a pioneering real estate developer dedicated to transforming Dubai’s skyline through architectural innovation, design excellence, and a relentless pursuit of quality. With a rich portfolio of exceptional developments, London Gate embodies the essence of luxury living by seamlessly blending London’s timeless elegance with Dubai’s urban dynamism.
News
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Al Ahly Sabbour Developments’ Chairperson Ahmed Sabbour underlined that the prosperity of real estate developers is synonymous with success for the entire national economy
The Egyptian real estate market is one of the most resilient and expanding markets in the region, with the success of real estate exports boosting the country’s foreign currency reserves, according to a panel discussion at the Cityscape exhibition. The panel, titled “Challenges and Opportunities in the Egyptian Real Estate Market”, explored the prospects and strategies of the sector, as well as the key components and investment opportunities.
In the session, Khaled Abbas, Chairperson and Managing Director of the Administrative Capital for Urban Development (ACUD), emphasized that the Egyptian real estate market stands as one of the most robust markets experiencing substantial expansion.
Abbas further disclosed that in the year 2024, the ACUD is planning to provide land parcels to real estate developers with a unique incentive – these lands will be made available through fixed, interest-free installment plans spanning four years. This move is aimed at fostering and encouraging real estate development in the region. Moreover, the company announced an international competition for the planning of the second and third phases of the New Administrative Capital, underscoring the remarkable progress of this urban endeavor. Notably, the New Administrative Capital has already evolved into a thriving reality, accommodating a daily workforce of 45,000 individuals across various government ministries. It serves as the meeting place for the Council of Ministers, and the House of Representatives is set to convene its sessions in its administrative hub.
Abbas also highlighted the achievements of the ACUD in streamlining processes for developers.
He mentioned the company’s capability to swiftly issue the required licenses, thanks to the presence of dedicated offices for all relevant authorities. Additionally, he hinted at forthcoming announcements regarding various contributions and initiatives.
Al Ahly Sabbour Developments’ Chairperson Ahmed Sabbour underlined that the prosperity of real estate developers is synonymous with success for the entire national economy. He expressed the view that, despite the significant support already offered to the sector, there remains a need for additional facilitation and measures to attain even greater levels of success. This perspective underscores the ongoing efforts required to bolster the real estate industry’s positive contributions to the broader national economy.
President and CEO of Madinet Masr Abdallah Sallam echoed these sentiments, highlighting sustainability as a multidimensional imperative encompassing environmental, social, and economic dimensions.
He emphasized that the urgency to adopt sustainability is heightened due to the drastic climate changes that the world is experiencing. Salam anticipated a notable shift in the industry towards sustainability, expecting all real estate developers to align with this paradigm shift soon.
CEO of Iwan Developments Waleed Mokhtar highlighted the significant surge in the Egyptian real estate market. He attributed this growth to the government’s unwavering commitment to urban development and the comprehensive improvement of infrastructure throughout the country’s various governorates, with a particular focus on the creation of smart cities. He underscored the paramount importance of technology in the real estate sector, emphasizing how digitalization and the dissemination of information about the real estate industry play a pivotal role in advancing the operations of Egyptian real estate companies. Ultimately, these efforts contribute to an expansion in real estate production and provide substantial support to the overall Egyptian economy.
Meanwhile, the CEO of CRED Development Ahmed Mansour highlighted the robust state of the Egyptian real estate market, noting that it is currently experiencing growing demand. He emphasized that this demand serves as a testament to the sector’s strength and its capacity to overcome various challenges. He further pointed out that the market successfully navigated the challenges posed by global circumstances that affected the entire world in recent times, demonstrating its resilience and adaptability.
CEO of Akam AlRajhi Developments Edrees Mohamed emphasized that the Egyptian real estate market has the potential to compete on a global scale. He highlighted that it offers high and consistent returns, making it an attractive destination for real estate investment funds to generate substantial profits. He emphasized the importance of ensuring that Egyptian real estate meets the standards of quality and competitiveness seen in global properties across Europe, Asia, and all regions worldwide. This commitment to excellence positions Egypt as an appealing and competitive option for international investors seeking real estate opportunities.
The 12th edition of Cityscape Egypt, the largest and most significant real estate exhibition in Egypt and Africa, was launched during the period from 20 to 23 September, with substantial participation from major real estate companies in Egypt and worldwide, along with a considerable number of investors, real estate developers, experts, and visitors keen on real estate. The exhibition is organized by Informa Markets and is under the patronage of the Ministry of Housing, Utilities, and Urban Communities. The twelfth edition of the exhibition includes the organization of the Cityscape Talks platform, aiming to discuss the most critical developments in the sector among experts from the public and private sectors.
News
Abu Dhabi’s Makani Real Estate plans to buy and build new malls in expansion push
Makani Real Estate, which is owned by Abu Dhabi Cooperative Society, is aiming to acquire and build new malls and community centres in Abu Dhabi and Al Ain as part of its expansion plans, its chief executive has said.
The company currently owns malls and community centres worth Dh1.5 billion ($408 million) in Al Ain and Abu Dhabi. It is also building a new community centre with space for retail stores and restaurants in the Khalidiya area of Abu Dhabi that is set to open in the fourth quarter of this year.
“Our vision is to expand the retail presence of our business, to design a customer-centric experience for our shoppers and community,” chief executive Ashba Al Ghfeli told The National in an interview. “In addition to this, (we aim) to maintain and enhance and grow the asset value.”
The company plans to build two more malls in Shakhbout City and Mohammed bin Zayed City in Abu Dhabi in the next two years with 10,000 to 11,000 square metres of gross leasable area at each of them.
It is also working on “a big redevelopment plan,” for existing malls including Makani Zakher, Al Ain Mall and Shamkha Mall as well as two other small community centres. It acquired Makani Zakher and Al Ain Mall for Dh1.03 billion last year.
“So we are working on both developing the new and re-enhancing the old assets to reach the expectations of our clients,” Ms Al Ghfeli said.
The company aims to finance new projects through a mix of debt and equity.
“Sometimes we do funding through the bank, sometimes we build [with] project cash,” she added. “It depends on the size of the project, it depends on our strategy.”
News
Hong Kong relaxes mortgage rules to support property market
Hong Kong is relaxing its mortgage rules for homes under construction, as the government takes more steps to support the city’s property market that has been weighed by high borrowing costs.
Eligible first-time home buyers can now pay 10 per cent down payment for properties under construction with values of up to HK$10 million ($1.3 million), Hong Kong Mortgage Corporation subsidiary said on Friday.
Previously, buyers of such properties valued at more than HK$6 million could only obtain 70 per cent loan-to-value ratio, resulting in higher down payment requirements.
The adjustment will help to improve sentiment in the first-hand property market, where developers have been under pressure to cut prices to increase sales. CK Asset Holdings, a leading developer owned by Li Ka-shing, last month priced its new project at a seven-year low.
News
System for selling, leasing real estate projects off-plan in Saudi Arabia approved in cabinet meeting
A system for selling and leasing real estate projects off-plan in Saudi Arabia was approved during Tuesday’s cabinet session in NEOM chaired by King Salman. (SPA)
News
PIF supporting real estate renaissance in Saudi Arabia
Figures released by the General Authority for Statistics in August showed the Kingdom’s Real Estate Price Index edged up by 0.8 percent in the second quarter of 2023 compared to the same period a year earlier. (Supplied)