Gulf Construction Online

Real Estate

News in brief

01 August 2020

Azizi residential developments achieve impressive progress

Azizi Developments reports significant progress on its residential projects in Dubai as the leading UAE private developer gears up to open the emirate’s first outdoor cinema in a residential development.

Nearly 94 per cent of the work has been completed at its luxurious Mina tower, located on the east crescent of the iconic Palm Jumeirah, while Star, located in the heart of Al Furjan, is at 75 per cent completion.

Offering nearly 38,500 sq m of built-up area, Mina features 178 units, including four penthouses, and is scheduled to be completed within Q3 of 2020, according to Azizi. It also features several retail units across over 1,847 sq m.

Meanwhile, Star, taking shape in Dubai’s new growth corridor at Al Furjan will be ready by the fourth quarter of 2020. The project offers a total gross floor area of 26,659 sq m with a 720-sq-m retail precinct, 486 residential units including 10 sky villas.

Among other developments, Azizi is aiming to launch an outdoor drive-in cinema at Riviera, located within Mohammed bin Rashid City in Dubai, by the year-end.

Mass exodus of expat workers hits Kuwait property market

With thousands of expatriates along with families leaving Kuwait over the Covid-19 pandemic and the government’s nationalisation policy, the country’s real estate sector has become the biggest victim, reported Arab Times.

The total number of expatriates who have left the country has so far exceeded 100,000, and this number is continuously increasing. A major reason for the exodus is the recent government move to amend the demographics to ensure 70:30 ratio, meaning 70 per cent citizens and 30 per cent expatriates, stated the report.

According to major players in the property sector, the mass exodus is ruining the real estate sector, as these expatriates constituted a huge proportion of their clientele.

In addition to relieving most of the expats from their jobs over the Kuwaitisation policy, the government also took some drastic steps including salary cuts and imposing total isolation of areas that included investment housing properties, reported Arab Times, citing the industry experts. This affected the income of many tenants, which led to failure in the payment processes, they stated.

Some of the expatriates have left the country leaving behind empty apartments. There has also been a shortage of labour. All of these are factors that directly reflect on the returns and revenues of property owners, they added.

Edamah signs co-operation deal with Bahrain SCE

Bahrain Real Estate Investment Company (Edamah) says it has signed a MoU with Supreme Council for Environment (SCE) to help boost cooperation and maximise the economic and environmental benefits of their projects in the kingdom.

The SCE will provide Edamah with technical and educational environmental support through workshops, lectures, and symposiums, as well as results of the latest environmental studies, stated its CEO Dr Mohamed Mubarak Bin Daina after signing the deal with Edamah CEO Amin Alarrayed.

“SCE is eager to strengthen cooperation with the real estate sector in the kingdom,” said Dr Bin Daina, hailing Edamah’s role in realising Bahrain’s 2030 vision through its diversified development portfolio.

Edamah will provide proposals and studies on the development of, and investment in some SCE properties and facilities. The two parties will create a joint mechanism for the management, development, and investment of these properties, he added.

Lauding the SCE’s role in protecting the environment in Bahrain, Alarrayed said: “Edamah appreciates all its efforts to constructively connect the various sectors in the kingdom. We are ready to provide the necessary support to realise the joint objectives that serve Bahrain and its people.”

Nakheel sells $163m Dubai community villas in four months

Master developer Nakheel has sold almost 250 properties worth over Dh600 million ($163.3 million) in the last four months, with ready-to-occupy villas most in demand at key Dubai communities – Nad Al Sheba and Al Furjan.

Top of home-buyers’ shopping lists are Nakheel’s family villas at Nad Al Sheba, where a third phase of ready-to-move-into properties has just been released, after phases one and two sold out in June.

The developer has now sold 205 villas at the Nad Al Sheba community, where a retail and recreation centre is due to open in Q1 2021.

Nakheel has also seen a surge in demand at Al Furjan, where 36 ready homes have been sold since March, with just a handful of the most recently completed phase remaining.

Chief Commercial Officer Aqil Kazim said: “The figures speak for themselves. There is an appetite for quality, ready homes, with investors taking advantage of attractive terms to get on the property ladder, or to upsize.”