Latest news with #RealEstateMarketReview
Zawya
03-03-2025
- Business
- Zawya
Qatar's residential market remains stable in 2024
Doha, Qatar: Residential rents in Qatar have remained relatively stable throughout 2024; however, high occupancy rates in good-quality apartment buildings in The Pearl and Lusail Marina indicate that there may be upward pressure on rents in some properties in 2025. While take-up and occupancy have increased in Lusail Marina and The Pearl, absorption in Lusail's other districts such as Fox Hills and Al Erkyah has been slower, with higher vacancy rates evident, Cushman & Wakefield noted in its Q4 2024 Real Estate Market Review. The occupancy rates also remain high in many of central Doha's districts; however, the number of new master planned developments on Doha's southern outskirts ahead of the World Cup has resulted in higher vacancy rates in some of these developments, with attractive lease terms and rental incentives available to new tenants. Many of Doha's higher-quality villa compounds are now at full occupancy, with waiting lists increasingly common for compounds in areas such as Onaiza, Mesilla, Al Waab, Duhail etc. Cityscape Qatar was held at the Doha Exhibition and Conference Centre in October last year where several new residential developments in Qatar were launched. Some of the notable projects to launch at last year's event included SLS Doha and The Groove Residence, by Qetaifan Projects, Crystal Residences on Gewan Island by UDC, and Barwa Hills in Fox Hills. Cityscape 2024 was held in conjunction with the second Qatar Real Estate Forum, an event that brings together real estate experts and stakeholders from Qatar and around the world, to exchange ideas and explore future trajectories and opportunities in the Qatar Real Estate Market. The event illustrates the government's determination to support Qatar's real estate market and attract investment from both Qatar and overseas. Central to the development of Qatar's real estate market is the establishment of the real estate regulator Aqarat, which is in the process of merging and developing real estate services and frameworks that had previously been shared between different government ministries. The fourth quarter of last year also saw inauguration of the landmark Land of Legends project, which is to be developed by Qatari Diar and FTG Development in Simaisma. Land of Legends Qatar is set to become one of the largest theme parks in the Middle East with investment of $3bn. Oxford Economics have kept their 2025 GDP growth forecast for Qatar unchanged at 2.1% and expects growth will more than double next year as the additional LNG capacity starts up. The non-energy sector will remain the primary growth engine in the near term after expanding by an estimated 3.2% last year. The planned revamp of key laws governing bankruptcy, public-private partnerships, and commercial registration will likely help unlock stronger foreign direct investment inflows in support of non-energy expansion. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
Zawya
28-02-2025
- Business
- Zawya
Investment fuels growth across Saudi real estate sectors
Saudi Arabia's residential market is expected to experience significant growth over the next few years, driven by a strong economic foundation, rapidly growing population, positive demographics, and increasing demand for new homes, particularly in Riyadh, Jeddah, and Dammam, according to CBRE Middle East, the global leader in commercial real estate. This demand is driving prices and rental rates higher, a trend that is expected to continue, with the value of new residential mortgages in the Kingdom rising 17% year-on-year in 2024, satted CBRE in its latest edition of the Saudi Arabia Real Estate Market Review for Q4 2024. The strong market growth is reflected in rising property values in Riyadh, with average prices increasing by over 6% in the past year, it added. As new, high-quality units enter the market, prices are anticipated to continue to rise in 2025. In Riyadh, the villa market has seen steady growth, with average prices now approaching SAR6,000 per sq m. In Jeddah, apartment values are slightly lower, averaging approximately SAR4,000 per sq m, while villa values are notably higher, reaching nearly SAR5,700 per sq m, it added. On the office sector, CBRE said the demand for space remained strong through year-end 2024 in the Saudi capital, though transactional activity is now clearly being constrained by the lack of space for immediate lease and occupation. The high occupancy rates across the capital's prime office districts reflect the strong prevailing demand, driven by the kingdom's thriving non-oil economy which is a key component of the government's Vision 2030 diversification strategy, it stated. In the 12 months to Q4 2024, occupancies have remained close to capacity and rental rates have also continued to move upwards, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
28-02-2025
- Business
- Trade Arabia
Investment fuels growth across Saudi real estate sectors
Saudi Arabia's residential market is expected to experience significant growth over the next few years, driven by a strong economic foundation, rapidly growing population, positive demographics, and increasing demand for new homes, particularly in Riyadh, Jeddah, and Dammam, according to CBRE Middle East, the global leader in commercial real estate. This demand is driving prices and rental rates higher, a trend that is expected to continue, with the value of new residential mortgages in the Kingdom rising 17% year-on-year in 2024, satted CBRE in its latest edition of the Saudi Arabia Real Estate Market Review for Q4 2024. The strong market growth is reflected in rising property values in Riyadh, with average prices increasing by over 6% in the past year, it added. As new, high-quality units enter the market, prices are anticipated to continue to rise in 2025. In Riyadh, the villa market has seen steady growth, with average prices now approaching SAR6,000 per sq m. In Jeddah, apartment values are slightly lower, averaging approximately SAR4,000 per sq m, while villa values are notably higher, reaching nearly SAR5,700 per sq m, it added. On the office sector, CBRE said the demand for space remained strong through year-end 2024 in the Saudi capital, though transactional activity is now clearly being constrained by the lack of space for immediate lease and occupation. The high occupancy rates across the capital's prime office districts reflect the strong prevailing demand, driven by the kingdom's thriving non-oil economy which is a key component of the government's Vision 2030 diversification strategy, it stated.
