The UAE property market has seen remarkable growth in the recent years. The launches of the new real estate projects across the country are accelerating this momentum in the sector.

Ras Al Khaimah’s real estate sector is no exception as the emirate is witnessing booming developments.

Durar, a leading high-end real estate developer in the UAE, renowned for its impressive J One Towers in the Burj Khalifa district, has launched MASA Residences, an upscale branded residential development in Ras Al Khaimah, offering investors the prospects of high capital appreciation and owner-occupiers idyllic waterfront homes equipped with world-class amenities.

The Dhs700 million ($190.58 million) interior by YOO inspired by Starck-branded residential project, marking Durar’s’ debut in the UAE’s Northern Emirates, is set to enhance the landscape of Al Marjan Island, a stunning man-made archipelago in Ras Al Khaimah.

Christie’s International Real Estate Ras Al Khaimah, an affiliate of the globally renowned Christie’s International Real Estate, is the Exclusive Sales and Marketing Agency for this prestigious development.

MASA Residences is Durar’s first collaboration with YOO, co-founded by international property entrepreneur John Hitchcox and celebrated designer Philippe Starck.

The development will feature studio, one- and two-bedroom apartments along with ground-floor villas, offering captivating views of the Arabian Gulf. The upscale apartments will boast uninterrupted and breathtaking sea panoramas.

 “Our vision has always been to create idyllic high-end branded residences, and Al Marjan Island in Ras Al Khaimah is the ideal destination. Each and every room in the apartment offers breathtaking sea views and the strategic location development of the project promises exceptional high capital appreciation for our investors and an unparalleled living experience for owner-occupiers and tenants,” commented Durar Chairman Ibrahim Alhabib.

“We have partnered with YOO, the world’s top designer brands, to offer premium interior residences. The island’s thriving tourism activity presents our buyers with the potential for substantial capital gains and promising yields,” Alhabib stated.

Christie’s International Real Estate Ras Al Khaimah’s Managing Partner Jackie Johns stated: “Offering an ultimate beach-front setting, an enviable location and uninterrupted vistas of the shimmering Arabian Gulf, MASA Residences is ideally situated three minutes from the upcoming integrated resort, Wynn Al Marjan Island.”

The heightened development activity in Ras Al Khaimah signals a promising era of growth and progress, she said, adding, “We are thrilled to announce the opening of our office in Ras Al Khaimah and our collaboration with Durar on MASA Residences.”

“Our extensive research and market data indicate a steady increase in demand for housing dwellings in Al Marjan Island. We believe the time is right to unveil a premium branded residential project. We are excited about the project’s launch and confident of a sellout,” Johns concluded.

Source : GulfToday

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Demand for properties in Ras Al Khaimah is growing exceptionally well, mainly driven by investors looking for long-term rental income and short-term holiday home rentals. Numerous private developers are setting sights on the emirate’s real estate market to cash in on the demand, especially after the announcement of the $3.9 billion (Dh14.3 billion) gaming resort Wynn Al Marjan Island in Ras Al Khaimah.

Being developed by local partners Marjan LLC and RAK Hospitality Holding, the hospitality and gaming project will attract thousands of visitors from around the world. This project is expected to boost the profile of the emirate, with high-profile investors pumping money into the projects on Al Marjan Island.

SOLD OUT

“It is high time to look at Ras Al Khaimah, especially Al Marjan Island. There is an unprecedented demand from investors for projects coming over there. The entire stocks on the Al Marjan Island have been sold out. And they are offering exceptionally good returns to investments,” said a real estate executive during a conference recently in Dubai.

He pointed out that a strong secondary market is also emerging for the northern emirate’s property market, which is a good sign of the maturity and stability of the market.

In September, RAK Properties sold out phase one of Cape Hayat on the first day of its launch, reflecting the demand for the off-plan is strong. Cape Hayat is located on Hayat Island, Mina Al Arab, and is a luxury collection of residential apartments with direct access to the beach and views across the Arabian Gulf and Hajar Mountains.

John Allen, CEO of valuation and advisory at Asteco, said the increase of large-scale investments in Ras Al Khaimah by local and international hospitality players marked a new phase of development and has had and will continue to have a positive impact on the real estate market.

The emirate’s property market is proving particularly strong, partly due to its relative affordability when compared to Dubai.

“The primary driver of demand is currently from the investment sector which includes investors seeking long-term rental income, short-term holiday home rentals and/or expectations of capital appreciation. The number of first-time buyers has also increased with many long-term residents seeking to gain a foothold on the property ladder,” he said.

Furthermore, there is also increasing demand for secondary homes, from international buyers as well as UAE residents, seeking a local getaway.

OUTLOOK

Going forward, the northern emirate’s property market is predicted to continue its robust growth backed by supporting infrastructure, complementary policies, and a diversified economy. Over the past two decades, the real estate sector has recorded a substantial increase in development activity and a shift in demographics. “The expansion of the RAK’s tourism sector will continue to promote the construction of hotels and resorts, as well as retail, leisure and adventure facilities, boosting residential demand,” said Allen.

According to Obaid Salami, general manager of Dubai Investments Real Estate, investing in Ras Al Khaimah presents a compelling opportunity for several reasons.

“Firstly, RAK offers a strategic location with easy access to major markets in the Middle East and beyond. Its proximity to key transport hubs like ports and airports enhances logistical advantages for businesses. Secondly, it has a business-friendly environment with investor-friendly policies, including 100 per cent foreign ownership and zero taxation. This fosters a competitive advantage for businesses and investors alike,” said Salami.

RAK also boasts a diverse economy, with thriving sectors like manufacturing, tourism, real estate, and renewable energy, providing investors with a range of opportunities to diversify their portfolios.

1,000 NEW UNITS

Most of the new supply is on reclaimed land along the coast, and it represents a significant addition and improvement over existing properties. The coast’s growth as a freehold destination has resulted in a variety of master-planned, waterfront, mixed-use (residential and hospitality) developments, including Al Hamra Village, Mina Al Arab, and Al Marjan Island.

“We anticipate that around 1,000 residential units will be delivered within these developments in 2023-24, representing a significant 10 per cent increase in existing stock. In recent years, there has been a surge in activity within these masterplans, with a slew of new project debuts and construction proceeding at pace,” said Allen.

Some of the most recent launches include Dubai Investments agreement with Al Marjan Island master developer in October-November 2022 to acquire land to develop Dh1 billion Danah Bay, a mixed-use waterfront destination with an area of approximately 90,000 sqm with 40,000 sqm of beach.

The development will have 209 villas, a residential tower with 128 apartments and a 300-key 4-star upper-scale hotel, operated by the Millennium and Copthorne Middle East Holdings. The construction commenced late 2022 and the first phase is earmarked for completion in Q4 2024.

Obaid Salami said the response garnered for Phase 1 is promising and the group aims to keep up the momentum and carve a niche for upcoming projects in the future.

He revealed that Dubai Investments “continues to explore new opportunities and evaluates the market conditions. The group will actively consider possibilities of new projects in Ras Al Khaimah with the aim to contribute further to the region’s growth and provide attractive investment opportunities.”

The launches also consist of Bayviews Residences, a beachfront development comprising studios, 1 BR and 2 BR apartments, located on Hayat Island, Mina Al Arab, launched by RAK Properties in May 2023, and a residential beachfront development on Hayat Island, a collaboration between RAK Properties and Dubai-based Ellington Properties.

Additionally, Al Hamra awarded the main works package for the construction of 502 villas and townhouses on Falcon Island (located within Al Hamra Village) ranging from 2BR to 7BR units and UAE-based Luxe Developers broke ground on Oceano, a twin-tower waterfront development located on Al Marjan Island, comprising 206 apartments over 18 floors.

Moreover, Aldar acquired a beachfront plot located on Al Marjan Island, spanning over 430,000 sqft to develop a residential community comprising a mix of over 2,000 branded and premium residences with access to retail spaces, a beach club and 2km of private beach.

Source : Zawya

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The value of real estate and infrastructure projects announced since Saudi Arabia rolled out its National Transformation Plan in 2016 has crossed $1.25 trillion, agency Knight Frank has said.

With the execution deadline of the end of this decade fast approaching, the kingdom has commissioned projects worth $250 billion so far since the launch of its Vision 2030 economic and social diversification programme, the global real estate consultancy said in its annual Saudi Giga Projects report.

Saudi Arabia, the Arab world’s biggest economy and Opec’s top oil producer, is aiming to cut its dependence on the sale of hydrocarbons.

Riyadh’s overarching Vision 2030 agenda seeks to further develop the kingdom’s industrial base, broaden the country’s infrastructure and advance sectors including real estate, health and education to create more jobs for its rapidly expanding population.

The development of the tourism and hospitality sector is one of the central planks of Vision 2030. Saudi Arabia’s sovereign investment arm, the Public Investment Fund, is backing several projects in the kingdom including the $500 billion futuristic city Neom, and multi-billion-dollar developments on the Red Sea coast, as well as in Riyadh.

“Arguably one of, if not the most, expansive real estate development programmes ever seen in the world is gathering pace in Saudi Arabia as the 2030 deadline nears to realise Vision 2030,” Faisal Durrani, partner and head of Mena research, said.

Saudi Arabia, which was the fastest-growing major economy last year, aims to receive 100 million tourists by 2030 and is investing heavily in expanding its retail and hospitality offerings.

Knight Frank said the value of real estate and infrastructure projects across the western half of the country has climbed to $687 billion.

“The western half of the kingdom contains the highest concentration of headline-grabbing projects in the country, including of course Neom,” Harmen de Jong, partner and head of strategy, Saudi Arabia, at Knight Frank said.

In the last year, authorities announced various sub-components in Neom, including Trojena, the host location for the 2030 Asian Games, as well as Sindalah, a luxury island that will be the first of Neom’s projects to materialise.

“Neom overall is also progressing rapidly, with $70 billion of projects now awarded, 45 per cent of which has been completed,” he said.

The transformation is “clearly visible across the entire urban landscape”, as the planned giga projects are set to vastly expand the residential, office, retail, hospitality and industrial offerings to accommodate the projected population growth to 50 million by 2030, the report said.

Riyadh, in particular, is a hive of development activity and currently accounts for 18 per cent of all real estate projects under way, totalling about $229 billion, Knight Frank said.

The volume of residential units planned has climbed 30 per cent over the past 12 months to 660,000 units, which is “welcome news” for prospective homeowners.

A rise in the values of residential properties in recent quarters led to a nationwide decline in the volume of homes being sold in the kingdom, according to the report.

“Affordability is still a key hurdle for many buyers and so price points for the new inventory will be critical to reigniting domestic demand,” Mr Durrani said.

In the commercial market, 5.3 million square metres of retail space is now planned, with a further 289,000 hotel rooms that “will go some way to supporting Saudi Arabia’s goal of hosting 100 million visitors by 2030”, he said.

The office real estate pipeline in the kingdom is also steadily growing, reaching six million square metres.

“The swelling of the office pipeline is set against a backdrop of a severe shortage of prime Grade-A space in cities such as Riyadh, which stands in stark contrast to other global centres where occupancy levels still trail pre-pandemic levels,” Mr Durrani said.

Source : TheNational

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Riyadh, Saudi Arabia: Barratt London and the recently launched Barratt London MENA office, led by UAE-based Hardington Residential, will be targeting Middle East investors with a range of projects offering high yields and impressive projected capital appreciation when the company makes its debut at Cityscape Global, which takes place from 10-13 September in Riyadh, Saudi Arabia.

One project being showcased to investors on Hardington Residential’s dedicated stand at the international property showcase is Barratt London’s award-winning Hayes Village regeneration project, which was recently visited by British Prime Minister Rishi Sunak, where he announced an additional US$250 million (£200 million) of government funding for development of new housing on brownfield areas in the English capital.

Homes at Hayes Village, set on a former Nestlé factory site, range from one-bedroom apartments to three-bedroom family properties, with some still retaining the elegant Art Deco featured in the original factory. Barratt London’s latest offering within the development is the Richart Apartments, a collection of one- and two-bedroom apartments, with prices starting from US$415,000 (£329,000). The development is surrounded by parks and gardens planted with 250 new trees and includes fitness trails, outdoor gym equipment and play areas to improve health and wellbeing.

A footpath also connects the development to Hayes and Harlington train station in less than a nine-minute walk, with high-frequency Elizabeth Line trains into central London in 30 minutes.

Stuart Leslie, International Sales and Marketing Director at Barratt London said: “Similarly to our other major regeneration schemes, Hayes Village is proving popular with overseas buyers, particularly those from the Middle East where we have seen significant interest and sales from individuals and family offices from Saudi Arabia, Kuwait, Qatar and the UAE.

“There has been a significant uptick from buyers in the Middle East looking for a home in London for work or as a home for children who are studying in the capital. With projected capital growth of 19% in the next five years and expected rental yields of up to 5.9%, the development offers great value for money, piquing the interest of Middle Eastern investors keen to diversify their portfolios in a reputable and potentially lucrative market.”

Another Barratt London development making waves amongst Middle Eastern investors is the recently launched Wembley Park Gardens, a new landmark development built in the heart of Wembley Park, an area famous with football fans worldwide as the home of the England national football team.

In addition to football fans, overseas investors have quickly recognised the area’s transformation, following US$3.5 billion (£2.5 billion) of regeneration in the last 20 years. In the previous five years, rents in the area have increased by 49%, compared to the 23% London average. Furthermore, despite benefiting from the regeneration of Wembley Park and the redevelopment of Wembley Stadium, according to research from JLL, the neighbourhood is still 30% cheaper than the Greater London average, further underscoring the return on investment opportunities.

The development will deliver a smart collection of 302 one- and two-bedroom apartments to the market, featuring outdoor private space, with prices starting from US$495,000 (£395,000) and handover for phase one expected by summer 2025.

Residents will benefit from a world-class destination, offering a good choice of shopping, world-class restaurants, picturesque green spaces, highly rated schools and cultural and leisure attractions. Central London is just 20 minutes via the Underground, while overground stations provide easy access to the countryside and key British towns and cities, such as Oxford.

Ian Plumley, Managing Director, Hardington Residential, said: “Investors in the Middle East have been quick to recognise the unparalleled financial opportunities many of the capital’s regenerative areas are offering, including Wembley Park Gardens, where robust yields, impressive return on investment and substantial capital appreciation have resulted in a spike in interest from interested buyers in this region.

“Cityscape Global represents an excellent opportunity to showcase the quality of the developments offered by Barratt London while also providing an overview of the potential financial remuneration investors can expect. We will have a team on hand able to outline everything from the areas within London where the developments are located to applying for mortgages, ensuring a confident and informative process.”

Barratt MENA will be exhibiting at Cityscape Global in Hall 1, Stand R64, with Stuart Leslie and Ian Plumley available for interview throughout the show.

Source : Zawya

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One wonders what will be in store for us regarding the future of Cyprus real estate.

There are two frontrunners in the second round (out of the original 14 candidates) hoping to win the coming presidential elections.

Based on what they have announced, Cypriot real estate will develop accordingly.

The two remaining candidates are close to each other regarding voting expectations.

Therefore, I thought of providing you with what I understand about their policy on real estate.

Of the three main runners, Averof Neofytou, president of the right-wing party (DISY), failed to make it through to the second round.

Had he made it, he promised to continue the prevailing government policy of the past ten years.

His view was to avoid increasing property taxes and keep a positive outlook for developments and developers.

He suggested subsidies to the needy renters and buyers to be addressed by the state, but there were no clear indications of how this would be applied.

Here are the views of the two remaining candidates:

Andreas Mavroyiannis

Supported primarily by the left-wing (communist party, be it that he is not a member of it).

He promises the taxation of real estate, especially regarding undeveloped land, so that more land for development is released in the market, thus reducing sale prices.

A most difficult goal to achieve with difficulties of implementing.

A similar proposal was submitted to the House in the past, but it was turned down.

This was our idea 15 years ago and repeated ever since, but it needs a lot of work to become effective.

Bearing in mind who the owners of the undeveloped land are, they are the main owners who will be affected, such as the Church, and the international funds, who have acquired land for resale.

The latter will make selling real estate more difficult (since this will most likely add the tax cost to the required sales price).

Nikos Christodoulides

I think it isn’t easy to understand his policy since he is not clear about it.

Supported by a mix of ideological parties, ranging from far right to socialist, centre parties and others, so for us, so it is difficult to understand his policy to satisfy the position of these parties, and as such, we have no clear understanding of what he is up to.

Parliament

Whoever wins will not have a majority in the House regarding deputies.

So, it is difficult to understand how the various policies will be approved.

During the existing presidency of Nicos Anastasiades, it took a lot of scheming and support by the DISY ruling party to get the proposed bills approved.

Still, bearing in mind the tax reliefs proposed in the past, it seems that the House will not approve increasing real estate taxes.

What is odd is that organised bodies, such as the business chamber (KEVE), the Employers’ Federation (OEB) and others, such as the Developers’ Association and the professional bodies, have not commented.

The results of the first round of the elections found Mavroyiannis and Christodoulides battling it out. They require support from DISY, wanting their votes on election day and the support of their deputies later in parliament to pass bills and budgets.

It is a puzzle how the two candidates will meet this challenge, but I expect they will come up with a sort of “mix grill” that will be more difficult to implement.

Looking at the Cyprus political system achieving an initial agreement is one thing, but implementing it is another ball game altogether.

This will come up after 3-6 months from the conclusion of the elections and what the results will be. We might require Houdini’s magic to help out.

Source: financial mirror

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