While there is currently a significant over-supply of upscale or luxury housing in many markets, there remains a shortage of more than 3.5 million affordable dwellings across the major markets within MENA.
The Government of Abu Dhabi has unveiled a master plan for the Baniyas-South Wathba area.
During the boom years, real estate developers in the Middle East catered to people with high-end tastes. But as the elite market has reached a saturation point, developers have shifted their focus to affordable housing.
Rents have continued the downward trend witnessed throughout 2010 with an average drop of 8% for apartments, 8% for villas and 5% for office space compared with the previous quarter.
Asteco has recorded no significant change in sales prices for either the residential or office market.
The investment market is polarising between private and institutional investors. Previously, transactions were limited by a lack of suitably priced investment grade products.
Jones Lang LaSalle unveils its inaugural "Top Trends for Saudi Arabia," outlining key predictions for the Kingdom’s real estate market in 2011.
The recent political shifts within MENA reinforce the strategic importance of the United Arab Emirates as a regional hub.
While developers have scaled back many projects since the market correction at the end of 2008, the additional supply entering the market is generating an over-supply situation for most asset classes.
2010 proved to be another challenging year as many of the world's major economies remained firmly in the grip of recession.
The Muslim Holy Cities of Makkah and Madinah are unique real estate markets, benefitting from effectively unlimited visitor demand from the world’s 1.8 billion Muslims.
19 February
Baniyas Investment and Development Company (BID) has announced that the construction works on Phase II villas of Bawabat Al Sharq, the AED 3 billion, mixed-use development in Bani Yas is progressing as sheduled.
Mina Al Fajer Real Estate LLC - a leading property developer, has announced that the contracting firm, Intermass Engineering & Contracting Co. L.L.C., will construct its Fairmont branded hotel in Dibba, Fujairah.
RAK Ceramics, the world's largest ceramic tiles & bathware manufacturing company, has reaffirmed its strong presence in the European market following a successful showcase of its latest collections at the Castorama Fair 2011 in France.
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