'Property News' Category
Debt crisis in US, Europe poses new challenge for Dubai’s property market
Although some parts of Dubai’s residential property market were showing signs of a turnaround in the first half of the year thanks in part to the Arab Spring, the sector still faces many challenges, including the mounting debt crisis in Europe and the United States.
Middle East forced to address affordable homes issue
Middle East governments have finally realised that providing their citizens with homes might help salve civic unrest, or even head it off altogether. But with a shortage of more than 3.5 million affordable homes across the region, will policymakers deliver on their promises?
Luxury hotels in Mecca are full for Haj
Luxury hotels around the Grand Mosque in Mecca are running full for this year’s Haj despite hundreds of new rooms opening, the National has reported. “Makkah Hilton & Towers was a sell-out for the month surrounding Haj,” said Shuja Zaidi, the hotel’s general manager and vice president for Hilton Worldwide’s projects in Saudi Arabia. “We [...]
Unrest impacts Egypt’s Orascom Development
Swiss-listed Egyptian property and hotels group Orascom Development has posted a third-quarter net loss of CHF2.98m ($3.23m), hit by political and economic upheaval in Egypt and other parts of the Arab world, Reuters has reported. The group, which said it made a net profit of CHF29m in the same quarter of 2010, also posted a [...]
Bahrain’s Seef Properties’ net profit rises 19%
Bahraini developer Seef Properties has said its net profits for the third quarter of the year climbed 19% to BD1.57m ($4.2m) from BD1.32m in the third quarter of 2010, Gulf Daily News has reported. Net income for the first nine months of the year reached BD3.82m. Total assets increased to BD115.2m from BD114m at the [...]
Saudi reports 45% increase in Umrah traffic
The Saudi Haj ministry has said the number of Umrah pilgrims has increased 45% this year after issuing more than 5.18 million visas for the minor pilgrimage, Arab News has reported. “As many as 3,855,564 pilgrims have arrived in Madinah since the beginning of the Umrah season this year,” the ministry said. “By next month, [...]
Saudi punishes 257 hotels for tariff violations
The Saudi Commission for Tourism and Antiquities (SCTA) has booked 257 hotels and furnished apartments in the Makkah region for tariff violations since the beginning of the summer vacation, Saudi Gazette has reported. With a total of 112, violations were highest in Jeddah, followed by 85 registered in Makkah and 60 in Taif.
Dubai hotels see benefit from region unrest
According to figures from accountancy firm Ernst and Young, Dubai hotels have recorded the highest revenue per room (RevPAR) in the Middle East in June 2011 over the same period last year, Gulf News has reported. Dubai hotels’ rooms yield reached $119 (Dhs437) in June 2011 over $107 in June last year. Occupancy levels for [...]
Semi-submerged resort planned off Qatari coast
A semi-submerged extravagant resort project is planned on the Qatari coast, at a cost of $500m. News reports have said that the Amphibious 1000, which will be built in the middle of a marine reserve, is being designed by the Italian firm Giancarlo Zema Design Group. The project will feature both land and sea developments [...]
New supply to push down Abu Dhabi rents, prices
Although a large influx of new supply will continue to drive down rents and sale prices in Abu Dhabi’s residential market in the second half of this year, falling prices for accommodation will also help boost demand in the emirate and draw commuters back from Dubai, according to a new report by Jones Lang Lasalle.