'Property News' Category
Beirut hotels see occupancy rates drop
Figures released by STR Global have shown that the occupancy rate at hotels in the Lebanese capital Beirut has dropped 64.5% during the first half of the current year, the Daily Star has reported. Occupancy rates have been below last year’s throughout 2011. Ernst and Young’s benchmark survey of the Middle East hotel sector reported [...]
World commercial property sales up 47% in Q2
Real estate services firm Jones Lang LaSalle has said global commercial property sales rose 47% in the second quarter from a year earlier to $101bn and are on track to reach or top $440bn for the year, Reuters has reported. Investment in the Middle East was small and little changed at $34bn, slightly higher than [...]
Dubai Holding unit ‘may sell’ telco assets
JPMorgan Chase has said Dubai Holding Commercial Operations Group (DHCOG), a real-estate and hospitality company owned by the emirate’s ruler, may sell its entire telecoms assets to repay about $3bn of liabilities by 2015, Bloomberg has reported. The firm said it repaid a 250m Swiss franc bond maturing July 14 and is committed to meeting [...]
Kuwaiti real estate liquidity falls in June
Liquid assets of Kuwait’s real estate market in June 2011 have dropped by 11.4% from the previous month, with trades worth KD277.2m compared to KD312.8m, Kuna has reported Transactions during the month comprised KD263.2m worth of contracts and KD14m for broker fees, while real estate for investment purposes rose 50% from KD86.7m in May to [...]
Talaat Moustafa Group denies reports on backlog
Egyptian property developer Talaat Moustafa Group (TMG) has denied reports that the company is expecting an EGP27.5bn backlog as a result of EGP5.5bn in new sales this year, Ahram has reported. “In reply to the Bourse’s enquiry about EGP27.5bn sales expectations for the Madinaty project for 2011 published in Al-Mal paper, we would like to [...]
Jumeirah to open Abu Dhabi property
Dubai-based hospitality group Jumeirah is set to open a five-star hotel at Etihad Towers later this year, Emirates 24-7 has reported. Jumeirah at Etihad Towers is a five-star hotel with 382 rooms and suites, 199 serviced apartments, and an array of beauty, fashion and relaxation amenities including the Talise Spa. The five-tower Etihad Towers is [...]
Major development planned for Dead Sea area
Jordan Development Zone Co is set to announce a 25-year master plan to outline investment opportunities in the Dead Sea area, Jordan Times has reported. As part of the plan, the company will develop the infrastructure, electricity and a desalination station at an estimated cost of JD180m. The development zone is to comprise 12 districts, [...]
Saudi Arabia sees sharp rise in Umrah visitors
Saudi Arabia’s National Committee for Haj and Umrah has said the number of Umrah performers is 25% to 30% higher this year, Saudi Gazette has reported. The Umrah season has “not been affected a lot” by the smaller number of Arab pilgrims, even though fewer pilgrims are coming from Yemen and Syria this year, and [...]
Middle East property market weighed down by pricing, supply issues
Although many investors say they have the funds and desire to secure more assets in the Mena real estate market this year, actual transactions are likely to be limited by a lack of suitably priced products, according to a new survey by Jones Lang Lasalle.
New property visa seen as positive step for Dubai market
On June 28, the UAE government approved plans to extend the residential visa from six months to three years in a bid to boost the ailing real estate sector. While the new visa is seen as a positive step forward, analysts say other factors weighing down the market are likely to continue to impede demand [...]