07 Jun 2024

Dubai's real estate market has hit a new milestone with the sale of a villa for AED 61.5 million in the Al Wasl District. Developed by Nordic by fam Real Estate Development, this villa is the highest-priced property ever sold in the district. Al Wasl District offers prime freehold villas close to iconic landmarks like the Burj Khalifa. Nordic by fam's villas, priced up to AED 76 million, feature minimalist Scandinavian designs. This sale highlights the growing appeal of luxury properties in Dubai, with Nordic by fam planning further high-quality projects worth AED 1 billion.Read more

07 Jun 2024

China Vanke has sold a Shenzhen land plot for USD 309.18 million, over 27% less than its 2017 purchase price, to raise funds amid short-term liquidity pressure due to China's real estate sector crisis. The plot was bought by Vanke's largest shareholder, state-owned Shenzhen Metro, and Baishuoyinghai. This sale, reflecting shareholder support, aims to free up capital from non-core assets. Vanke plans to boost cash flow with bank financing and asset disposals worth over 30 billion yuan. Recently, Vanke secured a 20 billion yuan syndicated loan led by the Industrial and Commercial Bank of China. Fitch Ratings downgraded Vanke's ratings to 'BB-' with a negative outlook due to weaker-than-expected sales.Read more

06 Jun 2024

Klepierre, a French mall owner, is expanding in Europe by acquiring Rome's RomaEst shopping centre for over 200 million euros. This deal, finalised last week, strengthens its presence in Italy, its second-largest market. RomaEst, Italy's sixth most visited mall, attracts 10 million visitors annually. Klepierre's strategy focuses on consolidating holdings in major European cities while selling smaller assets. This acquisition is expected to boost Klepierre's earnings and financial performance without affecting its debt metrics or ratings.Read more

06 Jun 2024

A new Knight Frank report reveals that high-net-worth individuals (HNWIs) worldwide are prepared to invest USD 4.4 billion in Dubai's residential real estate. The 2024 Destination Dubai report surveyed 317 HNWIs, who collectively have a net worth of USD 5.4 billion and own 1,147 homes globally. According to the findings, Dubai has surpassed other UAE emirates as the most preferred location for HNWI real estate investment. Knight Frank attributes this to Dubai's transformation into a global commercial hub, investments in infrastructure, and focus on social mobility, which have fostered a high standard of living and exceptional public safety.Read more

05 Jun 2024

British Land forecasts 3-5% annual rental increases as UK commercial property values stabilise following pandemic-induced decreases. The corporation recorded a 3% decrease in property portfolio value to GBP 8.7 billion for the fiscal year ended March 2024, with a small 0.2% dip in the second half. Retail park prices rose 2.7%, while office complexes fell 5.3%. Despite a bleak forecast, British Land's underlying profit increased 2% to GBP 268 million, helped by high occupancy and robust leasing. Shares advanced 0.7% amid cautious optimism.Read more

05 Jun 2024

In response to new stimulus measures, several Chinese cities have lowered down payments and mortgage loan interest rates to revitalise the sluggish property market. Hefei and Wuhan reduced down payments for first-time homebuyers to 15%, while second-time buyers experienced reductions to 25%. Some banks in Wuhan and Changsha also cut interest rates. These steps, along with the central bank's new lending facility for affordable housing, aim to stabilise the property sector. However, analysts caution that, despite these positive measures, the market's recovery will be gradual due to lingering buyer hesitancy and selective funding support for developers.Read more

04 Jun 2024

Almal Real Estate Development unveils "The Unexpected Al Marjan Island Hotel & Residences," a luxurious beachfront project on Al Marjan Island, Ras Al Khaimah. Operated by Palladium Hotel Group under The Unexpected Hotels & Residences brand, it features 422 hotel and residential units with Arabian Gulf views. Designed by DAR, the property harmonizes with nature, offering amenities like an infinity rooftop pool, beach club, spa, and dining venues. With light materials and dynamic elements mimicking the sea, it promises an opulent sanctuary where luxury meets coastal serenity. It is set to open in 2026.Read more

03 Jun 2024

A recent study examined the overseas property investment preferences of UAE residents. The survey found that London was the most preferred city among respondents, with 69% selecting it as their top choice from a list of ten global capitals. New York and Singapore followed as the second and third most appealing destinations. The majority of those polled were from Dubai and Abu Dhabi. Current London property owners indicated they were likely to invest more in the next two years. Those without London holdings may purchase within the next four years. The research suggests London provides a reliable and secure market that offers profitable investments and capital growth opportunities for UAE investors.Read more

31 May 2024

Portuguese construction giant Mota-Engil reported a 54% increase in first quarter profits, with strong revenue growth across key regions. The company saw net income jump to 20 million euros versus 13 million the prior year, as sales rose 7% to a record 1.35 billion. Latin America sales led with a 9% gain, while growth also occurred in Africa and Europe. Earnings before interest and taxes (EBITDA) surged 22% to 196 million euros, and operating margins expanded across all business segments. Most significantly, Mota-Engil's order backlog reached an all-time high of 14 billion euros on the back of large infrastructure contracts in Angola, Mexico and Nigeria. This record contracted work provides visibility into continued revenue and profit expansion in the future.Read more

30 May 2024

Kiwi Property has agreed to sell its Vero Centre in Auckland to a Hong Kong-based conglomerate for NZD 458 million (USD 280.30 million). The sale price reflects a 1.9% discount from its September 2023 valuation but delivers a 11% return since acquisition. CEO Clive Mackenzie stated the sale aligns with the company's strategic shift towards retail-led mixed-use centers. Proceeds will be used to repay bank debt and fund further investments. The sale reflects the company's evolving focus and financial strategy, highlighting the disposal of non-core assets to strengthen its investment portfolio.Read more