Real Estate

US realtors go on $11mn lobby spree

Bloomberg Washington’s most powerful trade associations spent more than $30 million on lobbying in the third quarter as Congress ramped up efforts to overhaul of the US tax code. Real estate groups were among those spending heavily, according to lobbying disclosures released for three months. The National Association of Realtors, among Washington’s biggest spenders, doled out $11.1 million during the ...

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DAMAC Properties hits AED2.3 billion in profit

Dubai / Emirates Business DAMAC Properties Dubai Co. PJSC, a leading property developer in the Middle East, on Wednesday announced its first-nine months of 2017 financial results, reporting total revenue of AED 5.8 billion and net profit of AED 2.3 billion. As of September 30, DAMAC’s booked sales for 9M stood at AED 6 billion, representing a 13 percent increase ...

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Azizi to launch AED25bn mega project in Dubai

Dubai / Emirates Business Azizi Developments, a fast growing real estate developer headquartered in Dubai for over a decade, announced the plan to launch a new mega community project in the heart of Dubai at an estimated cost of AED25 billion, further signifying the developer’s continued rapid growth in the region. The new project, whose name is yet to be ...

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Deyaar revenues rise 96% to AED 512mn

DUBAI / WAM Deyaar Development PJSC (Deyaar), one of Dubai’s leading property developers and real estate service providers, announced its financial results for the third quarter of 2017. The company reported revenues of AED 512 million for the first nine months of the year as compared to AED 261 million in the same period in 2016, representing a 96 percent ...

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Singapore home sales drop due to ‘ghost’ month

Bloomberg Singapore home sales fell in September as developers marketed fewer projects in a month considered inauspicious by Chinese homebuyers. Developers sold 657 units last month, down from a revised 1,246 in August, according to Urban Redevelopment Authority data released on Monday. That’s the lowest sales since January. A total of 73 new units were offered, down from 794 in ...

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Total housing assistance, loans reach AED30bn

Abu Dhabi / WAM Housing assistance and loans provided by the Sheikh Zayed Housing Programme, since it was founded in 1999, have reached AED30 billion, revealed Dr Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Programme. He stressed that the government housing sector is one of the government’s priorities, as the wise leadership remains ...

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Aldar awards AED745mn contract for The Bridges

Abu Dhabi / Emirates Business Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading listed property development, investment and management company, appointed Construction Group Contracting House (CGCH) as the main contractor and early works package provider for an AED 745 million contract at The Bridges, its mid-market residential development on Reem Island. The contract, which commences with immediate effect, comprises the construction ...

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Hong Kong apartment sets Asia price record

Bloomberg A luxury home in Hong Kong set a price record for apartment sales in Asia, even as the government seeks to tame property prices in the world’s least affordable market. The penthouse duplex unit in Henderson Land Development Co.’s 39 Conduit Road project was sold for about $67 million, or HK$105,000 per square foot, the city’s Sing Tao Daily ...

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DAMAC Properties scoops five awards

Dubai / Emirates Business DAMAC Properties, a leading luxury real estate developer in the region, collected five awards at the Arabian Property Awards held recently in Dubai, where it was recognised as a leader in the five categories for distinctive architecture and exceptional interior design. DAMAC also received two nominations for the International Property Awards that will be held next ...

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Chinese cities tighten property sale rules

Bloomberg Several large Chinese cities including Shijiazhuang, Chongqing, Nanchang, Nanning and Guiyang are imposing restrictions on home resales as part of the nation’s campaign to cool its heated property sector. Chongqing will ban sales of new and existing residential properties in downtown areas within two years of purchase, according to a statement on the city’s housing authority website. The move ...

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