Cityscape MENA real estate roundup for February 2023

Welcome to the Cityscape MENA real estate roundup for February 2023.

Whether you are an experienced investor or just trying to learn more about the MENA real estate market, here is a breakdown of some of the key events that took place in the MENA real estate market this past month:

• A YouGov survey uncovered that 64% of Dubai property owners want to sell their properties to profit from current market conditions. Over half of those said they will sell during the next 12 months.
• Al Hamra announced they are developing new luxury sea view residences on Falcon Island. The prices will range from AED 3 million to AED 10 million.
• Samana Developers launched two luxury residential projects in Dubai Studio City. They are named Samana Santorini and Samana Mykonos after the two prominent Greek islands. The 320 million AED project is the first of 12 from Samana scheduled for this year.

• Saudi Arabia announced that it will host the Asian Cup in 2027. The Kingdom has several stadium renovation plans, as well as plans for three new stadiums.
• The Saudi PIF established the New Murabba Development Company with the goal of creating Riyadh's largest modern downtown. This project is estimated to increase non-oil GDP by SR180 billion and create 334,000 jobs by 2030. The company will also construct the impressive "Mukaab”.

• Abu Dhabi's Sky AD Developments launched Bluetree, a 50-acre residential development in New Cairo, Egypt. The project is a joint venture with the New Urban Communities Authority.
• Madinet Nasr for Housing and Development (MNHD) is offering a new Egyptian real estate investment opportunity called "SAFE" (Secure Assets for Fixed Earnings). This provides fractional property ownership opportunities.

• Novotel Bahrain Al Dana Resort collaborated with Eazy Financial Services to become the region's first hotel to accept cryptocurrency payments. This capitalises on increased cryptocurrency demand in Bahrain and the MENA region.
• Bahrain is now offering unique industrial real estate opportunities to private bidders with innovative project ideas. This is especially in the manufacturing sector due to the kingdom's emergence as a location for expert and niche operations.

• Mabanee Company signed an agreement for a mixed-use development called the Sabah Al Ahmad Project (S3). The project is valued at KD26 million and will include retail, entertainment, and hospitality aspects.

• Qatar's Shura Council approved a draft law revising real estate development regulations and related definitions.

That wraps up our MENA real estate roundup for February 2023.?

It's exciting to see the development and growth happening across the region, with new projects and investment opportunities emerging every month. We look forward to seeing what the rest of the year has in store for the MENA real estate market and will continue to keep you updated on the latest insights and developments.