The Finance World Magazine| Edition: March 2023

Real Estate News
Jeddah Set for a $90B
Real Estate Boom
The Saudi Arabian city of Jeddah
is poised for a major real
estate boom with an estimated
investment of $90B over the
next decade. This surge in investment
comes as the country looks to diversify
its economy and reduce its dependence
on oil revenues. The city’s real estate
sector is expected to see a significant
growth in demand, particularly in the
residential and hospitality sectors. The
development of new infrastructure
and projects, including a new airport
and several mega-projects such as the
Jeddah Tower, are also set to attract both
domestic and international investors.
This surge in investment is expected
to boost the economy and provide
ample opportunities for job creation
and business growth in the region.
RAK Properties Records $111M Turnover in 2022
RAK Properties, a leading
real estate developer in the
United Arab Emirates, announced
a record-breaking
$111M turnover in 2022. The company
attributes its success to a combination
of strategic investments, innovative
property developments, and a focus on
customer satisfaction. RAK Properties
has established itself as a leading player
in the UAE real estate market and
has received numerous awards for its
commitment to quality and excellence.
The company’s portfolio includes a
range of residential, commercial, and
hospitality properties, all of which are
designed to meet the changing needs
of its customers.
Sharjah Real Estate
Market Records 3,000
Deals in January
The real estate market in Sharjah
has started off the new year
with a great start, recording
over 3,000 deals in January
alone. The figures indicate a steady
recovery from the pandemic’s impact on
the industry and the confidence that investors
and buyers have in Sharjah’s real
estate market. Of the total deals, over
2,000 were for residential properties,
while the rest were for commercial and
industrial spaces. This robust demand
for real estate in Sharjah is attributed to
several factors, including the emirate’s
strategic location, affordable prices, and
the government’s supportive policies
that make it an attractive investment
destination.
Dubai Records $2.8B of
Property Deals
Dubai, leading property markets
in the Middle East, announced
$2.8B in real estate
transactions in 2022. Despite
global economic challenges and the
COVID-19 pandemic, Dubai’s property
sector continued to show resilience
and strength, attracting both local and
international investors. The market saw
significant interest in luxury properties,
particularly in the Palm Jumeirah and
Downtown Dubai areas. The city’s
efforts to boost infrastructure and
create new opportunities for growth,
such as the opening of the Expo 2020
site, have also contributed to the market’s
success.
Indian Expat Family Sets
New Record with AED
90.5M Villa Purchase
in Tilal Al Ghaf
An Indian expat family has
made headlines in Dubai by
purchasing a luxurious villa
in the Tilal Al Ghaf development
for a whopping AED 90.5mn. The
purchase has set a new record high for
the community, which is known for
its upscale properties and stunning
natural surroundings. The six-bedroom
villa boasts a spacious outdoor area, a
private pool, and scenic views of the
lagoon and the Dubai skyline. According
to the developer, the Tilal Al Ghaf
project has seen a surge in demand
from buyers looking for high-end living
spaces that offer both exclusivity and
accessibility.
March 2023 www.thefinanceworld.com 67