The Finance World Magazine| Edition: March 2023

Real Estate News
Aldar Properties Reports Impressive $845M Profit
in 2022
Abu Dhabi-based Aldar
Properties has announced
a net profit of $845M for the
year 2022, up from $505M the
previous year. The company attributed
the strong performance to its diversified
portfolio of assets, which includes
residential, commercial, hospitality, and
retail properties. Aldar’s revenue also
increased by 19% to $2.1B, driven by
higher sales in its development business
and a robust rental income stream. The
company’s CEO stated that the results
demonstrate Aldar’s resilience and
ability to adapt to market conditions,
and the company will continue to invest
in strategic growth opportunities that
align with its long-term vision.
Saudi Arabia’s Real Estate Market Saw Transaction
Decline in 2022
A
recent
report on Saudi Arabia’s
real estate market has shown
a dip in transactions, but a
rise in prices and persistent
high demand. The report, released by
the country’s General Authority for
Statistics, revealed that the total value
of real estate transactions fell by 10.6%
in 2022, while prices for residential
properties increased by 9.6%. However,
despite the decline in transactions,
the market’s overall demand remained
high, fuelled by government initiatives,
population growth, and changing preferences
among homebuyers. The report
also highlighted a surge in mortgage
activity, indicating a growing appetite
for home financing in the Kingdom.
Dubai’s Most Expensive
Home Sells at
Record-Breaking
$3,687 Per sq. ft
Dubai’s real estate market has
seen yet another recordbreaking
sale, with the
most expensive home in the
emirate being sold for $3,687 per square
foot. The property, located on Palm
Jumeirah, features eight bedrooms,
a private beach, a cinema, and a pool
overlooking the Dubai skyline. The
buyer, reportedly a high-net-worth
individual, purchased the property
for $30M, making it one of the most
expensive homes in the world. The sale
is a testament to the strong demand for
luxury properties in Dubai, which is
known for its extravagant real estate
offerings and vibrant lifestyle.
Aldar Introduces Saadiyat
Development with Homes
Starting at $173k
Abu Dhabi’s leading real estate
developer, Aldar Properties,
has announced the launch
of its newest development
on Saadiyat Island, which features
a range of affordable homes starting
at just $173,000. The community,
called “Alreeman II,” offers a variety
of residential plots, townhouses, and
villas, with a wide range of options for
buyers to choose from. The development
is designed to cater to the needs of firsttime
buyers and young families, and
it aims to provide a comfortable and
sustainable living environment with
world-class amenities and facilities. The
project is part of Aldar’s commitment to
developing affordable housing solutions
that support the government’s vision for
sustainable growth and development
in the UAE.
68 www.thefinanceworld.com March 2023