Cairo Investment and Real Estate Development (CIRA.CA) announced acquiring 50% stake owned by Arab Projects Co., a subsidiary of Talaat Moustafa Group Holding -TMG (TMGH.CA), in Othman Ibn Affan School in New Cairo for EGP 20.5 million. Accordingly, Cairo Investment fully owns the school; the third to be acquired in Al Rehab City. The move is part of the company’s expansion plan. More»

Cairo is to host the Egypt Real Estate Summit, under the auspices of the Ministry of Housing, Utilities and Urban Development, for the second year in a row. The Summit will run for three days from the 26th March 2013 to the 28th March 2013 at the InterContinental Cairo CityStars Hotel in Cairo, leading into the Cityscape Egypt in association with Next Move Exhibition from 28-31 March 2013 at the Cairo International Convention Center. The Egypt Real Estate Summit, the leading real estate community platform, will be held in Cairo with an impressive keynote lineup. The summit will be focusing on capitalizing new investment and development opportunities following the democratic election of President Mohamed Morsi and the appointment of a technocratic government. Industry experts will map out their strategies for the future and explore primary factors needed to drive the sector’s recovery. Industry leaders will showcase investment opportunities that offer solutions to current market challenges. Participants will benefit from local and global expertise, and gain a comprehensive perspective of the real estate sector trends and future developments. More»

Heliopolis Housing (HELI.CA)’s financial statements for H1/2012 revealed a net profit of EGP 38 million,  representing a decline of 10.8%, compared to a net profit of EGP 43 million for the same period a year earlier. The company’s working capital rose to EGP 345 million, compared to EGP 330 million a year earlier. The total investments also hiked to EGP 368 million, compared to EGP 354 million for the same period a year earlier. More»

Six of October Development & Investment Company - SODIC - (OCDI.CA) said the board has accepted the resignation submitted by the company’s Vice Chairman and Managing Director Maher Maksoud, effective as of March 31st, 2013. It has also named Ahmed Demerdash Badrawy SODIC’s board member and managing director.Maher Maksoud has been the Managing Director of SODIC. He took over the management of SODIC in March 2006, bringing to the company his entrepreneurial spirit, vision and significant experience in the real estate market in Egypt. His mandate was to exploit the increasingly favorable Egyptian economic climate and real estate sector to turn SODIC into a major regional real estate player. More»

nit owners in Emaar Properties ' The Address Fountain Views in Downtown Dubai will be able to resell their apartments only after making a 40 per cent payment, according to property agents. "We have been told that the property cannot be sold unless the buyer makes a 40 per cent payment," a broker, who has purchased units in the project, told Emirates 24|7. The move is aimed to curb flipping in "off plan" properties which was rampant during the property boom time and was somewhat visible during the launch of The Address The BVLD. Investors in The Address The BVLD project were, however, allowed to resell units after a 20 per cent payment made (10 per cent down payment and 10 per cent accelerated payment). More»

The Iraqi government has completed 10% of Bismayah New City project, Nebras Al-Khazraji, an advisor to the Iraqi minister of construction and housing told Zawya. "The project has high priority over other housing projects in Iraq; construction has commenced in July 2012 and is expected to be complete by 2016. The budget earmarked for the project is USD 6 billion for 2012 and is expected double over the coming years till 2015," said Al-Khazraji. Bismayah city is located 10km south east of Baghdad on the Iraqi-Kuwaiti Highway, spread on a total area of 18.3 million square meters and is planned to accommodate around 600,000 occupants in a total of 100,000 residential units. "Iraq holds around 61 residential projects for medium-cost housing in addition to around 50,000 low-cost residential units. However, Iraq needs more than 3 million residential units by the end of the year to overcome the housing crisis. Iraq aspires to build 70,000 units annually till 2015, however only 6,000 units a year are actually completed," said Al-Khazraji. More»

Average price of units in The Address Residence Fountain Views was Dh2,500 psf The 147 apartments, released by Emaar Properties , in The Address Residence Fountain Views on Saturday, were sold out for an average price of Dh2,500 per square feet, property agents told Emirates 24|7. " Emaar distributed nearly 600 tokens, but only 177 people were let in into their sales office. "The 147 units released in the project were sold out in few hours," an agent, who purchased units in the new tower, said on conditions of anonymity. Another property agent said prices ranged between Dh2,400 and Dh2,600 per sq ft. "We were told that the units released had been sold. No more information was given when the next lot will be released." More»

Demand for cement and steel in Saudi Arabia are expected to witness tremendous growth on the back of huge spending in the fast growing real estate and construction industry, separate studies revealed. The demand for cement is expected to increase 9.4 percent a year to over 80 million tons (73 million tons) by 2017, a new report by market research company CW Group revealed. An increase in large-scale infrastructure projects is seen as being behind the surge in demand. In a new study, RNCOS forecast that with the huge spending on the construction of real estate and railways in the Kingdom, the steel consumption in is anticipated to grow at an impressive 19.5 percent during 2012-2015. According to its report "KSA Steel Industry Forecast 2015", Saudi Arabia has become one of the largest steel consumers in the GCC region due to increasing steel demand for infrastructure and construction projects. Rebar is among the most attractive steel products in the Saudi Arabia steel industry and accounts for a bulk of steel consumption due to a large number of construction projects. In addition, the rising rebar demand has made the country a major rebar importer. More»

Police said reports of fire breaking out on the 30th floor of the Burj Khalifa were false. The rumour spread on social-networking websites with many users posting pictures of what appeared to be a bright light on one side of the world's tallest tower. In fact, thick fog which descended in the early hours of Tuesday morning was mistaken as smoke from a blaze. Some social network users said they either called friends who lived near the Burj or went there to check it out, but none claimed to have seen the fire. "The thick fog made people believe that there was a fire," a police spokesperson said. More»

Average apartment rents in Dubai rose 17 per cent in 2012 compared to last year, outshining the villa market, which saw an increase of 14 per cent, according to CB Richard Ellis (CBRE). The consultancy expects the residential sector to continue its upward trend for sales and leasing rates, but is unlikely to match the 2012 performance. "Residential rental rates increased by 16 per cent during 2012, with average apartment lease rates rising 17 per cent year-on-year and eight per cent quarter-on-quarter," the global real estate consultant said in its fourth quarter report on the Dubai property market This is the first time in the past few years that apartment rents rose more than the villa rents. "After several years of sustained declines, renewed confidence has returned to the sector, driven predominantly by increasing activity from cash investors. Dubai continues to dominate the region as the major investment destination with its safe haven status firmly cemented," the report pointed out. More»