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AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Business - Real Estate

Amwal Al Ghad English - 2016-09-22 11:04:51
Egypt’s Minister of Housing will deliver Thursday new residential units for low-income earners in New Valley governorate as part of the country’s social housing scheme. Late 2015, Egyptian government announced plans to build 1 million homes for poorer people at a cost of almost $20 billion over the next five years, in a bid to ease a crunch that has seen slums and unlicensed buildings spread since the 2011 revolt. According to Minister Madbouly’s earlier statements in December, the social housing project will see 200,000 new homes built each year, meeting over half the annual demand for cheap housing. Private developers, who have built new suburbs around Cairo, are meeting the needs of middle and higher income Egyptians who can buy homes outright or obtain mortgages. Madbouly added that Egypt would finance its social housing scheme through land sales to developers building higher-end homes. More»
Amwal Al Ghad English - 2016-09-22 09:39:49
According to Trulia Chief Economist Ralph McLaughlin, San Francisco Bay Area rents and real estate prices are cooling off, down from 15%-17% growth year-over-year to 5%-6% — a trend McLaughlin expects to continue for at least the next two to three years. That’s due to an overall increase in the number of homes and apartments on the market, which keeps prices from rising. The Dallas, Texas-based housing research firm Axiometrics estimates 12,300 new rental units will glut the Bay Area cities of San Francisco, Oakland and San Jose this year, up from nearly 7,000 units in 2015 and 6,700 units in 2014. As a result, landlords from San Francisco’s South of Market neighborhood, where Airbnb, Pinterest and Yelp (YELP) are located, all the way to Cupertino, which is home to Apple (AAPL), are doling out tantalizing incentives to land tenants, such as four to six weeks free rent, discounts to tech workers, and even free bikes. The other reason for the Bay Area’s cooling rents and real estate prices? “Peak unaffordability,” as McLaughlin calls it. “Your average buyer can’t afford a home,” McLaughlin explained. “As buyers pull back because of price-induced reasons, there is less competition for homes, and so price growth moderates.” While single-digit growth in any other part of the US would still be viewed as a significant uptick, it’s actually a significant downward trend in the San Francisco Bay Area. The Bay Area remains the “least affordable area” in the US to live, with median home prices in San Francisco proper fetching $1.15 million and median rents hovering around $4,500 a month for all apartments, according to Trulia, which is owned by online real-estate database company Zillow (Z). “If you look over the last 30 years at the largest markets in the US and you look at prices, the two markets that have seen the biggest increases over the last 30 years have been San Francisco and San Jose,” McLaughlin told Yahoo Finance. “If you were a homeowner, and if you bought the median home in San Francisco in 1986, and you just finished paying off your mortgage, you would have gained about $900,000 in value. Similarly in San Jose, you would have gained $750,000 in value.” That property growth sounds like even more when compared to what McLaughlin calls “run of the mill” markets, such as Fort Worth, Texas; Dayton, Ohio; or St. Louis, Mo., or even places like Chicago, Ill. “If you bought a home in any one of those places in 1986, and you just paid it off, you’d only have gained about $50,000 or $55,000,” he added. In addition to San Francisco, McLaughlin is also seeing, to a lesser degree, cooling rents and home prices in markets including New York, Los Angeles, and Denver. Still, San Francisco remains rather unique in its exorbitant pricing, largely driven by the latest tech boom and an influx of tech workers that easily command six-figure salaries. “You wouldn’t be incorrect to say the [San Francisco Bay] area  is ‘weird,’” he added. “San Francisco alone has gained more for buying a median-priced home than the 10 slowest-growing markets in the last 30 years combined. Thirty years ago, it was slightly more expensive than the rest of the country. Now it’s a lot more expensive. So we’ve really seen the Bay Area move and become further outliers than they were just a few years ago.” More»
Amwal Al Ghad English - 2016-09-22 09:35:22
Housing costs in Dubai remained generally cheaper in August compared to the previous month, but some tenants in popular communities are still seeing price surges. The latest property review showed that rents for most apartment types in Dubai dropped by 5 per cent in August. A closer look at the prices in different localities, however, would reveal contrasting trends, with values in popular areas like Bur Dubai, International City and Jumeirah Lake Towers (JLT) still moving upwards. “Affordability remained the centre of discussions in Dubai and the city’s rental market reflected just that in August 2016. To the delight of renters, Dubai’s apartment rental market saw values edge down further,” stated the latest report by Bayut.com, a property portal with thousands of property listings. The property specialist’s August 2016 report had the median price for studio units across various locations at Dh54,000, which amounts to a 5 per cent decline from the previous month.  In International City and Bur Dubai, however, studio units posted rental increases of 4 per cent and 11 per cent, respectively. Rents for one-bedroom flats increased slightly by 1 per cent to Dh93,000 on average in August, while two-bed units  cost Dh142,000 on average, posting a 2 per cent decline. One-bedroom properties in Dubai Marina remained unchanged at Dh101,336 per year, but in Business Bay, prices dropped by 3 per cent from Dh96,324 to Dh93,786. In Jumeirah Lakes Towers (JLT), International City, Downtown Dubai and Bur Dubai, prices for one-bed flats went up by 3 per cent, 5 per cent, 1 per cent and 11 per cent, respectively. Prices also weakened for three-bed apartments, which registered a 4 per cent drop from Dh206,000 in July to Dh197,000 in August. Accommodation costs in Abu Dhabi, however, continued to exhibit strength in August, with the average rental values registering an increase of 3 per cent over July 2016. “The two main markets of the UAE continued to lure investors with relatively affordable prices and attractive rental returns on investment, with Dubai recording real estate transactions worth an impressive $43 billion by the end of August 2016,” the report said. More»
Maha Essam - 2016-09-21 14:47:32
Egyptian property developer Abraj Misr says total current investments in the country are worth around 7 billion Egyptian pounds ($788.2 million) amidst plans to partake in state national projects. 15 percent of the money are directed to Abraj’s flagship Florenta project, chairman Aly Rabie told Amwal Al Ghad on Wednesday. Abraj is considering taking part in projects undertaken by the government in east Cairo, west of North Coast, and Ras El Hekma, having eye on entering into private-public partnerships in east Cairo projects in the coming period. More»
Amwal Al Ghad English - 2016-09-21 12:53:39
A team of World Bank officials commended efforts exerted by Egyptian Ministry of Housing to carry out the social housing project, describing what has been achieved as a role model. The project has been a huge success alluring the World Bank officials to market it globally. The World Bank Team, led by Jean Pesme, Practice Manager, and Alfonso Garcia Moro, Director of Finance and Markets Global Practice at the World Bank, met with Egyptian Minister of Housing Moustafa Madbouli to review progress on the country’s social housing scheme. During the meeting, Madbouli gave a briefing on the social housing project, saying the ministry is currently implementing more than 500,000 units nationwide. More»
Marwa Hemdan - 2016-09-21 12:15:22
Egypt’s Arab Contractors (AC) and Orascom Construction expect to complete digging three tunnels under the Suez Canal by end of 2018, AC chairman Mohsen Salah announced Wednesday. Building the three tunnels will be at cost of 18 billion Egyptian pounds ($2 billion), Salah added. The tunnels are part of major developmental projects in Suez Canal and linking the canal cities designated for cars and railway to ease trade activities, Salah said. He further said that two tunnels would be in Port Said for cars, and the third would be for railway linking east with west Suez Canal. More»
Amwal Al Ghad English - 2016-09-21 10:06:32
Abu Dhabi banks are reportedly becoming more cautious about financing real estate projects overs concerns that the property market is slowing, according to a US-based developer. Ken Himmel, chief executive officer of Ney York's Related Urban, which is part of a joint venture building $1 billion shopping mall in the UAE capital made the comments in an interview with Bloomberg TV. “Everyone is far more cautious about underwriting anything today. I don’t know how any commercial bank could rationally underwrite another project in Abu Dhabi, given the dynamics of the market, given what’s going on with supply and demand,” he was quoted as saying. Gulf Related is building a shopping mall that will house the Gulf’s first Macy’s department store and is expected to open in August 2018. Al Maryah Central will also include Bloomingdale’s, the Toy Store and British upmarket grocer Waitrose. Gulf Related said it has so far leased about 50 percent of the available space in the 2.8 million square feet shopping centre. Gulf Related secured a $626 million loan from Abu Dhabi Commercial Bank a year ago to help finance the mall, with the rest of the money coming from the two companies and other investors, Bloomberg said. Last year, Gulf Related signed a AED2.3 billion ($626.29 million) financing deal with Abu Dhabi Commercial Bank to fund the building of the mixed-use retail development. More»
Amwal Al Ghad English - 2016-09-20 09:28:20
Hilton Hotels & Resorts is planning to expand in Egypt by adding five hotels under its management in the domestic market within the next few years. Christian Moore, vice president of Egypt and Levant Operations, said Hilton manages 18 hotels in Egypt, and is considered the largest hotel management company in Egypt. He told Daily News Egypt that Hilton’s existing hotels in Egypt are located in Cairo, Alexandria, Sharm El-Sheikh, Hurghada, Marsa Alam, Luxor, and Taba. Moore further explained that Cairo leads with five Hilton hotels, followed by Sharm El-Sheikh with four hotels, while there are three in Hurghada, two in Alexandria, two in Taba, and one in Luxor and Marsa Alam each. Moore noted that the company plans to manage a new hotel in the Pyramids area, next to the Grand Egyptian Museum. Implementation will begin in 2017. He added that the Hilton also plans to launch DoubleTree by Hilton in Ain Sokhna by the end of 2017, as well as another hotel in Ain Sokhna under the Hilton brand. The DoubleTree Ain Sokhna’s capacity is set to be 197 rooms, and is being developed in collaboration with Asala Investment and Tourism Development Corporation, a subsidiary of Al-Tyyar Real Estate and Development Co. He added that the company plans to launch the Hilton Cairo Nile Maadi Hotel, which is an important addition to the Hilton Hotels network in Egypt, and is part of Hilton’s expansion plan in the Egyptian market. A management contract has been signed for another hotel in Damietta, he continued, saying that Damietta is a promising area, especially as it is geared to receive more investments during the upcoming period. The Saudi Egyptian Construction Company (SECON) has signed a contract with Hilton Worldwide to manage a four-star hotel in new Damietta, with investments ranging between EGP 100m and EGP 120m. “We believe in the institutions of the Egyptian market and seek to increase the number of our hotels, especially as growth opportunities in the tourism sector are very large. I expect that the hotels carrying the Hilton brand to triple the current number within 10 years,” said Moore. He stated that the new Suez Canal project marks a huge investment opportunity in all fields of industry and tourism. He added that the occupancy level of rooms of Hilton Hotels in Cairo and Alexandria rose during the summer, compared to the first months of 2016. Guests from the Gulf sstates reach 35% as compared to 65% for Egyptians guests, he noted. He pointed out that Hilton resorts have witnessed a decline in Russian and British tourism, especially in the Red Sea area. Hilton Worldwide was the first global group to manage hotels operating in Egypt 50 years ago, said Moore. He added that the Egyptian market will recover rapidly, as it has previously experienced many adverse events, but tourism recovered quickly. He moreover advised the furthering of investments in infrastructure projects in Egypt, calling for increases in budgets and investments in education as well. He pointed out that developing roads and bridges and paving infrastructure serves tourism, while training and education build skills in dealing with tourists, raising the quality of services provided. Moore further suggested adopting an open skies policy in Egyptian airports, stating that this will help boost inbound tourism. He advised the Egyptian government to target tourism from India, China, and the Americas. He added that the fair share of inbound tourism to Egypt is 40 million tourists at the very least, as the country features many touristic elements, such as archaeological or beach tourism. He added that Hilton began to use modern technologies, by applying green tourism strategies and through the use of new and renewable energy in its hotels in Egypt. He pointed that Hilton started using LED technology in its hotels, which consumes 15% less energy, as well as using solar water heaters in a number of the group’s hotels. More»
Amwal Al Ghad English - 2016-09-19 18:36:27
Egyptian property developer Madaar says it has marketed so far more than 400 units in its high-end residential resort development, Azha Ain El-Sokhna since it launched the project earlier this year. Madaar has started implementation of the first phase of Azha, which includes 400 residential units, stretching 300,000 square metres, its chief executive Gasser Bahgat told Amwal Al Ghad on Monday. Bahgat said his company decided to postpone any further marketing scheme for Azha until developing a vision for potential increase in prices of units. It is inevitable that Egypt will witness an increase of 10 to 15 percent in the prices of all the housing units driven by the country’s dollar shortage crisis and the high prices of lands offered to developers, Bahgat added. Located only 15 minutes away from Egypt’s anticipated new capital, Azha is set to cover an area of nearly 1.6 million square metres with a waterfront stretching approximately 700 metres on the azure Red Sea waters of the Suez Gulf. It will include two hotels, spacious residential villas, apartment complexes, and twin houses with a stylish, modern feel; where residents can enjoy signature restaurants, spa facilities, and community centres. The investment cost of Azha project is worth 7 billion Egyptian pounds ($788 million), self-financed by Madaar amidst plans to complete and deliver units in the first phase by 2018. With a total of 2000 residential units, the project is being implemented through two main phases, which include other sub-stages. Founded in March 2015, Madaar Development is a full-service, privately held commercial and residential real estate investment and development company. More»
Amwal Al Ghad English - 2016-09-19 09:38:57
The number of housing units built in Egypt during the past five years is 1.2 million, with investments up to 109.6 billion Egyptian pounds ($12.3 billion) by the public and private sectors, state statistics agency CAPMAS report revealed Sunday. In its report on Housing in Egypt during 2009/2010 - 2014/2015, CAMPAS states that in 2014/2015 the number of housing units reached 352,000, the highest in the past five years, while the lowest was 135,600 units in 2012/2013. Public expenditure in the housing sector paid for 497,000 units during the same period, contributing up to 41.7 percent of the total expenditure on housing, according to the report. The spending on public sector housing focused on affordable housing, with the highest number of units built in Giza, followed by Sharqiya then Cairo. Private sector spending in the housing sector paid for 694,000 units, with 58.3 percent of total housing expenditure. The private sector spending focused on housing for middle-income households then affordable housing, with housing units in Cairo, followed by Giza then Ismailia governorate. In April, Egypt’s housing ministry announced that low-income citizens would be able to purchase tender specification booklets to see if they are eligible to apply for one of over 500,000 affordable housing units currently under construction. This came as part of a wider housing programme launched by the housing ministry in 2014 to construct one million units for low and medium-income citizens over five years at a cost of EGP 165 billion. The central bank's governor said on February that banks will provide cheap mortgages over a 20-year period at a 5 percent decreasing interest rate for those who apply to own a unit from the ministry’s programme. More»