Gulf Real Estate Market Summary

SAMA: Mortgage loans grow 3-fold during last February

Riyadh - Aawsat.com:  a reports Issued by the Saudi Arabian Monetary Agency (SAMA) on a consumer credit survey for February, which showed that the loans have made a big jump, with growth of more than 3 times compared to February of last year.

The number of financing contracts offered to individuals during this month was more than 210% compared to the same month last year. In February 2019, 9736 new financing contracts worth more than 4.6 billion riyals were signed, with 3,143 financing contracts amounting to SR 2.079 billion. Of banks and financing companies.

The statistics indicated that the government has directed during the last period to activate the housing finance contracts provided to individuals with the support of the State, where the month of February last increase of 1.7% compared to January of the same year, and the Ministry of Housing during the past period a government program specialized to provide Housing options for citizens, including facilitating access to finance with the support of the state, by providing support to citizens to bear profits on mortgages, to contribute to raising the ownership rate to 70% by 2030.

During the month of February, real estate finance for individuals increased by 121% compared to the same month last year. The total amount of mortgage finance provided by Saudi banks and other financing companies since the beginning of 2019 in January and February, To reach SR 9.4 billion, with a total of 19.314 thousand financing contracts, which is equivalent to the total amount of real estate finance provided during the first half of last year 2018, with contracts amounting to about 20,059 thousand financing contracts.

The number of contracts supported by housing support programs provided by the Ministry of Housing or the Real Estate Development Fund in February 2019 represents 84% ​​of the total number of contracts, up to 8135 financing contracts, and 77% of the value of funding was through support programs Housing, representing about 3.6 billion riyals, registering a growth rate of more than 1%, compared to the previous month, January 2019, which saw the submission of financing contracts supported by the ministry exceeded 3.58 billion riyals.

According to the Saudi Arabian Monetary Agency (SAMA), about 92% of mortgage loans were provided through commercial banks, with a total of 9049 loans. The share of financing institutions represents up to 8% with a total of 687 contracts. While the number of mortgage contracts for individuals in February 2018 provided by banks and other financing institutions about 3143 financing contracts, including 2959 contracts of banks and 184 of the financing companies with a total value of 2079 billion riyals.

Abu Dhabi 3848 units real estate during the past year

Abu Dhabi - Aawsat.com: The total number of completed buildings in the Emirate of Abu Dhabi reached 3,848 during 2018 compared to 3844 in 2017. A report published by the UAE news agency WAM said that the number of completed buildings reflects The real estate sector is one of the most active economic sectors in the UAE. Figures from the Abu Dhabi Statistics Center show that the Al Ain area witnessed a significant activity last year compared with the rest of the region. The number of completed buildings reached 2034 buildings, constituting 53% of the total buildings completed in the Emirate in 2018.

In the Abu Dhabi area, the number of completed buildings reached 1644 buildings, constituting 43% of the emirate's total buildings. In 2006, 96% of buildings completed in the Emirate of Abu Dhabi were in the Abu Dhabi and Al Ain regions, while the share in Al Dhafra was 6%, according to the Statistics Center.

In terms of building classification, the number of residential buildings reached 3,047, accounting for 79.2% of the total number of buildings completed in the Emirate of Abu Dhabi (Abu Dhabi, Al Ain and Al Dhafra). According to the statistics center, 19.8% of buildings completed in the Emirate of Abu Dhabi were distributed to public facilities, commercial and industrial buildings and those classified as residential. The number of buildings completed in the Emirate of Abu Dhabi reached 2,181 during the first half of 2018 with a growth rate of approximately 5% compared to 2080 buildings in the same period of 2017.

The Future of Construction Exhibition concludes in Ajman

Ajman Chamber of Commerce & Industry (Ajman Chamber of Commerce & Industry) has concluded the "Future of Construction" exhibition, which was attended by 52 of the largest local and international companies specialized in sustainable building technology and cities of the future.

Chairman of Ajman Chamber of Commerce & Industry, Abdullah Al Muwaiei, stressed the importance of leadership in the UAE by providing the necessary elements for the growth and sustainability of the construction, contracting and real estate sectors and keeping abreast of what is new in these various fields.

"The success of the exhibition was the result of concerted efforts and the keenness of government and private sectors to highlight the objectives of the exhibition and to improve the infrastructure, real estate, construction and construction sectors," he said.

The exhibitors and participants in the exhibition recommended that the event should be organized annually and the number of local and international exhibitors should be increased, in view of the special importance of the exhibition for the sectors of infrastructure, construction and construction, and the latest developments in the fields of building materials, transportation, energy, control, communications, security and other fields. The products are in constant evolution and innovation. Calling for increasing the participation of government agencies concerned with infrastructure and real estate development to open the field and partnership with companies and factories involved.

Representatives of the participating parties praised the exhibition "Future of Construction" and its role in providing an international platform through which the exchange of experiences, partnerships and deals between participants and visitors of the relationship.

The final day of the exhibition witnessed the signing of a memorandum of understanding between Ajman Chamber and The Line Company, signed by Amna Khalifa Al Ali, Board Member of Ajman Chamber, and Omar Al Falasi of The Line Company, to offer discounts to Ajman Chamber of Commerce and Ajman Businesswomen Council .

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