The Finance World Magazine| Edition: September 2023

Bahrain’s Real Estate
Sector Sustains Growth
Momentum
According to the Q2 2023
Bahrain Property Market in
Minutes report by Savills,
Bahrain’s real estate sector
experienced continued growth during
this period. Residential sales, rents, and
office spaces all saw similar increases,
while the industrial warehousing sector
enjoyed greater rent stability due to
government efforts to diversify the
economy. On the other hand, retail
rental rates faced intense downward
pressure, with prices falling by an
average of 7 percent over the past
year. The demand for villas outpaced
the apartment sector, especially in the
mid-range segment. Capital values for
both villas and apartments remained
steady during the second quarter, but
year-on-year values increased by 2.3
percent. High-end villa developments
experienced a slight decrease in average
capital values on a quarterly basis.
Settler Reveals Luxury Apartment Transformation
in Dubai
Settler, a visionary in interior
renovations, has collaborated
with a renowned designer to
unveil a luxurious apartment
transformation at City Walk in Dubai.
The project, meticulously crafted over a
month, showcases bespoke design and
attention to detail, promising to leave
a lasting impression on all who enter.
Settler’s expertise extends beyond
visual aesthetics, as the apartment’s
layout was thoughtfully redesigned to
maximize space and create a harmonious
and comfortable environment.
With a focus on quality, the walls were
adorned with exquisite paints, and
carefully chosen flooring ensures both
visual appeal and long-lasting durability.
Settler’s commitment to excellence has
earned them a reputation as industry
trailblazers.
Saudi’s GASTAT Reports 0.8% Real Estate Price
Increase in Q2 2023
According to the General
Authority for Statistics
(GASTAT), the real estate
price index in Riyadh increased
by 0.8% in the second quarter
of 2023 compared to the same period
in 2022, mainly driven by a 1.1% surge
in residential property prices. The
report highlighted a 1.2% annual increase
in prices for residential plots,
while apartment prices rose by 1.0%.
However, building and villa prices
declined by 0.9% and 5.0% respectively,
and house prices dipped by 0.1%. In the
commercial sector, real estate prices
increased by 0.2%, influenced by a 0.2%
rise in commercial plot prices, while
agricultural land prices decreased by
0.3%. Consequently, GASTAT computes
the index on a quarterly basis, categorizing
it by various sectors and types
of real estate across all administrative
regions of Saudi Arabia.
RAK Properties Reports Soaring H1 Revenue Due to High Residential Demand
RAK Properties, a leading
UAE real estate development
company, experienced robust
growth in H1 2023, with a
remarkable 164% surge in revenue,
totaling AED 511.64M ($140M). The
significant revenue increase was primarily
fueled by strong demand for new
project launches in Abu Dhabi and Ras
Al Khaimah, as well as the successful
handover of residential projects. Net
profit also witnessed exceptional
growth, exceeding three-fold to AED
88.19M compared to AED 25.55M in
the previous year. The company’s
hospitality assets played a key role in
strengthening revenue streams and
enhancing Mina Al Arab’s reputation
as a premier lifestyle destination in
Ras Al Khaimah.
September 2023 www.thefinanceworld.com 55