Yalago, a part of Emirates Group, saw a 92% increase in hotel reservations in 2022. This makes the company one of the world's fastest-expanding leisure bed banks.

The wholesale specialist recently announced strong traveller numbers. But they also gave data on their spending per booking and length of stay.

YALAGO’S DATA INSIGHTS

Yalago found that travellers are paying 30% more for bookings and prefer all-inclusive plans.  The company also found a preference for five-star accommodations (45%). But they also noticed that tourists are staying for longer with the average length of stay up from four to five nights.

Astrid Kastberg, General Manager of Yalago also offers some strong insights. She conveys that with foreign travel resuming, there is a strong demand for Yalago's locations. As travel return to pre-pandemic levels, she predicts that this tendency will persist. This is more so in Asian markets that have not yet completely recovered.

YALAGO AND ITS OPERATIONS

Yalago supports travel agencies worldwide with a range of hotels for leisure tourists. The company is best known for its expertise and partnerships in well-known locations. These locations include Dubai, the Indian Ocean, Florida, and Spain. Yalago is increasing its presence in these locations while also expanding worldwide too.

According to Astrid, popular locations include the UAE, the US, the Maldives, and European cities. Southeast Asia has also seen a surge in reservations recently as the Asian population is seeking luxury resorts. So Yalago's exclusive rates and other bonuses keep them within reach.

Recent bookings highlight that tourists are choosing winter sun locations. Dubai, Phuket, Singapore, Bali, Florida, and the Canary Islands rank as the top 6 locations here. New York, Paris, and London are then the most desirable cities for New Year's Eve.

Yalago intends to expand its hotel portfolio in 2023. The company plans to expand in European cities, the Asia-Pacific area, and the Americas, particularly the USA and Brazil. The increasing demand for travel to these regions will boost the accessibility of their properties to a larger worldwide audience.

Also, Yalago is continuing to add in-market teams to its staff. This comes alongside extending its worldwide reach while. But it also allows the company to enhance its local understanding and skill.

The company already has a presence in the UK. But it has recently appointed business development managers in the USA, Switzerland, and Spain. The firm is also growing its staff in Dubai as well as in the UK, the United States, Brazil, Latin America, Asia, and Europe during 2023.

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Located in the United Arab Emirates, Danube Properties has begun its largest real estate project, Viewz. Two large buildings with residences and luxurious sky villas are part of the concept. The project is in collaboration with DMCC, the company behind Dubai's Jumeirah Lakes Towers.

With the announcement of this luxury real estate project, Danube enters the high-end market for the first time. The project is in Dubai's Jumeirah Lakes Towers and cost AED1.4 billion ($381 million). Aston Martin will also design the interiors of each tower unit.

The Viewz project is being built in Cluster K of the JLT neighbourhood. This makes it close to Sheikh Zayed Road and the DMCC metro station. Ahmed Bin Sulayem, CEO of DMCC, stated that JLT is a well-known mixed-use area in the UAE. It has all the amenities residents, businesses, and tourists need to thrive.

STUNNING FEATURES AND AMENITIES

Viewz will eventually provide a variety of residences, including studios, one, two, and three-bedroom apartments, as well as elegant Sky Villas. High above sea level, these homes will provide stunning views of Dubai's skyline from their position in Jumeirah Lakes Towers.

Also, the two to three-bedroom Sky Villas and apartments will have private swimming pools. Then, studio apartments start at AED 9,50,000 with the option to upgrade to Aston Martin interiors.

The Aston Martin interiors add to the status of Jumeirah Lakes Towers (JLT). But this is not the only stand-out feature available to residents. A gym, swimming pool, BBQ area, jogging trail, tennis court, party hall, and children's area are just a few of the facilities available at The Viewz houses. Also, it has great amenities like a business centre, a Japanese garden, a cigar room, a library, and a doctor on call. Rain showers and electric car charging stations are also included.

Viewz will make history by becoming the first project in the region to have Aston Martin furnishings. This will set high standards and allow the owners of the Viewz residences to enjoy high-end luxury. Also, this collaboration fits well with the rise in collaborations between luxury brands and premium real estate companies. So, the stronger brand value this offers creates higher demand. But it also offers homeowners the potential for a strong return on their investment.

ECO-FRIENDLY SMART TECHNOLOGY

The residences in the Viewz project will include smart technology and eco-friendly elements. Included are water-saving devices, energy-efficient automated lighting, and a modern, LED-lit design. Residents will also have access to the 2 million square metre JLT district. This provides a range of shops, restaurants, entertainment venues, and other facilities.

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Saudi Arabia's commercial real estate sector is experiencing growth, a new report from the RICS (Royal Institution of Chartered Surveyors) has revealed. This occurs as the country's plan to diversify its economy increases demand in the overall property market.

According to the company's Global Commercial Property Monitor, the Middle East, and Africa region's markets remain strong even with the overall state of the world's economy. But here, we will highlight some of the main points the report gave about Saudi Arabia’s real estate market.

A STRONG MARKET GOING FORWARD

There is an increasing demand from both occupiers and investors across all sectors. The expectations are also positive for both rental and capital value increases, notably in Saudi Arabia, the United Arab Emirates, and Nigeria.

The Saudi Arabian market is growing according to 81% of respondents in the report. Huge spending on infrastructure, housing, and entertainment in the Kingdom has a strong role to play here.

Growth in demand for commercial property occupiers was reported to have decreased to 43% in the fourth quarter, compared to 60% in the previous quarter. However, the report notes that this figure is the same as the 43% in the fourth quarter of 2021, showing a consistent level of strong growth over the past year.

Like the rest of the Middle East and Africa region, this trend is also occurring in all areas of the market in Saudi Arabia. However, the office sector is showing better results than the retail and industrial sectors.

Saudi Arabia’s office sector recorded a 59% growth, which is slightly lower than the 64% reported in the previous quarter. However, the retail and industrial sectors still showed strong growth with 32% and 38%, respectively.

So, the Saudi Arabian commercial property market is continuing to remain strong.

REPORTED BOOST IN INTERNATIONAL DEMAND

Demand from international investors has been increasing in the past three quarters, with all sectors showing an upward trend. Additionally, Saudi Arabia has been particularly successful in attracting foreign buyers, with a net balance of 49% in the fourth quarter.

The Saudi Arabian commercial property market, like the UAE, has a strong case for future growth, even with global economic challenges.

Also, the UAE's commercial property market is strong, with around two-thirds of respondents believing the market is improving. Tenant demand growth in the UAE increased in all sectors during the last quarter of 2022.

So, according to the report, the future of the UAE's commercial real estate market also looks bright as predictions for property value increases in the next year remain positive. The report also noted that an increase in foreign investment in the market is a sign of growing confidence in the market's growth potential.

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The Dubai Municipality has started a new project called the '3D Infrastructure and Service Lines Map' This project will be an integrated model to provide the latest smart technology and services.

A press release from WAM states that the project will use advanced technology to create a 3D scan of the underground service line. This will provide all necessary information and ensure the accuracy of the geospatial database. The 3D model will also allow for information accuracy while helping to provide great services.

WHAT THE 3D INFRASTRUCTURE AND SERVICE LINES MAP WILL INVOLVE

The Dubai Municipality is collecting information about underground services. This includes information on irrigation, sewage, and rainwater lines, as well as lighting, power, and water lines from the Roads and Transport Authority. The Municipality will take a closer look at the information and give it to the data owners to update. This is important to help the Municipality meet its goal of creating a digital copy of the city. The digital copy of the city will make it easier and faster to work on projects like building permits and infrastructure projects. So, the project's long-term benefits are significant.

Dawoud Al Hajri, the Director-General of Dubai Municipality, said that they will do a big study. This will help them find the best ways to use technology to make a 3D model and map of everything underground, like pipes and wires. They will then be able to bring all the information together in one place.

The study will look at modern technologies for making maps of underground infrastructure, like ground penetrating radar (GPR), and choose the best one. This will make sure the collection of data all over Dubai is sustainable while also keeping the information up to date.

This project will happen in two parts. First, an assessment of technology from all over the world will make sure they have a good fit that is available. The Dubai Municipality team will also learn how to use it. In the second part, the Dubai Municipality will use this technology to check the city’s infrastructure. This will then allow for the updating of relevant information.

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Magnom Properties and Forbes are partnering to build a carbon-neutral commercial tower in the Northern Central Business District of Egypt’s New Administrative Capital. The “Forbes International Tower” designed by AS+GG Architecture will set new standards for green design. This project marks a new era of building design as Magnom Properties, a subsidiary of Rawabi Holding, partners with Forbes to push for sustainable construction.

The 'Forbes International Tower' is a futuristic design made of glass, steel, and photovoltaics. It has 55 floors of flexible office space and two stories of high-end retail with amazing glass and steel curves that extend upward.

INNOVATIVE TOWER

The innovative commercial tower in Egypt's New Administrative Capital uses natural resources, solar panels, and modern technology for energy efficiency. The biophilic design also helps to boost air circulation and employee well-being.

Forbes announced the partnership on the last day of WEF 2023. This marks the first time that the company will have its branding on a commercial tower. It was also discussed how cities need smart and eco-friendly ways to make them better places to live, work and be more efficient.

ATTRACTIVE INVESTMENT PROSPECTS

A global study shows that real estate in the Middle East drives economic growth and is a popular investment option. Strong demand, high GDP growth, and non-oil industry diversification are all contributing factors. These findings are also key to the partnership agreement.

Forbes CEO, Mike Federle, announced the partnership with Magnom Properties to work with architect Adrian Smith and build the first sustainable international tower under the Forbes name. By doing so Forbes continues to make an impact around the world. Building an innovative and sustainable tower where businesses can thrive in the heart of an iconic city is the next step in the company’s plans.

Abdulaziz Al Turki, Group Chairman of Rawabi Holding and Chairman of Magnom Properties, commented on the importance of this sustainability-driven approach. In summary, he highlighted that the construction of sustainable and environmentally friendly buildings is important in reaching net zero emissions. This is because the construction industry is responsible for a third of greenhouse gas emissions globally. So, there is a major opportunity to improve urban efficiency and build inclusive, resilient, and sustainable communities.

He also stated that the launch of the Forbes International Tower, which is set to achieve a Platinum LEED certification, reflects the company’s vision of setting new standards in sustainability. But also that the projects fit nicely in line with Egypt's ambitious Vision 2030 for Urban Development.

REAL ESTATE GROWTH

The CEO of Rawabi Holding, Othman A. Ibrahim, stated that the launch of the project comes at a favourable time for investments in the Mena region. Studies project a 6.5% CAGR growth in real estate from 2022-2030 for the region, higher than the global market average. So, the partnership comes at an ideal moment in time.

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Egypt’s residential real estate market has become attractive in recent years and it's expected to see continued growth in 2023. But what factors are driving this growth and what can we expect to see in the market? Keep reading to find out more about what could unfold in Egypt's residential real estate market during 2023.

CONTINUED INVESTMENT GROWTH

The Egyptian residential real estate market will likely see continued growth in investments in 2023. This is due to many factors, one of the main drivers being the country's growing population. Egypt's population is expected to grow by 2.5 million people every year. This population growth, along with one million marriages annually, is likely to drive demand for housing and other real estate developments.

As the population rises, there will be a need for more homes to live in. This will drive demand for new construction and investment in the residential real estate market. Additionally, the increase in the number of marriages will also lead to demand for new homes as many newlyweds will be looking to buy or rent their own homes.

INCREASED DIGITALISATION AND PROPTECH INNOVATIONS

The Egyptian government is pushing for a modern and efficient real estate industry that is in line with its Vision 2030 plan. This will likely continue the increased focus on digitalization and innovation in the residential real estate market. So, as an example, we could continue to see the introduction of more PropTech companies within the industry. RentUp, a leading PropTech startup in Egypt, launched its innovative reverse rental marketplace in Egypt towards the end of 2022. While a partnership between SHAL MLS and Core Logic focused on creating a more accessible and attractive Egyptian real estate market. Many other introductions of PropTech innovations in the MENA region also occurred in 2022. So, the launch of new PropTech innovations in Egypt is likely to remain strong in 2023.

Additionally, the introduction of innovations like the use of artificial intelligence and the internet of things is likely to remain strong too. We’ve seen this play out in Egypt’s New Administrative Capital with its smart city technology. So, with the Egyptian government's push to modernise the country’s real estate industry, innovations like these will likely continue within new developments.

CONTINUED PRICE STABILITY EVEN IN UNCERTAIN CONDITIONS

Despite a possible global recession, the Egyptian residential real estate market is expected to remain stable in price. This is due to many factors that have historically helped the market weather economic downturns.

One reason is the high demand for housing in Egypt. The country's rapidly growing population, as well as government policies aimed at promoting home ownership, has led to a consistent demand for housing. This demand is likely to remain strong even in the face of an economic recession, as people will still need a place to live. Additionally, the government policies and investment in infrastructure development, including building new cities and towns, will also attract more people to move and settle in these areas, which will increase the demand for residential properties.

Another factor that has historically helped the Egyptian residential real estate market weather economic downturns is the relatively low levels of foreign investment. The market is not as heavily dependent on foreign investors as other markets, which means that it is less vulnerable to fluctuations in global economic conditions.

Additionally, the government has been implementing policies to support the real estate market, such as offering subsidies to low-income families to purchase homes and providing tax exemptions for real estate developers to encourage them to build more affordable housing. These policies can help to mitigate the negative effects of a recession on the residential real estate market.

DEVELOPMENTS IN AND AROUND THE NAC

The New Administrative Capital (NAC) should continue having a significant impact on the real estate industry. The city is a major driver of investment and development in the region and is likely to attract many new residents, businesses, and investors. This could lead to the construction of new residential developments, as well as the expansion of existing ones.

As the development of the New Administrative Capital (NAC) continues, it is expected to attract many new residents, businesses, and investors. The city's strategic location, state-of-the-art infrastructure, and strong development opportunities are likely to make it a desirable destination for people and companies looking to move or expand.

With an increased interest in the NAC, the building of new residential developments should increase. Developers are likely to build more homes and apartment buildings to accommodate the growing population in the city. These developments could range from affordable housing to luxury homes. Many developments are also underway too like a range of projects by White Eagle Development.

Alongside the construction of new residential developments, the expansion of existing ones is also expected. Developers may look to add more units to existing buildings. They may also build new towers or compounds in the same area to meet the growing demand for housing in the city.

OVERVIEW

Overall, with continued growth anticipated, the Egyptian residential market has many promising developments likely to occur in 2023. Driving the market are factors that should increase investment and innovation growth. Yet, despite potential global economic challenges, the market should remain stable. It is therefore a strong time for the Egyptian property market with many projections to look forward to in 2023.

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Samana Developers recently announced their performance evaluation for 2022 as well as its plan for 2023. According to the statement, the new year brings in an important year for Samana Developers, with the company aiming to quadruple its growth. To make that happen, the company is looking for the best place to build, and talented real estate professionals to work for them. It is also looking to employ four times more workers in 2023 to tackle this growth.

 In 2023, Samana Developers plans to develop 12 new projects worth AED 2.5 billion. These projects include 5-star hotels and an expected total of 2,400 units.

According to Samana's annual report, six exciting new projects are already planned for the first half of 2023.

SAMANA DEVELOPERS MADE IMPRESSIVE PROGRESS IN 2022

Despite construction problems caused by the Covid-19 outbreak and site workforce limits enforced by authorities in early 2022, Samana Developers was able to manage the construction workflow and complete the AED110 million Samana Hills project. The developer also introduced the completely sold-out Samana Waves, Samana Miami, and Samana Santorini developments.

2022 was a good year for Samana Developers as they set a new trend in the market. It is believed that innovation and unique approaches in real estate are key to success in Dubai’s real estate market. For instance, Samana Developers was the first developer in Dubai to create and set the trend of private swimming pools in residential projects, specifically in non-hotel projects. This trend has since been replicated by many other developers. Samana Developers is planning to introduce new design ideas in their 12 new projects in 2023.

SAMANA’S PROJECTS CURRENTLY UNDERWAY

Samana Developers started a new project called Samana Holidays in November 2022. This project helps people who own a home with Samana Developers make more money. This increases their investment returns from 8% to 14%. To do this, they are turning 500 homes into short-term holiday home rentals for people to stay in. This is expected to make 38 million dollars in 5 months.

Samana Developers is also building a big project called Samana Park Views. They started building it in September 2021 and are working on it faster than usual. 4 out of 8 parts of the building are done. The whole building will be finished by the end of February 2023 and people will be able to move in by the second quarter of 2024.

^{Photo Credit: Samana Developers}

Masdar City, MBZUAI, and The Catalyst have teamed up to boost AI, clean tech, and smart city tech, like self-driving transport, in Abu Dhabi. Executives from the three companies signed an agreement at Abu Dhabi Sustainability Week 2023.

Mohamed Al Breiki, Masdar City's executive director, states that the partnership would help Masdar City position itself as a centre for clean technology, artificial intelligence, and autonomous transport start-ups. It will also strengthen the links across these industries. But equally, it will help use the potential of young and new businesses to create great change.

The collaboration between The Catalyst, Masdar City, and MBZUAI sets up a framework for attracting and retaining some of the world's best experts in artificial intelligence to Abu Dhabi. The partnership has the potential to greatly boost the UAE's position as a worldwide AI and technology destination. According to Sultan Al Hajji, MBZUAI Vice President of Public Affairs and Alumni Relations, this collaboration will give access to industry expertise and resources. This will include AI incubation, clean energy research abilities, and a focus on mentorship for growing businesses and AI workers.

CREATING OPPORTUNITIES FOR ENTREPRENEURS AND BUSINESS INNOVATION

According to Stephen Severance, Masdar City's director of growth, the Catalyst aims to help entrepreneurs commit to making a difference via sustainable, clean tech, and AI. This collaboration will provide businesses access to more excellent talent and more opportunities to develop modern technology. Every partner involved is enthusiastic to work together.

According to the agreement, MBZUAI graduates may qualify for favourable offers to launch their businesses quickly in Masdar City. There may also be opportunities for current MBZUAI students to take part in paid internships with different businesses in the Masdar City Free Zone.

The creation of a unique accelerator programme will also be assessed by the three parties. This accelerator will highlight AI to inspire more MBZUAI graduates to create successful businesses.

THE EVENTS THAT SHAPED MENA REAL ESTATE IN 2022:

BOLD MOVES FOR SAUDI ARABIA’S NEOM PROJECT

Throughout 2022, NEOM accelerated its commitment to innovation and continued its ambitions to provide a better future for all.

Key events that unfolded for the NEOM project:

• Construction began on and new designs were released for The Line.
• The world's largest green hydrogen production plant, ENOWA, was revealed, making a significant contribution to sustainability.
• Trojena, a ski resort, was announced, expecting to attract 700,000 visitors and contribute $800 million to KSA’s economy
• Sindalah, a luxury island and strategic gateway to NEOM via the Red Sea, was revealed.

FIFA WORLD CUP’S POSITIVE BOOST ON QATARI REAL ESTATE

Questions arose throughout 2022 surrounding the long-term impacts of the 2022 FIFA World Cup for Qatar’s real estate market.

Nevertheless, the success of the prestigious football tournament set high standards for future developments in Qatar and had many benefits for the industry. Yet these benefits expanded beyond the national borders of Qatar too! 

How the 2022 FIFA World Cup impacted Qatari real estate:

• Rents rose by as much as 40% year-on-year.
• Residential sales also saw a boost in demand.
• An 89% increase in hotel rooms by 2025 was projected given significant investments in Qatar’s hospitality and tourism sector.
• Lusail City, Qatar's first smart city, featured prominently, showcasing its innovations to a global audience.
• The 88,966-person capacity Lusail Stadium hosted the World Cup final, drawing attention to the city and Qatar as a whole.

How the 2022 FIFA World Cup impacted Dubai’s real estate market:

• HNWI’s sought out real estate in Dubai as an ideal location to stay during the World Cup with attractive long-term investment prospects.

RISE IN METAVERSE TECHNOLOGY & OTHER BREAKTHROUGH INNOVATIONS

The MENA real estate industry embraced a new wave of technological advancements throughout 2022. This saw huge progress made to create a more immersive, interactive, and technologically advanced real estate industry for all players.

Breakthrough innovations in MENA real estate throughout 2022:

• Disruptive PropTech startups, including Nawy & Huspy introduced new innovations.
• Dubai expanded its metaverse economy, anticipating the creation of 40,000 jobs.
• Egypt focused on digitising its real estate sector, including the launch of the first residential complex using AI, IoT, and the metaverse in the NAC.
• Dubai's Museum of the Future launched the region's first real estate NFT collection
• The MENA region's first metaverse mansions were launched
• Abu Dhabi's Yas Island stated its aims to become a leading metaverse destination.
• Saudi Arabia’s, Dar Al Arkan completed the region's first 3D-printed villas.

DUBAI & THE UAE ENHANCED THEIR REAL ESTATE REGULATIONS.

Although real estate regulations were improved throughout the MENA region, Dubai and the broader UAE took huge steps to do so throughout 2022. Enhancing trust and boosting transparency were key factors with the aim of accelerating the real estate appeal of Dubai and the UAE on a global scale.

Key real estate regulation and transparency improvements:

• Dubai implemented new restrictions on property advertising
• A JLL index ranked Dubai's real estate sector as one of the region’s most transparent.
• The UAE introduced new real estate regulations to combat money laundering
• A new decree in Dubai was implemented to increase investment incentives.
• Real estate experts further advocated for greater transparency and sustainability.

WHAT TO EXPECT IN 2023:

ESG investments will remain key in the MENA region, as ambitious national visions focus on sustainability and carbon neutrality among other core components. This may result in further development of smart cities and green initiatives, as well as the further introduction of PropTech innovations to modernise the industry. Ultimately, this should position the region as attractive to global investment and a desirable place to live, particularly in the long-term.

However, these are merely observations of what we think might happen. Political instability on a global scale due to the conflict in Ukraine, and the implications of an inflationary environment, mean nothing is certain. So, make sure you keep up with the latest news, updates, and insights from our team at Cityscape Intelligence to stay informed on what’s to come.

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