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Articles from 2021 In December


Industry insights: Deconstructing architecture and the future of design

Article-Industry insights: Deconstructing architecture and the future of design

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The Cityscape Global Summit 2021 brought together four of the industry’s sharpest minds and most influential players to discuss key themes driving the architecture and design industries today including sustainability, the 15-minute city and cities of the future.

AN ARCHITECHT’S ROLE

Geography, culture, education, and familial influences are a small handful of the factors that shape the work of architects and translate into their physical designs.

It is the creative and subjective nature of architecture that allows designers to develop their own styles, influenced by their personal interpretations of the surroundings and context of each individual project.

For Sir David Adjaye OBE, Founder and Principal, Adjaye Associates, relocating often throughout childhood developed within him an awareness of the differences between people and an international consciousness that is reflected in his work today.

“The work of Adjaye Associates was founded to respond to a way of working on the planet … a way to counter discourse and architecture. I have sought to try and find a way of working internationally, digging into the process of places and people,” Adjaye said.

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MORE THAN JUST A STRUCTURE  

Amongst his most notable projects, the Abrahamic Family House in Abu Dhabi will be a collection of three religious’ spaces: a mosque, a synagogue, and a church, highlighting the role of architecture in community building.

According to Adjaye, architecture is about uniting cities and people. A reversal of traditional architecture, the Abrahamic Family house seeks to become a symbol of unification between the three monothetic religions.

“The job of an architect is to find things which are not cliché and to bring that into the busines of form making. [Architects] must try to avoid cliches and stereotypes and translate ideas happening in society,” he said.

Further pursing the theme of community service through architecture, Adjaye Associates’ District Hospitals project will see the creation of modern, affordable healthcare facilities throughout Ghana that merge 21st century technology with a contextual and holistic approach.

“A really successful piece of architecture is one that has a transitory aspect about how we can support the world. If it can do that, it has done its job,” Adjaye commented.

SUSTAINABILITY: 2021’S BUZZ WORD

As a concept of architecture, sustainability is a relatively new phenomenon that, over recent years, has been quickly gaining importance within the industry.

Despite having recently appeared on the architectural radar, there is much evidence of sustainable concepts and designs existing for generations amongst some of humanities’ oldest societies.

“Sustainability has been in legislative jargon for no more than 20 years. But once you look at the actual concept of sustainability, it goes way beyond that,” said Kourosh Salehi, Design Director, LWK+PARTNERS, speaking at the Cityscape Summit.

For architects, sustainability considerations may be factored in at various stages of projects, from the geographical locations of source materials to the ways in which users engage with completed structures.

“Architects should start with concept development, place making, excitement and fun. Then it’s about understanding who the user and client are, and finally about how to build the structure … That’s where sustainability really starts,” said Stefan de Koning, Architect and Partner, MVRDV.

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DESIGNING FOR THE FUTURE 

The recent COP26 summit emphasized the responsibility of the global real estate industry in progressing sustainable practises and designing for a greener future. Architects play a key role in driving this change.

One way that this can be achieved is through active promotion of sustainable practises and by challenging traditional and established clients on their sustainability agendas. According to Dicky Lewis, Director and Global Design Leader at White Red Architects, this can be achieved by focussing on the project brief and thinking about circularity and reuse opportunities.

“At White Red Architechts, we feel it is our responsibility to hold the torch on sustainability for the architecture industry, and we need to do that with collaboration,” Lewis said.

By seeking a variety of different perspectives on sustainability and sharing best practises around what tangible steps can be taken to improve sustainability in the real estate space, architects today are in a powerful position to incite positive and lasting change.

 

photo credits: https://www.dezeen.com/2019/09/26/david-adjaye-the-abrahamic-family-house-temples-abu-dhabi-architecture/ 

Revealed: Top real estate developers in MENA 2021, by Forbes

Article-Revealed: Top real estate developers in MENA 2021, by Forbes

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The value and performance of the real estate market is a vital foundation of and key contributor to any economy. In the past two years, the COVID-19 pandemic has injected a notable degree of volatility into real estate markets across the globe, causing growth to be stagnant or in decline in many regional markets.

Despite previously being in a state of depression for several years due to issues such as oversupply, 2021 has seen a revival of the real estate market in the GCC with rental and sale prices for properties increasing in several locations and many new, ambitious projects launched and underway.

RECOVERY AND GROWTH IN THE GCC

A recent report by Kuwait Financial Centre ‘Markaz’ found that the UAE real estate sector showed “positive signs of sustained recovery” in the first half of the year – a trend which is expected to continue into 2022.

At the end of H1 2021, residential gross yields in Dubai and Abu Dhabi were amongst the highest reported globally, standing at 5.8% and 6% respectively. This was mirrored by a rising demand for villas, as prices surged 6% in Abu Dhabi and 10% in Dubai, in comparison to the same period last year.

Similar trends have also been reflected in the Omani market with the total value of real estate deals growing by 14.2% in the year to August 2021 compared to the previous year, the official news agency of Oman reported.

Despite being a largely domestic market, Saudi Arabia has also been growing its real estate offering of recent, with a total USD 3.2 trillion worth of projects in infrastructure and real estate announced since 2016 in line with Saudi Arabia’s Vision 2030, a recent Knight Frank report found.

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THE TOP THREE

There is much evidence to suggest that the real estate sector in the MENA region is very well on the road to recovery. Amongst some of the key drivers of this growth are increased oil prices, large international events such as Expo 2020 and generous government policies and visa schemes.

So, who are the top players moving the needle in the MENA real estate market?

The ranking by Forbes analysed companies based on the following factors: financials (total assets, market value, revenues), value and/or size of the landbank and number of units held by the developer, value of projects completed, value of projects under construction, the reputation of the developer and the age of the company.

Certain developers with megaprojects which are launched but not yet functional were excluded from the analysis.

1 – Emaar Properties 

Topping the ranking was UAE-based Emaar Properties, one of the largest publicly listed real estate companies by assets in the GCC. Reporting a 57.8% rise in net profits in 2021 as compared to 2020, the company achieved USD 7.1 billion this year – its highest ever property sales.

2 – Aldar Properties

In second place was Aldar Properties, the Abu Dhabi-based developer behind notable projects which include Ferrari World and Yas Island. As of September 2021, Aldar’s total sales for the year stood at USD 1.7 billion. The company also recently acquired a majority stake of over 85% in SODIC, Egypt-based developer.

3 – wasl Asset Management Group

Coming in at number three, UAE-headquartered wasl Asset Management Group boasts a vast portfolio of real estate assets, divided into three divisions: wasl properties, wasl hospitality and leisure, and wasl lifestyle.

In total, the company own in excess of 47,000 residential and commercial properties in Dubai, 19 hotels comprising of 5,448 keys and 1,416 serviced apartments, as well as Duabi Golf & Yacht Club, Emirates Golf Club, and Jumeirah Golf Estates.

Majid Al Futtaim and Aldar create UAE’s first digital real estate platform

Article-Majid Al Futtaim and Aldar create UAE’s first digital real estate platform

Digital Transactions

Dubai-based developer Majid Al Futtaim and leading Abu Dhabi-based developer, Aldar Properties, recently signed an MOU for the development of a new platform that will allow for real estate transactions to be carried out digitally.

The announcement follows the issuance of the UAE Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services, also known as the ‘E-law’. The new E-Law both regulates and facilitates electronic transactions to be conducted by legally verifying digital signatures, including digital real estate transactions.

“The issuance of the new E-Law and the initiation of our new digital real estate sales platform marks the next step in our digital transformation journey as we aim to become the region’s most customer-centric developer,” Hawazen Esber, CEO, Majid Al Futtaim said.

SAVING TIME, INCREASING EFFICIENCY

The ability to complete real estate transactional digitally will save significant time on the part of both buyers and sellers, subsequently enhancing overall customer experience, the companies said in a press release.

Where customers have previously been required to provide physical signatures when securing real estate purchases, the new platform will allow buyers to complete transactions digitally from remote locations such as their home or offices.

As well as decreasing the time and effort spent completing transactions, the platform will also contribute towards implementing sustainable practises in the real estate sector by reducing paper usage.

“The new E-law is a significant development for the UAE’s real estate sector. It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalized market,” Jonathan Emery, CEO, Aldar Development commented.

“Together with Majid Al Futtaim – Communities, we hope to encourage further collaboration within the industry to ensure that the UAE’s real estate market is at the forefront of innovation, digital transformation and sustainability,” he said.

DIGITISING DUBAI'S REAL ESTATE MARKET

Over recent months, the UAE real estate market has flourished with sale and rental prices in Dubai in particular rising steadily.

The introduction of government incentives such as gold and silver visas along with the positive economic impacts of the country’s successful COVID-19 recovery and hosting of EXPO 2020 have all been effective in attracting investment to the real estate sector over the past six months.

By seeking to provide a seamless customer experience and allowing buyers to complete transactions from overseas, Majid Al Futtaim and Aldar Properties hope that the new platform will further boost foreign real estate investment in the region.

 

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