The Saudi Arabia’s residential real estate transactions, representing 58.7% of the total real estate transaction value, witnessed a 16% decrease, falling to just below 150,000 sales from January to November 2023.
Throughout 2023, the total real estate transactions across all sectors in Saudi Arabia dropped by 17%, reaching slightly over 177,000, with the aggregate deal value decreasing by 9% to SAR 197.7 billion.
The issuance of mortgages during January-November 2023 saw a 35% reduction, a sharper decline compared to the 22% decrease during the same timeframe in the previous year. Additionally, the total mortgage value dropped by 36% to SAR74.2 billion, as elevated interest rates and prices led potential buyers to delay purchases in favor of saving larger down payments.
Contrarily, Riyadh, the capital of Saudi Arabia, displayed resilience against the downturn.
Riyadh saw an ascending trend in home values, with apartment prices increasing by 4.5% and villa prices by 0.5% compared to the previous year. The city also experienced a 7% increase in transaction volumes, totally contrasting with a 21% decrease in Jeddah and a 12% fall in the Dammam Metropolitan Area.
The price significantly grew in the residential market over recent years, especially in Riyadh, which has led to increased affordability challenges, worsened by rising borrowing costs. Interest rates escalated from approximately 0.8% in January 2021 to 6% by the end of the year.
Experts noted a shift in demand dynamics, with younger Saudis postponing homeownership due to affordability and a preference among intra-Saudi migrants for renting over buying, presenting a significant opportunity for introducing build-to-rent properties managed to international standards.
Analysis also pointed to a decline in Jeddah’s residential market transactions, with a 21% decrease from the previous year, and a 26% reduction in transaction value, ending 2023 at SAR20.9 billion.
Jeddah’s rising interest rates are the primary cause for the dip in transactions, affecting transaction values kingdom-wide. However, the government’s focus on revitalizing Jeddah’s demand through significant real estate and infrastructure projects promises potential upliftment in job creation and housing demand in the foreseeable future.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
More than $3.2 Trillion AUM in Real Estate Assets represented during Cityscape Global
Day two of Cityscape Global witnessed major international institutional investors, with over $3.2 trillion AUM in real estate assets, attend the Investor Forum, which welcomed participants from over 22 countries. Attendees joined roundtables, keynotes, panels and one to one matchmaking meetings which hosted household names such as BlackRock, AGV Invest, Brookfield, CVC Capital Partners, Apollo and Mapletree.
Roundtables over the last two days saw lively discussions on the future of mixed-use real estate investments, strengthening partnerships between family offices and real estate developers, insights into retail and hospitality investments, key ESG principals for investors and balancing portfolios with alternative assets.
Hossam, Y Radwan, the CEO of the Saudi Real Estate Mortgage Guarantee Company (Damanat), also shared an update on the Saudi mortgage market and opportunities. He explained his company had been successful in refinancing mortgage portfolios exceeding 37 billion riyals by providing finance solutions for investors and developers.
Running under the theme ‘The Future of Living’, Cityscape Global’s second day at the Riyadh Exhibition & Convention Centre in Malham saw the announcement of another US$3.36 billion (SAR 12.62bn) worth of projects and strategic agreements in the Kingdom. The Ministry of Municipalities and Housing (MOMAH), Developmental Housing, and SAKAN, revealed an investment of US$1.28bn to provide ownership of 16,000 housing units across the Kingdom next year.
Meanwhile, more than US$2.08bn will be invested by the Saudi Investment Recycling Company and Dhahran Municipality to cover numerous upcoming projects in the eastern region.
On the main stage, a ministerial session, featuring H.E. Amina bint AhKailAl-Rumaihi, Minister of Housing and Urban Planning in the Kingdom of Bahrain, and H.E. Eng. Sherif El Sherbiny, Minister of Housing, Arab Republic of Egypt, delved into the future of urban planning.
Building on day one’s momentum
In addition to today’s investment announcements, Cityscape Global also saw a plethora of deal and investment activity on day one. NHC announced $37,272,851,000+ worth of new partnerships with 5+ companies, launching a new identity and strategy. In addition, Diriyah Company also announced yesterday the launch of its Signature Collection of The Ritz-Carlton Residences, Diriyah, marking the latest release of its luxury branded residences. Diriyah Company also launched the first luxury residential group, “Raffles Residences Diriyah”, affiliated with Raffles Hotels and Resorts. The new “Raffles Residences Diriyah” will feature 90 luxury residences while offering access to world-class facilities at the upcoming Raffles Diriyah hotel.
Furthermore, RETAL announced the delivery of 4498 residential, mixed use, and commercial units in partnership with regional developers and investors, with a value in excess of $3,727,380,000+. KADEN announced $1,466,666,000 + for “CITY WITHIN CITY”. Mohammed Al Habib unveiled Enar, a mixed-use mega project spanning 250,000sqm with a value in excess of $1,331,207,000+.
In addition, TILAL revealed the launch of Heart of Khobar, a 268,813 sqm mixed use development, valued at $1,600,000,000. Flow also disclosed the company’s first local real estate fund worth $293,300,000, with Sico and Safa as partners, to own 920 units. Mountain View announced it has officially expanded its operations into Saudi Arabia by launching its first project, “One Mountain View”, an investment to build 500 upscale villas in partnership with leading Saudi developers, with an investment value of $320,000,000.
Elevating Global Sports
In addition, Cityscape Global took a deep dive into the different perspectives around professional sports and their fan experiences as day two of the largest real estate event in the world capitalized on its future-focused theme by welcoming a plethora of sports industry leaders and world-renowned athletes to the new Stadiums & Mega Events Stage.
Crowds gathered for huge figures of a different nature as FIFA World Cup champions, UEFA Champions League winners, and other global football stars shared insights and opinions on the future of sport. Ivory Coast superstar Didier Drogba, Former Brazil captain Gilberto Silva, and other legendary footballers such as Sol Campbell, Louis Saha, Jens Lehmann, and Emile Heskey, shared the stage to discuss everything from their investments in real estate to the prospect of a FIFA World Cup in the Kingdom. The former players brought a little added glitz to an event already filled with luxurious real estate projects and innovation.
Former England and Liverpool forward Heskey gave his support to Saudi Arabia’s 2034 bid to host the FIFA World Cup as a vehicle to promote healthy, active lifestyles. He said: “It would be huge. Watching the FIFA World Cup on TV is one thing, but to have it in the Kingdom really would inspire the next generation to want to be playing. There would be nothing like being in a stadium here watching it, within touching distance of some of the world’s best players. Fans travel wherever, but if it’s on your doorstep, then it is a blessing – a chance to experience something that some people will never get to experience.”
Helmut Spahn, Director of Safety, Security & Access at FIFA, later presented his vision for the future of stadiums, projecting that artificial intelligence will make for a smoother matchday experience whereby baggage checks will be a thing of the past, food and drink orders can be delivered direct to visitors’ seats, and stadiums will be designed to be more inclusive.
“Technology is evolving incredibly fast, so we don’t know what will be available in the market in two or three years or what will be available in 2034 when we host the World Cup – probably – here in the Kingdom of Saudi Arabia,” said Spahn. “The biggest change for organizing World Cups and other major events in the future is AI-powered stadium security. Whether you like it or not, it’s the future: Real time threat detection; AI cameras identifying potential risks so you can react as early as possible; protective analyzers to anticipate behavior and crowd management; and facial recognition.”
Vision 2030 Driving Increased Access to Saudi Sports Facilities
Promoting sport within the Saudi population was the theme of a keynote speech by Adwa AlArifi, Assistant Minister for Sporting Affairs, Ministry of Sport, Kingdom of Saudi Arabia. She told delegates how the country’s Vision 2030 has positioned sport, access to facilities, and infrastructure as integral to modern day life in the Kingdom. AlArifi pointed out that before Vision 2030, there were limited sports federations, yet now Saudi Arabia boasts more than 100 such associations. She added that a strategic focus on increased creation of facilities and infrastructure will help provide access to sport for every person in the Kingdom.
Cityscape Global 2024 is sponsored by the Ministry of Municipalities and Housing (MOMAH) in partnership with Real Estate General Authority (REGA), Vision 2030, Housing Program, and organized by Tahaluf. Cityscape Global 2024 supporting Foundation Partners include National Housing Company (NHC), NEOM, ROSHN, New Murabba, King Abdullah Financial District (KAFD), Diriyah Company and Destination Partner, MASAR.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This residential project, the first to be created by a design brand, brings the epitome of bespoke living to Dubai.
Natuzzi Italia, Italian design brand that blends cosmopolitan spirit with the know-how and heritage of the Mediterranean, and Peace Homes, a Dubai-based real estate company specializing in the development of luxury residential and commercial projects, present: Natuzzi Harmony Residences by Peace Homes.
The first residential project created by a design brand brings the epitome of bespoke living to Dubai, blending high-end Italian design with an architectural marvel tailored for discerning homeowners who seek not just a home, but an immersive experience of quiet luxury and harmony.
Located on the Dubai Islands, the Natuzzi Harmony Residences by Peace Homes are designed to integrate seamlessly with the landscape, symbolizing the fusion of Arab and Mediterranean cultures. Each apartment within Natuzzi Harmony Residences by Peace Homes is individually crafted to reflect the personal aesthetics and lifestyle preferences of its residents. A place where every architectural and interior element stimulates a harmonious experience through sinuous forms that shape, create, and envelop. From the selection of materials to the tailored interior designs, every home is a masterpiece that captures the sophistication of Italian artistry and the warmth of Mediterranean influences.
After several years since his last visit to Dubai, Pasquale Natuzzi, Executive Chairman of the Natuzzi Group, stated at the Dubai launch event: “We are a company with 65 years of history that has been able to constantly evolve, guided by the values that have always distinguished us: respect for human rights, love for work, sustainable growth, transparency, and harmony. Today, we are a lifestyle brand, recognized and appreciated worldwide, and the Natuzzi Harmony Residences by Peace Homes represent a new step in this evolutionary journey, as they offer the opportunity to experience the uniqueness of Natuzzi Harmony, which, for the first time, permeates every internal and external space of this incredible residential project.”
Natuzzi, along with its team of architects and interior designers, has designed a building spanning over 10,000 square meters across 9 floors, with a total of 50 apartments. A project that comes to life with Peace Homes Development a distinguished name in Dubai’s luxury real estate market, known for its visionary approach to creating spaces that are not only architecturally innovative but also embody the essence of elegance and refinement.
Going beyond the boundaries of residential design, a dedicated Natuzzi Experience Center within the Peace Homes Development showroom allow visitors to explore the heritage, philosophy, and unmatched quality that have made Natuzzi a hallmark of Italian luxury worldwide.
Pasquale Junior Natuzzi, Chief Trade & Contract Officer, said: “The Natuzzi contract division was created with a clear vision: to become the first design brand in the world to fully conceive a residential project that could embody the essence of the Natuzzi Italia lifestyle. Today, we celebrate this extraordinary achievement accomplished through meticulous and dedicated work that has allowed us to push beyond all imagination and create something unique. Dubai will have a new landmark where the splendid Arab culture merges with the Mediterranean one.”
The Natuzzi Harmony Residences by Peace Homes architectural concept redefines the notion of luxury, with exteriors celebrating organic forms and reflecting the sophisticated allure of the interior spaces, where Natuzzi Italia’s furniture design brings Italian tradition and timeless aesthetics to their chosen setting—an exclusive and desirable environment that celebrates quiet luxury.
Striking in its visual impact are the large floor-to-ceiling windows, through which natural light, a key element of the project, flows into the interior spaces, enhancing their smooth, unbroken shapes and eliminating harsh angles and color contrasts. The Natuzzi Harmony Residences by Peace Homes have been conceived to be customizable, both in terms of interiors and the layout of the spaces, offering a made-to-measure experience that creates environments reflecting the tastes and sensibilities of those who have chosen them.
Natuzzi Harmony Residences by Peace Homes stands as a symbol of Peace Homes Development’s commitment to redefining luxury living in Dubai. By merging the heritage of Natuzzi Italia with Dubai’s modern architectural ambitions.
A dedicated team from Natuzzi Italia is on the ground in Dubai, designing a model apartment that exemplifies the brand’s commitment to, elegance, harmony and beauty. This model apartment will serve as a window into the exclusive Natuzzi Italia living experience, allowing prospective homeowners to envision the extraordinary lifestyle that awaits.
To complement the Natuzzi lifestyle, a range of exclusive services is available, including swimming pools, a gym, a wellness center, a children’s area, and a cinema room, all designed to foster social interaction and harmony in everyday living.
With a global network of more than 1,100 showrooms and galleries and a flagship store in Dubai, Natuzzi Italia’s presence in the city marks a new era where the charm of Mediterranean living blends with the innovation and majesty of the Middle East.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
Kings’ Square is being designed by global architectural firm OMA, and will offer a variety of residential, commercial and office spaces.
Luxury real estate developer Al Basateen, a subsidiary of Alshegrey Group, and Riyad Capital, one of the largest asset managers in the Kingdom of Saudi Arabia and pioneer in the real estate investment space, announce the launch of a real estate fund exceeding SAR 2 billion ($533 million) during Cityscape Global 2024 to develop the ‘Kings’ Square’ real estate project.
Located in Riyadh, Kings’ Square is being designed by global architectural firm OMA, and will offer a variety of residential, commercial and office spaces. The development will cover a built-up area of more than 240,000 square meters, spread across 12 towers connected by a series of landscaped courtyards designed with trees and greenery to provide ample shaded natural spaces. The project’s strategic location at the intersection of King Salman Road and King Fahd Road places it in one of the most vibrant areas of the city offering residents and visitors access to a unique and innovative lifestyle destination.
Speaking to media after the announcement, Abdulaziz Khalid Alshegrey, CEO of Al Basateen, said: “We are proud of our partnership with Riyad Capital, which marks a new beginning in developing unique and high-quality projects that cater to the growing demand for office, commercial, and residential spaces in Riyadh. This project will set a benchmark for integrating modern designs with Saudi Arabia’s cultural identity and authentic architectural heritage, taking full advantage of the opportunities created by Vision 2030 to advance the real estate sector and elevate the quality of real estate products. We are committed to maintaining our reputation, which is founded on our client-centric focus on excellence and elegance.”
Commenting on the launch, Dr. Abdullah Alshwer, CEO of Riyad Capital, said: “Our partnership with Al Basateen is testament to our continued dedication to delivering diverse real estate products that cater to the growing demand in Saudi Arabia’s thriving real estate market. We are proud to play a role in empowering the Kingdom’s real estate development sector and to create rewarding investment opportunities for both Saudi and international investors, in line with Vision 2030 objectives for sector development and economic growth.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Every element of One Park Square is thoughtfully crafted to offer residents a connection to both the elegance of nature and the vibrancy of urban life.
IMAN developers has announced the launch of One Park Square, their newest mixed-use residential project in Jumeirah Village Circle (JVC). Valued at AED 320 million, One Park Square is IMAN developers’ 14th development. The property sold out within four hours of its launch, a testament to the growing demand for their signature blend of architectural excellence and lifestyle-oriented living spaces. The project is scheduled for completion in the second quarter of 2028.
One Park Square draws its unique design inspiration from the natural beauty of Dubai’s desert landscape, with a stunning beige and gold facade that captures the essence of desert sands and the tranquil flow of water. This harmonious balance between natural inspiration and modern urban refinement is enhanced by graceful, organic curves and serene water features throughout the property. Every element of One Park Square is thoughtfully crafted to offer residents a connection to both the elegance of nature and the vibrancy of urban life.
Mr. Ismail Marfani, Chief Executive Officer of IMAN developers, commented, “The overwhelming demand for One Park Square demonstrates the appeal of a thoughtfully designed residence that resonates with Dubai’s modern families. This project represents our commitment to elevating urban living, with a design that combines the timeless beauty of nature with the functionality and luxury that define IMAN developers. We are excited to see One Park Square become a valued part of the JVC community.”
One Park Square is a meticulously planned high-rise comprising 24 floors with a mix of residential and retail spaces. The development includes 266 residential units and three retail units, offering a range of options to suit diverse lifestyles. These include 107 studios, 115 one-bedroom apartments, 34 two-bedroom apartments, six two-bedroom duplexes, and four three-bedroom penthouses.
With its iconic facade and exclusive ceramic finishes, One Park Square is designed to deliver a high standard of living. Residents will experience an array of world-class amenities that support a balanced lifestyle, including a 40-meter leisure pool, a fitness center, a jogging track, and spaces for relaxation like a Zen Garden and an expansive lobby. An outdoor kids’ play area, a skate park, and a clubhouse provide options for socializing and recreation, while amenities like a yoga zone, BBQ area, and pet zone add to the unique lifestyle offerings of this development.
The building configuration includes studios, one- and two-bedroom apartments, two-bedroom duplexes, and three-bedroom penthouses, each crafted to combine luxury with comfort and designed for modern families and individuals alike.
Located in JVC, One Park Square offers residents’ seamless access to essential lifestyle conveniences, including dining outlets, a supermarket, and ample indoor parking. The development is also enriched by nearby community parks, reputable schools, and medical facilities, further supporting a balanced and family-oriented lifestyle. With its diverse recreational options, One Park Square provides a vibrant setting where residents can enjoy a rich, fulfilling lifestyle, making it an ideal choice for those seeking an elevated residential experience.
IMAN developers offer flexible payment plans tailored to suit a variety of financial needs. The payment structure includes 20 per cent upon booking, followed by payments at 10 per cent intervals at key stages of construction—90 days post-booking, and at 20 per cent, 40 per cent, and 60 per cent completion—with the remaining 40 per cent due upon project completion. Starting prices are AED 725,000 for studios, AED 1.05 million for one-bedroom apartments, AED 1.58 million for two-bedroom apartments, AED 2.37 million for two-bedroom duplexes, and AED 2.95 million for three-bedroom penthouses.
The rapid sell-out of One Park Square is a testament to IMAN developers’ expertise in creating spaces that blend aesthetics, functionality, and luxury. This project not only reaffirms the company’s reputation for delivering exceptional residential projects but also strengthens its position as a leader in Dubai’s dynamic real estate market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Eng. Aiman Al-Mudaifer has been appointed as NEOM’s acting CEO.
NEOM, the ambitious $500 billion mega-project that forms a key part of Saudi Arabia’s Vision 2030, recently announced the departure of its long-serving CEO, Nadhmi Al-Nasr. Although NEOM has not disclosed the reasons behind Al-Nasr’s exit, sources close to the company said that unmet performance targets may have been a factor. This leadership change marks a significant moment as the project accelerates towards the 2030 completion milestone.
Crown Prince Mohammed bin Salman (MbS) has funneled extensive resources into transformative initiatives like NEOM through the kingdom’s Public Investment Fund (PIF), pushing forward with his goal of reducing Saudi Arabia’s dependence on oil. Set on the Red Sea and nearly the size of Belgium, NEOM is envisioned as a cutting-edge urban and industrial hub designed to accommodate close to nine million residents. Central to the prince’s Vision 2030, NEOM is expected to become a catalyst for economic diversification in a nation that remains heavily reliant on oil revenue.
Yet, challenges have surfaced within NEOM’s ambitious framework. Certain components, such as The Line—a mirrored city stretching 170 kilometers into the desert—have faced adjustments due to rising costs. These modifications come as PIF aims to streamline its investment focus, prioritizing projects with strong success potential, an approach highlighted in reports earlier this year.
Al-Nasr’s departure follows mounting pressure to meet NEOM’s demanding objectives. Leadership at the project has been striving to complete various high-profile developments under tight deadlines, with some components of NEOM falling behind schedule. Following Al-Nasr’s departure, Aiman Al-Mudaifer, previously head of PIF’s Local Real Estate Division, has been appointed as NEOM’s acting CEO. Al-Mudaifer brings a wealth of experience, with a deep background in real estate and infrastructure investment across Saudi Arabia and a role on the boards of prominent companies in the kingdom.
In a statement, NEOM described Al-Mudaifer’s leadership as crucial for guiding the project through its next phase. “As NEOM enters a new phase of delivery, this new leadership will ensure operational continuity, agility, and efficiency to match the overall vision and objectives of the project,” the statement read.
Al-Mudaifer’s background with PIF, overseeing local real estate and infrastructure investments, positions him well to navigate NEOM’s complex demands and advance its ambitious schedule. His appointment comes at a pivotal time as NEOM reorients its approach, balancing its visionary goals with practical considerations necessary to ensure long-term success.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The new property search platform designed to offer a smoother, more efficient, and highly personalized experience for buyers, renters, and brokers
The UAE’s real estate sector is about to experience a major shift with the upcoming launch of housez.ae, a new property search platform designed to offer a smoother, more efficient, and highly personalized experience for buyers, renters, and brokers. Scheduled for launch in Q1 2025, housez.ae is led by CEO Wassem Hassan and Co-founder Ahmad Turki, who bring a wealth of experience and a modern approach to the platform’s development.
Transforming Property Search with AI-Powered Technology
At the heart of housez.ae’s innovation is its AI-powered search engine, which uses intelligent algorithms to understand user preferences, making the search experience faster and more intuitive. By tailoring results based on individual needs, housez.ae aims to help users find the right property effortlessly. This AI-driven approach, combined with a streamlined interface, ensures that users can navigate property options in a way that feels natural, saving them time and delivering results that truly match their requirements.
What Makes Housez.ae Unique
- AI-Driven Search Technology: Housez.ae is building an advanced AI framework to provide users with personalized property recommendations, simplifying the search experience by aligning listings with specific preferences and interests.
- User-Centric Design: Every feature on housez.ae is designed to offer a seamless user experience, from initial search to finding detailed property insights.
- Experienced Leadership and Strategic Vision: With a dedicated team and an ambitious growth plan, housez.ae is positioned to set new standards for user satisfaction and efficiency in the UAE property market.
- Message from the Founders
CEO, Wassem Hassan, shared his vision for housez.ae, stating: “Our goal with housez.ae is to transform the way people approach property searches in the UAE. By leveraging AI and understanding our users’ needs, we’re creating a platform that makes finding the perfect property simpler and more intuitive.”
Co-founder, Ahmad Turki added, “Housez.ae isn’t just about listings; it’s about providing a user-friendly journey through one of the most important decisions in life. With cutting-edge technology and a commitment to excellence, we’re building a trusted and intelligent platform for all our users.”
A New Standard in Property Search
As housez.ae prepares to launch, it is setting its sights on delivering a powerful and reliable experience that meets the demands of the fast-paced UAE market. With a target of achieving 1,000 new listings per day, housez.ae is ready to make an immediate impact, bringing a fresh perspective and a high level of professionalism to the property search experience.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Landmark launch of projects and strategic agreements worth more than US$47.9 billion (SAR 180bn) announced on day one
Cityscape Global, the largest real estate event in the world, opened its doors in Riyadh with the landmark launch of projects and strategic agreements worth more than US$47.9 billion (SAR 180bn) announced, with more to follow.
Under the theme ‘The Future of Living,’ Cityscape Global is running at the Riyadh Exhibition & Convention Centre, Malham, until 14 November. It was opened by His Excellency Majed bin Abdullah Al-Hogail, the Minister of Municipalities and Housing, in front of ministers, dignitaries, and key leaders from the regional and international real estate markets. Al-Hogail emphasized the significance of the huge growth in investment, a 50 per cent increase on the opening day last year, and how it demonstrates the rapid acceleration of the Saudi property sector. He added the market is being driven by the Kingdom’s leadership in creating an attractive investment environment for sustainable development.
Al-Hogail also noted the number of participating local developers has doubled to more than 100, while the number of international developers has increased to 96. This increase is fueled by sustained growth in real estate transactions, which has surpassed US$167.7bn (SAR 630bn) since the beginning of the year, making the sector one of the key drivers of the Kingdom’s economic diversification.
The event is Sponsored by the Ministry of Municipalities and Housing (MOMAH) in partnership with Real Estate General Authority (REGA), Vision 2030, Housing Program, Organized by Tahaluf. Cityscape Global 2024 supporting Foundation Partners include National Housing Company (NHC), NEOM, ROSH New Murabba, King Abdullah Financial District (KAFD), Diriyah Company and Destination Partner, MASAR.
Characteristics of A Smart City
During the first day, Cityscape Global attendees had listened attentively as His Highness Prince Dr. Faisal bin Abdulaziz bin Ayyaf, Mayor of Riyadh Region, explained how the Saudi capital is on a development journey from a walled-off city to a global investment destination, complete with remarkable projects and iconic events. In the session immediately afterwards, Daithi de Roiste, the former Lord Mayor of the City of Dublin, and Stephen Yarwood, the former Lord Mayor of the City of Adelaide, together discussed their experience of successfully developing smart cities.
Detailing the four pillars of Smart Tourism – Digital, Sustainability, Accessibility, and Cultural Heritage – the two former lord mayors spoke of some of the initiatives they launched that helped propel their respective cities in Ireland and Australia. De Roiste focused heavily on inclusion, driving widespread wheelchair access across Dublin and silencing a St Patrick’s Day Parade for a 300m stretch to allow autistic attendees and those with ADHD to experience the city at its greenest.
Yarwood, meanwhile, launched the world’s then-biggest free wi-fi network, increased outdoor dining in Adelaide by 30 per cent, regularly closed roads to promote social gatherings, and focused on street murals, food trucks, and coffee carts.
“At the end of the day, people really want to spend more time – and ultimately more money – in places they want to be,” he said. “So creating that ‘cool city’ is part of keeping people there. So these are important projects, but it’s also about the culture of these experiences. Do you want people to come and see one or two things in one or two days, or do you want them to come and see them, but stay longer to enjoy the city and do some of the things that are not as spectacular?”
Unmatched Opportunities
Speaking at the end of a highly successful first day, Rachel Sturgess, Senior Vice President at Tahaluf, which organizes Cityscape Global, said the volume and value of business deals announced between some of the region’s largest real estate players on the opening day is a “true testament to the importance that Cityscape Global holds for the industry as a whole”.
“This is just the beginning, and we expect more announcements to be made across the next three days, in addition to agenda-setting meetings, investor workshops, and giga project updates. This week’s event offers unmatched opportunities for asset optimization, portfolio diversification, and high-return investments in Saudi Arabia’s smart cities and infrastructure projects,” she said.
The first Cityscape Future Leaders Competition, aimed at empowering students and fresh graduates by challenging them to solve real-world architectural problems, is underway, while more than 60 PropTech, Smart Cities, and ConTech startups have begun competing in the Cityscape Innovation Challenge hoping to make it to the Shark Tank-style finale on Thursday. The ROSHN Hackathon meanwhile – supported by Google Cloud and PwC – where 100 selected participants and 40 teams are competing for prizes worth SAR 1.5 million is also progressing.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This endorsement reaffirms Bayut Academy’s reputation as a market leader in real estate education.
Bayut, the UAE’s leading property platform, has announced that its Bayut Academy training program has been officially endorsed by the Dubai Land Department (DLD) and permitted by the Knowledge and Human Development Authority (KHDA). This endorsement reaffirms Bayut Academy’s reputation as a market leader in real estate education and reinforces its commitment to delivering industry-leading training sessions that meet the highest sectorial standards of professional development.
Bayut Academy has recently taken a significant step forward by formalizing its collaboration with DLD during a special event that featured Dr. Mahmoud Al Burai, Senior Director of Real Estate Policies and Innovation at DLD. Dr. Mahmoud led an insightful training session where attendees were able to ask questions, deepening their understanding of compliance standards. In recognition of DLD’s invaluable support, Bayut presented a special trophy to the department as a token of appreciation for their partnership.
Commenting on this milestone, Haider Khan, CEO of Bayut and Dubizzle Group MENA, said: “We are honored to receive this recognition from the Dubai Land Department. The fact that we are permitted by KHDA further underscores Bayut Academy’s role as a trusted education partner for real estate professionals in the UAE. Our mission is to empower agents with the knowledge and skills they need to excel, and through Bayut Academy. By doing so, we help connect property seekers with the best brokers in the industry, fostering trust and elevating standards across the market.”
In this regard, Dr. Mahmoud Al Burai, Senior Director of Real Estate Policies and Innovation at DLD, said: “Dubai Land Department’s support for Bayut Academy aligns with our ongoing commitment to promoting innovation and professional development in the real estate sector. We believe that providing real estate brokers specialized education and continuous training is essential for ensuring compliance with the highest professional and regulatory standards. Our partnership with Bayut and its academy reflects our shared vision of raising the level of real estate performance in Dubai, preparing a new generation of professionals capable of keeping pace with the rapid changes in the market, and building trust among all stakeholders in the real estate equation.”
This achievement highlights Bayut Academy’s dedication to promoting excellence, professionalism and compliance among real estate agents. As Bayut continues to innovate through education and collaboration, it remains at the forefront of transforming the real estate industry in the UAE.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Crafted by world-leading architects, this latest release brings to market a new level of elegance in the heart of Dubai’s most coveted island destination.
Nakheel, a member of Dubai Holding’s pioneering real estate arm Dubai Holding Real Estate, announced the highly anticipated release of its latest luxury residences at Palm Jebel Ali: The Beach Collection – an exclusive collection of 10 bespoke beach villa styles.
Crafted by world-leading architects, this latest release brings to market a new level of elegance in the heart of Dubai’s most coveted island destination. Situated on prime beachfront locations along the fronds of Palm Jebel Ali, these five- and six- bedroom villas, ranging from 7,300 sq ft to 8,500 sq ft, offer unparalleled privacy and exclusivity. Residents will enjoy direct private beach access, seamlessly blending luxury living with breathtaking coastal beauty. The first residences are anticipated for completion by the end of 2027.
The launch follows news that construction on Palm Jebel Ali is well underway with recent contractor award announcements. This included the commencement of the first phase of villas, infrastructure and public area construction, which was awarded to Ginco General Contracting, Shapoorji Pallonji Mideast and United Engineering Construction Company (UNEC). The construction of public access roads was awarded to DBB Contracting LLC, while road and lighting enhancements were awarded to Khansaheb Civil Engineering LLC and marine works to Jan De Nul LTD. These significant developments underscore Nakheel’s commitment to delivering this renowned project on schedule.
Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: “This latest release of Palm Jebel Ali villas marks a significant milestone in our journey to deliver one of Dubai’s most renowned projects. The overwhelming response to our first phase, with all villas selling out within record time, is a testament to the appeal of this iconic destination. We are proud to launch The Beach Collection, which embodies our commitment to creating extraordinary destinations that offer an unparalleled lifestyle, setting new global benchmarks for luxury and design.”
The Beach Collection showcases 10 distinct villa styles, including eight brand new designs, each offering a distinct expression of beachfront living. Each villa boasts a unique and contemporary façade, meticulously designed to complement the coastal setting. Grand entryways with double height volumes lead to expansive living spaces, where floor-to-ceiling windows showcase captivating views of the Arabian Gulf.
Open plan layouts effortlessly combine the living, dining and show kitchen areas, creating grand and versatile spaces ideal for both intimate gatherings and large-scale entertaining. Gourmet kitchens feature sleek, contemporary top-of-the-line appliances, inspiring culinary creativity. Master suites offer a spacious layout that includes a private balcony for enjoying the serene surroundings, a generously sized walk-in closet and a spa-inspired bathroom, complete with luxurious fixtures and finishes. Residents of Palm Jebel Ali will have access to world class amenities, including state-of-the-art fitness centers, swimming pools and exclusive beach clubs, fostering a strong sense of community and belonging.
Palm Jebel Ali’s seven islands span 13.7 kilometers, feature 16 fronds and over 90 kilometers of beachfront. It marks the beginning of a new growth corridor in the Jebel Ali area, underlining the expansion of the emirate in line with the Dubai 2040 Urban Master Plan and the Dubai Economic Agenda D33. The landmark development is designed with several mixed-use pedestrian-friendly neighborhoods offering panoramic views of the Arabian Gulf. Residents and visitors will enjoy an abundance of recreational spaces, catering to a diverse array of lifestyles and interests with a focus on smart city technologies and sustainability.
Nakheel’s projects form an iconic portfolio of master communities and residential, retail, hospitality and leisure developments that are pivotal to realizing Dubai’s vision.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Erth is putting its prominent projects in the spotlight, notably the Raffles Residence Jeddah project, which combines modern architecture with luxury.
As part of its participation in Cityscape Global 2024 in Riyadh, Erth Real Estate is showcasing its ambitious projects and future vision to develop sustainable communities in line with the Saudi 2030 Vision ambitions. Held at the Riyadh Exhibition and Convention Center, Malham, Cityscape 2024 brings together major real estate companies and developers to showcase their latest innovations and projects.
Saud Abdullah Al-Rajhi, Chief Executive Officer and managing director at Erth, said: “Being at Cityscape reaffirms our commitment to creating quality urban and future-ready projects that promote sustainability and innovation. Through our projects, we aim to bring about positive change in the real estate sector, by creating integrated living environments that provide a high quality of life.”
Al-Rajhi indicated that the company’s strategy is based on providing innovative solutions tailored to meet the needs of customers, by designing communities that combine comfort, technology and green space to keep pace with the rapid urban expansion in Saudi Arabia. This will enhance the Kingdom’s position as a leading destination in regional and global real estate development.
At Cityscape 2024, Erth Real Estate is putting its prominent projects in the spotlight, notably the Raffles Residence Jeddah project, which combines modern architecture with luxury, with Red Sea frontage and luxurious designs. Located on the shores of the Arabian Gulf, Al Marina project features a vast lagoon, high-end residential neighborhoods and villas that suit all kinds of tastes and expanded green spaces.
At 850 meters from the Holy Mosque, the Masar Project features luxury residential towers that combine authenticity and comfort, with public facilities that promote community interaction. The Alyasmeen Project, in the heart of Riyadh, spans over 60,000 square meters, will redefine the concept of urban development aligned with Saudi Vision 2030.
Erth Real Estate also displayed its smart solutions and sustainable development, with interactive presentations and workshops, giving visitors a chance to learn more about the company’s ambitious vision.
With a strategic vision to deliver sustainable and innovative urban projects that meet the needs of the Saudi society, Erth Real Estate endeavors to develop integrated communities that combine luxury and quality, integrating modern technology and green spaces to ensure a sustainable living environment.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Redefined and expanded Cityscape Global features various new segments, more than 150 hours of content, over 500 experts sharing ‘Future of Living’ insights, and 400 exhibitors
Cityscape Global, the world’s largest real estate event, opened its doors today at the Riyadh Exhibition & Convention Centre, Malham, with an expanded focus on driving business-to-business (B2B) transactions. Running from 11-14 November, this year’s Cityscape Global grows to add on two new halls over 45,000 sqm, features various new segments, more than 150 hours of content, 500 experts sharing ‘Future of Living’ insights, and 400 exhibitors.
The event is Sponsored by the Ministry of Municipalities and Housing (MOMAH) in partnership with Real Estate General Authority (REGA), Vision 2030, Housing Program, Organized by Tahaluf. Cityscape Global 2024 supporting Foundation Partners include National Housing Company (NHC), NEOM, ROSHN, New Murabba, King Abdullah Financial District (KAFD), Diriyah Company and Destination Partner, MASAR.
Under the theme ‘The Future of Living,’ Cityscape Global has redefined its offerings this year by expanding into cutting-edge segments, including Stadiums & Mega Events, Sustainable Smart Cities, Hotel Development, and Next-Generation Construction Technologies. These new verticals align with the event’s enhanced B2B goals, attracting an additional 130 regional and international exhibitors to forge partnerships and seize unprecedented opportunities within Saudi Arabia’s flourishing real estate market.
“The enhanced B2B focus is aimed at driving international developers to establish their presence in Saudi Arabia and attract institutional investors with a fund value of US $1.5 trillion by increasing engagement between developers, regulators, government entities, and investors,” said Rachel Sturgess, Senior Vice President at Tahaluf, which organizes Cityscape Global.
This year’s Cityscape Global Institutional Investor Program, which has attracted renowned investor companies including BlackRock, Brookfield, Apollo Global Management, CVC Capital Partners, Northern Trust, BNP Paribas, Intesa Sanpaolo and more, promises to unlock regional and global opportunities, particularly in Saudi Arabia, where 1.2 billion square-meters of built-up area will be developed by 2030.
“Following last year’s record-breaking achievements– US$30bn in transactions and project launches- we expect an increased number of international participation this year. With Saudi Arabia’s Vision 2030 goal of 70 per cent home ownership, the Kingdom is opening unprecedented opportunities for developers and architects worldwide, which is contributing to the global attention of the event, including US$8bn for the Saudi economy. This week’s event offers unmatched opportunities for asset optimization, portfolio diversification, and high return investments in Saudi Arabia’s smart cities and infrastructure projects,” added Sturgess.
The four-day mega-event also highlights Riyadh’s emergence as a global hub for real estate professionals, with Cityscape Global 2024 will be hosting more than 50 participating countries, including those from the United States, United Kingdom, Australia, China, Singapore, India, Germany, and Hong Kong, among others. The event will focus on Saudi Arabia’s burgeoning giga-projects, NHC, New Murabba, ROSHN, MASAR, Misk City, Ajdan, Almajdiah, Al Darah, Retal and Erth while also presenting global perspectives on urban development, sustainable cities, and real estate technology.
This year’s edition also highlights Saudi Arabia’s pivotal role in shaping the future of urban living, aligned with the Kingdom’s Vision 2030 goal of delivering a million new homes and achieving 70 per cent homeownership by the end of the decade.
With more than 150 hours of expert-led content across seven specialized conferences and 20 content tracks, including the new Stadiums & Mega Events Stage as well as a dedicated stage and conference for PropTech, this year’s Cityscape Global will offer unparalleled insights into the future of urban living, sustainable construction, and smart city innovations.
Sports enthusiasts will also be able to meet and greet Ivory Coast’s all-time top scorer and former captain, Didier Drogba, and world-renowned boxer Anthony Joshua OBE, while Saudi nationals can apply to join a live auction featuring SAR 1bn worth of exclusive assets.
Across Cityscape Global’s several conference streams, the list of experts taking center stage includes The Hon. Caroline D. Pham, Commissioner of the US Commodity Futures Trading Commission, Dr. Tonio Fenech, Former Minister of Finance, Economy and Investment of the Republic of Malta; and Dr. Alison Gilliland, Former Lord Mayor of Dublin & European Climate Pact Ambassador. The formidable lineup also includes the CEOs of Saudi Arabia’s GIGA projects, including Nadhmi Al-Nasr, CEO of NEOM; Michael Dyke, CEO of New Murabba; David Henry, CEO of Misk City; George Tanasijevich, CEO of King Salman Park Foundation; and Jayne McGivern, CEO of Sports Boulevard Foundation, to name a few.
“As the world’s largest real estate event, Cityscape has been a launchpad for iconic developments and welcomed countless thought leaders. This year is going to be the biggest edition yet,” said Kevin O’Leary, one of the show’s headline speakers and a renowned businessman, investor, and judge on TV shows Dragons’ Den and Shark Tank. “The world of real estate investments is evolving very quickly, with Saudi Arabia targeting US$103bn in foreign direct investment annually by 2030. I am excited to head to the Kingdom to share my insights.”
During the event, visitors can participate in competitions to win plots of land, while prospective homebuyers will have the chance to access special mortgage rates and valuable advice from market experts.
The first-ever Cityscape Future Leaders Competition will also take place, aimed at empowering students and fresh graduates by challenging them to solve real-world architectural problems, while the Cityscape Innovation Challenge will gather over 60 PropTech, Smart Cities and ConTech startups to compete for the chance to make it to the Shark Tank-style Finale. The ROSHN Hackathon is also back– supported by Google Cloud and PwC– where 100 selected participants and 40 teams will compete for prizes worth SAR 1.5 million.
“Cityscape Global is a testament to the Kingdom’s commitment to innovation and technological advancement,” said ROSHN Group’s Chief Information and Digital Officer Jayesh Maganlal. “By fostering creativity and collaboration, the ROSHN Hackathon will drive the development of groundbreaking solutions that will shape the future of our cities. The initiative will not only attract top talent but provide them opportunities to gain prominence within the real estate environment and move them closer to a position from which they can have a transformative impact.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Rebranding will strengthen its strategic advancements in expansion and growth
In a strategic move that underscores its commitment to enhancing its core business of developing vibrant and sustainable destinations, ROSHN Group, Saudi Arabia’s leading multi-asset class real estate developer and a Public Investment Fund (PIF) company, has introduced a new identity and strategic focus that expands its remit to include asset classes beyond its core residential offering.
This transformation into a multi-asset developer cements ROSHN’s status as a trailblazer in the real estate sector and sets the stage for an innovative approach to developing mixed-use projects and multi-asset destinations.
The launch of ROSHN Group’s fresh visual identity signifies a significant milestone in its commitment to broadening its real estate portfolio and establishing integrated destinations that cater to society’s diverse needs. Through this initiative, ROSHN aims to further enhance the quality of life for the Kingdom and its people and actively contribute to realizing the objectives outlined in Saudi Vision 2030.
ROSHN is set to unveil a portfolio of transformative projects that will mark a significant milestone in its journey. These projects will showcase an exceptional diversity of assets, creating unparalleled investment opportunities, elevating living standards, and driving economic growth.
The Group’s new portfolio will encompass its core asset classes of 200 million square meters of residential property alongside over four million square meters of gross leasable area retail, commercial, and hospitality; its enabling assets of education, mosques, and healthcare; and its opportunity assets of transport and logistics, including warehouses, industrial parks, and knowledge hubs, and leisure and entertainment, ranging from entertainment centres to fitness hubs.
ROSHN will develop these diverse assets beyond its integrated communities, enabling ROSHN to amplify living standards, foster economic growth, and contribute to societal progress in alignment with Vision 2030 objectives.
“At ROSHN, we’ve always taken pride in our role as a leading real estate developer in the Kingdom of Saudi Arabia with a vision to transform urban living,” said Ghada Al Rumayan, ROSHN Group’s Chief Marketing and Communication Officer. “With our own evolution, this vision becomes even more tangible as we introduce our expanded approach and dedication to improving quality of life through iconic new destinations across the Kingdom. Our growing portfolio now seamlessly integrates forward-thinking amenities and elevated connectivity, fostering opportunities for commercial partnerships, job creation, investment, and economic growth in alignment with Saudi Vision 2030,” she added.
ROSHN embodies a distinctive model in real estate development; its evolution is driven by its commitment to execution excellence that raises standards, becoming one of the leading regional developers for ESG with the goal of contributing to the Kingdom’s net-zero emissions target by 2050. ROSHN’s core values of innovation and social responsibility are woven into the fabric of its ambitious new strategy. These have also evolved to strengthen the foundations of ROSHN’s new strategy, its partnerships, and its value to customers, citizens, and the Kingdom.
Since its establishment, ROSHN’s evolution has been built on numerous successes in bringing its new way of living to the Kingdom through fully integrated communities and iconic destinations. ROSHN has so far launched five developments across three Saudi regions. These projects are distinguished by their modern designs that respect local heritage and offer diverse amenities, fostering vibrant communities that cater to the needs of various residents. Most recently, ROSHN launched MARAFY in Jeddah, its most ambitious and transformational project to date, with a first-of-its-kind in the Kingdom central canal linking distinct districts set to contribute to writing a new chapter in Jeddah’s lifestyle and realize one of the goals of Saudi Vision 2030 by placing the city among the top 100 most livable cities in the world.
In the meantime, the launch of the iconic ROSHN Front retail and lifestyle destination in Riyadh marked the Group’s first foray into new real estate verticals, standing as an early milestone on its diversification journey. With yet more projects across the Kingdom, ROSHN’s evolution will bring a clear identity to the Group’s portfolio and delivery, attracting new investment and partners to the Kingdom in support of Vision 2030 goals.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
The off-plan sales account for nearly 60% of transactions, with strong investor demand
Dubai’s real estate sector has reached unprecedented heights in October 2024, with total transaction values soaring to AED 54.6 billion across 23,791 transactions. This marks a 13.42% increase in volume and a 17.42% rise in value compared to September 2024. Year-on-year, transaction volumes have surged by 69.03%, and total value has escalated by 55.11%.
Off-plan sales have dominated the market, accounting for 59% of total transactions. Luxury developments in areas such as Dubai Hills Estate, Business Bay, Sobha Hartland 2, Ghaf Woods, and Damac Lagoons have been particularly attractive to investors. Ready properties have also seen significant activity, especially in established communities like Business Bay, Dubai Marina, Downtown Dubai, and Palm Jumeirah.
Apartments continue to lead both in volume and value, representing nearly 77% of transactions and 58% of the total value. Villas and townhouses contribute 19% to the volume and 38% to the total value, indicating a robust demand across various property types.
The average sales price in Business Bay has risen to AED 2.3 million, reflecting a 7.14% month-on-month and 16.16% year-on-year increase. In Dubai Hills Estate, the average sales price stands at AED 3.47 million, while Jumeirah Village Circle offers more affordable options with an average price of AED 1.01 million, marking a 7.18% month-on-month and 4.93% year-on-year increase.
The rental sector has experienced substantial growth, with rental values increasing by 16% and volumes by 6.13% compared to October 2023. High demand persists in popular areas such as Jumeirah Village Circle, International City, and Business Bay. Villas in prime locations like Palm Jumeirah and Dubai Hills Estate continue to command premium rental rates.
Farooq Syed, CEO of Springfield Properties, said: “October’s figures reflect Dubai’s enduring appeal and strength in the global property market. The sharp rise in off-plan transactions, especially in the luxury segment, signals growing trust from international investors in Dubai’s long-term vision. Buyers today are not only seeking luxury; they are investing in a city known for its forward-thinking approach and reliable returns”.
October 2024 marked several high-profile projects launches that have quickly attracted attention from both local and international buyers. Vida Club Point by Emaar, located in Dubai Hills Estate, offers 1–3-bedroom apartments starting at AED 1.61 million, with an expected handover in Q1 2029, supported by an 80/20 payment plan. Meanwhile, Velora 2 by Emaar in The Valley Phase 2 caters to family living with 3–4-bedroom townhouses, available from AED 2.93 million and scheduled for completion by Q3 2028. Binghatti Skyrise in Business Bay provides modern studios and 1–3-bedroom apartments starting from AED 975,000, with delivery set for October 2025, complemented by a 70/30 payment plan. Lastly, Damac Islands introduces a blend of 4–5-bedroom townhouses and spacious 6–7-bedroom villas starting at AED 2.25 million, with handover dates tailored to meet premium buyer expectations through a flexible 75/25 payment plan. Each of these projects underscores Dubai’s commitment to offering diverse and appealing property options to meet the rising demand across market segments.
Syed added, “Dubai’s real estate market is showing remarkable resilience and adaptability to global economic shifts. With new project launches, continued infrastructure advancements, and an influx of both local and international buyers, we see sustained growth ahead. This momentum is not only a testament to Dubai’s appeal but also highlights its role as a cornerstone of real estate investment in the region”.
Dubai’s real estate market has sustained solid momentum in October, led by strong off-plan sales. Transaction volumes and values are poised to rise further with the imminent handover of key projects, especially in high-demand areas. As we approach the final months of 2024, Dubai’s expanding population and continued appetite for both luxury and affordable housing are set to drive steady growth.
With significant upcoming handovers and growing investor confidence, we expect emerging areas like Dubai South and Expo City to lead the next wave of real estate activity. The city’s strategic developments and infrastructure advancements continue to enhance its global appeal, positioning Dubai as one of the most resilient and dynamic real estate markets worldwide.
Springfield Properties’ October 2024 Dubai Real Estate Market Report is now available for download HERE.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Amrish Maharaj undid a century of hodgepodge alterations while navigating strict conservation rules
Haberfield, a charming slice of suburbia in what locals call Sydney’s “inner west” region, is miles from the landmarks like the Harbour Bridge and the Opera House, and isn’t famous for multimillion-dollar waterfront mansions. What it is known for, however, is fiercely protecting its architectural identity.
After an uproar in the 1970s led by local residents—who were fed up with period homes getting unsympathetic makeovers—the National Trust created the Haberfield heritage conservation area in the mid-1980s. As a result, the suburb of approximately 6,500 people has one of Sydney’s best-kept streetscapes.The heritage designation has been a win for preserving the past, but has created challenges for architects tasked with making Haberfield’s homes more family-friendly, sustainable and sellable.
Architect Amrish Maharaj was hired by his clients, owners Ramy and Sarah Azzam of ML Constructions, to modernise a single-storey Federation dwelling—an era of Australian architecture between approximately 1890 and 1915. Although its bones dated back to the turn of the last century, the Haberfield home, coined Glencoe, had already undergone a number of objectionable changes before conservation rules had come in. The design was stuck between two time periods.
“Its original roof and chimneys had been removed and replaced with a post-1943 hipped roof clad in terracotta tiles. The length of the house had been doubled with the addition of a substantial rear extension. A small skillion roof was put over the front veranda, metal balustrading and the front verandah detailing had also been amended, removing the original timber work,” Maharaj said.
“The previous work appeared to have focused on increasing the number of rooms, and not improving the spaces within,” he added. From the entry, a dark central hallway cut the house in half, splitting four bedrooms and a bathroom to the north from an additional bedroom, an enclosed lounge room, dining room and kitchen to the south.
Despite the patchwork of renovations and extensions over the years, planning regulations still remained strict for the team attempting to bring the residence into the 21st century.
“We had an initial concept, which was a little more modern than the end result, but the local council wanted a more traditional construction. We had a heritage expert come and look at the house and give their recommendations,” he said. “She determined that it was probably part of a group of three or four houses that were once the same beautifully detailed Federation-era homes. But somebody had come along in the 1940s and did their own thing.”
“There was a discussion about pulling off the roof and getting it back to what it was, but it came down to a question of budget. We tried to put back as much as we could, by replacing the front windows with traditional timber, we changed the front path and front fence just to give a little nod to what used to be, without stripping the render and reconstructing the whole roof.”
Now the street appeal of the home is a better fit with its Federation neighbours. The decision was then made to pull focus from the facade while investing attention, and funds, into the rear of the house.
“In keeping with what the Council was wanting, we used traditional materials and techniques in the construction of the back extension even though it does feel very modern,” Maharaj said.
As well as employing conventional methods for the external build of the large rear addition, a host of modern-day luxury finishes were used inside, where the interior design was overseen by owner Sarah Azzam.
High-traffic floors were finished with limestone tiles, Polytec joinery was used throughout, and internal walls feature a sleek white set render. Bathrooms feature Fibonacci Terrazzo tiles with underfloor heating.
A standout of the new look is the grand triangular gable crowning the rear indoor-to-outdoor living zone, a unique design feature in the neighbourhood of smaller sized blocks and heritage homes. The seamless flow to the backyard is an element that has become a must-have in modern Sydney homes thanks to the temperate climate.
“Our work began with the deconstructing and restructuring of the original home. Retaining four good-sized bedrooms to the front of the house, the central areas were dedicated to service spaces, with a big family bathroom, laundry, powder room and en-suite. The home then steps down to a large open-plan kitchen, dining and living room, which seamlessly connects to an al fresco dining area, garden, and a new pool and cabana,” Maharaj added.
“It’s such a Sydney thing, the seamless flow to the outdoors from the main living area. When I think about our briefs, from every single client, I’d say right at the top of everyone’s list is natural light, good ventilation and a connection to the garden,” he said. “Australians also love a north orientation.”
The Azzams, who declined to comment on the project, bought the unrenovated Haberfield house in 2020 for A$2.5 million (US$1.6 million), then sold the reimagined residence in 2023 for A$4.9 million.
“They bought it as their forever home. That large space at the back was created that way because they’ve got a big extended family,” Maharaj said. “They were often talking about Christmas dinners of 20 to 30 people, and space for a grand dining table was specifically on their list of requirements. Sarah has a great design eye and was meticulously hand selecting the finishes. But they ended up seeing another house nearby and decided to do it all again.”
Maharaj shared some more thoughts about the design and build process.
The biggest surprise was… I think we got lucky with the glass gable in the back of the house. We tried to do something similar on a house only a couple of streets away about a year later and it was completely knocked back by Council. When we pushed back to ask why, we were told it should never have been approved as is. Sometimes the approval process includes a bit of luck.
A favourite material we discovered during the process was… Of all the materials, I’d have to say that the Super White Dolomite and the limestone flooring we used were the big hits. We had quite a few potential buyers asking about these items in particular. We have received a number of calls from other homeowners in the area who are looking for a similar renovation, and even the odd call from people who have seen the home and wanted to express how much they loved it.
The most dramatic change was… When we start these jobs, we can often see that the houses have been either abandoned or people have just added and removed rooms and walls over time. So bringing that all back together was really fulfilling for me as an architect. Originally, this house felt like a cold hospital ward when you walked through it, with all these rooms coming off one corridor. Bringing it back to life and making it feel like a home with a heart is something we’re really proud of.
The total cost of the renovation… Being able to do the building himself, and their own interior design meant the pair could save some money, but they really spared no expense. It was a project that cost approximately A$1.5 million.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Desperate to sell, more rich homeowners are turning to the auction market—but the results aren’t always what they bargained for
Randy and Robin Landsman had been trying to sell their Manhattan penthouse for over a year when they turned to the auction market this summer. First listed for $12.2 million, their triplex in the sought-after Tribeca neighborhood came with more than 2,000 square feet of terraces, a floating staircase and a private elevator.
At auction, the roughly 3,300-square-foot property sold for $5 million, less than half of what they had originally asked and little more than they paid for it two decades ago. “It was obviously a stupid mistake,” Randy said of deciding to auction the home.
More closely associated with pricey art or collectibles, auctions are on the rise for luxury real estate, with auction houses reporting a dramatic spike in the number of high-net-worth sellers seeking their services since 2020. Amid a slowdown in luxury home sales, auction companies are pitching homeowners on their ability to market unique properties to a range of deep-pocketed buyers beyond local markets and to sell them within a precise time frame.
Emboldened by the trophy home prices they see on television, or stuck on a major sale that happened previously in their neighbourhood or city, sellers who aggressively priced their luxury homes often have been forced to repeatedly cut their asking prices, agents said. Then, when all else fails, they turn to auction.
The increasing disconnect between what luxury homeowners think their properties are worth and what buyers are willing to pay is helping to drive up interest in auctions. But aspirational sellers are finding that auctions don’t always yield their desired outcome—and that they aren’t without risks.
La Dune, an oceanfront Hamptons estate that was listed for $150 million in 2022, sold at auction for $89 million this year. The One, a Bel-Air mega mansion once slated to list for $500 million, sold for $126 million at auction in 2022. Villa Firenze, a Los Angeles estate in the storied Beverly Park neighbourhood, sold for $51 million at auction in 2021, having been initially listed for $165 million. It has since traded hands again for $52 million.
Earlier this year, former “Real Housewives of New York City” star Sonja Morgan auctioned her Upper East Side townhouse, which had been on and off the market for more than a decade. Once listed for as high as $10.75 million, its price had been slashed more recently to $7.5 million. It fetched $4.595 million in the auction.
Misha Haghani, founder of real-estate auction house Paramount Realty USA, said he frequently counsels prospective auction clients that they have been too aggressive in their original pricing.
“I will tell the seller, ‘You’ve been on the market for X period of time at three different price points. Why hasn’t it sold? It’s obvious why. Because it’s mispriced,” he said. Almost every owner “thinks their home is better than it actually is.”
The number of luxury home sales in the U.S. declined 10.6% in the third quarter from a year earlier, according to brokerage Redfin . Despite the market slowdown, sellers have been reluctant to lower prices. Luxury home prices rose 9% in that same time to the highest third-quarter level on record, growing nearly three times faster than non luxury prices.
Since the pandemic boom, high-end properties are also taking longer to sell. On average, luxury listings spent 46 days on the market during the third quarter, up from 36 days during the same period in 2021, Redfin data show.
White Elephants
Haghani, who founded Paramount in 2009, said his company has seen a flood of interest from high-end sellers since the pandemic, 99% of it now inbound from homeowners approaching Paramount. Scott Kirk , chief executive of home-auction competitor Interluxe Auctions, founded in 2013, said business has more than doubled every year for the last three years.
Auctions tend to attract the real-estate world’s white elephants—properties that may be quirky, highly personalised or ultra luxury, resort-style homes in neighbourhoods where that type of housing is atypical.
A White House replica in the San Francisco Bay Area had been designed for the oldest son of William Randolph Hearst and included a duplicate of the Oval Office, East Room and White House Rose Garden. In Whitefish, Mont., former pro football player Drew Brees built a home that resembled a treehouse. It was perched 15 feet above the ground inside a forest. And a castle-style home owned by former baseball star Derek Jeter in New York’s Greenwood Lake area had a medieval-looking tower, rooftop battlements and a copy of the Statue of Liberty.
“The properties that we represent that do really well at auction, they’re not fungible,” said Kirk. “These properties have extremely unique attributes about them that make them very difficult to comp.”
By the time a property comes to auction, it has likely already undergone at least one price reduction, said Haghani.
“When they come to us, hopefully they’ve had some sense knocked into them,” he said of sellers. “They’re tired, they’ve had enough. They say, ‘As long as the offer is decent, as long as it’s fair, I’m going to take it even if it’s not exactly what I wanted before.’”
For many sellers, the draw of an auction is the set timeline. Where their home could linger on the market for months or years listed the traditional way, the auction template offers a sale date, as long as bids reach the minimum, if one was set. Auction companies also promise to market a property more widely than a local broker, to both a national and international audience.
In 2018, Randy Singer, a retired entrepreneur, listed the family’s historic home in the West Chop neighbourhood of Martha’s Vineyard without a real-estate agent for $16.9 million, inspired by a $17 million listing nearby. He eventually worked with at least three agents and cut the price to as low as $7.9 million in May. It has been in Singer’s family since 1949, when it was purchased by his grandfather, and needs significant updates, he said.
Now, Paramount is auctioning the property in November with a $6 million reserve price, which acts as a minimum.
“Nothing has worked,” Singer said. “We’ve been trying so long, and I need to move on with my life.”
Corporate consultant Ed Vilandrie and his wife, Martha Cavanaugh, are glad they decided to auction their 144-acre Vermont estate with Interluxe, just 45 days after listing it for $6.275 million. They had a hunch the Peacham, Vt., property would secure a better price with the broader marketing of an auction because of its unique scale for the local area. They were told that the previous owner spent upward of $18 million to construct a family compound there. The couple paid $2.2 million for it in 2011.
Located beyond the typical high-end pockets of Vermont, it might not have captured the attention of out-of-state buyers without an auction setting, they said.
After three days of bidding in October, the auction closed with a high offer of $5.88 million, including the 12% buyer’s premium that covers a commission to the auction house and fees for the agents who worked on the deal. Excluding that premium, the roughly $5.25 million deal was still well above their $3.9 million reserve price.
How it works
A number of auction companies focused on luxury homes emerged in the wake of the financial crisis and have since tried to shake the stigma that auctions are just for bankruptcy or financial distress.
Concierge Auctions, Paramount and Interluxe are now among the largest players, and some top brokerages have issued formal recommendations of auction houses to their agents as prescreened vendors. In 2021, Realogy , the parent company of Sotheby’s International Realty now known as Anywhere Real Estate, partnered with Sotheby’s art auction house to buy a majority stake in Concierge. Paramount has partnerships with Compass and Serhant. They have marketed heavily to rebrand auctions as a legitimate alternative to the traditional sales method, rather than a last-ditch option.
“There’s a lot of education that we do,” said Interluxe’s Kirk. Sellers are “appreciating and really understanding that auctions are not an admission of failure.”
The auction companies all have slightly different strategies. Paramount offers a format that calls for a transparent online auction where the bidding is visible in real time, but also offers a sealed bid process whereby prospective buyers submit their offers privately in best-and-final style. The sealed-bid process is a kind of hybrid between an auction and a traditional sale. In both instances, if an offer doesn’t meet the reserve price, the seller isn’t obligated to sell.
In the vast majority of cases, Paramount says it places a reserve price on the property. Interluxe puts reserve prices on 96% of homes, Kirk said.
Paramount takes a fixed 6% commission on any sale, and agent fees are charged on top of that. In Interluxe auctions, buyers pay the sellers a 12% buyer’s premium, which is then shared to varying degrees with the auction house and the agents. Neither company makes any money if a property doesn’t hit its reserve price.
Many sellers who have worked with Concierge say executives encouraged them to proceed without a reserve price in order to maximise interest and momentum. Whether there’s a reserve price or not, Concierge takes a 12% to 15% buyer’s premium as a commission, plus there are agent fees. It markets the property heavily before the auction, and tries to generate early offers by offering prospective buyers a “starting bid incentive,” or 50% discount on the buyer’s premium if they submit a winning bid before the start of the auction.
Not every auction ends in a sale.
A few years ago, former Yankees player Derek Jeter’s home in Greenwood Lake, N.Y., failed to sell at auction after bids fell short of the $6.5 million reserve price. The property—with a roughly 12,500-square-foot residence—initially hit the market asking $14.75 million in 2018. Haghani, whose firm handled the auction, said he felt the reserve price was a “very tall order” for the area, even with extensive marketing and press coverage.
The home eventually sold in July for $5.1 million.
Some sellers see the writing on the wall and never go through with the auction at all.
Concierge, for example, holds a “green-light call” before the auction with sellers who forgo a reserve price. The call typically takes place after a two-week marketing blitz when prospective buyers are enticed to make early bids. During the call, sellers give a final OK for the auction to proceed or exercise their right to cancel.
Real-estate agent Kylie McCollough of Mott & Chace Sotheby’s International Realty said one of her clients, the owner of an 8,000-square-foot penthouse listed for $5.9 million, considered an auction last year because the unit was unusually large for the Portsmouth, R.I., area. The homeowner pulled the plug on the auction with Concierge after early bids came in between $2 million and $3 million. “The risk is, that could be as high as it goes,” she said. “Our client did not want to take the risk.”
After canceling the auction, the property sold for $4.5 million about six months later.
The owner of the White House replica in the Bay Area canceled its auction with Concierge in June when early bids fell short of his expectations, said listing agent Alex Buljan of Compass. The roughly 24,400-square-foot mansion in Hillsborough, Calif., originally listed for $38.9 million, was priced at $36.9 million at the time, with expected starting bids in the $10 million to $17 million range. The property just sold for $23 million.
Brees’s treehouse auction was also canceled, according to listing agent Sean Averill of PureWest Christie’s International Real Estate.
‘Vomited and Blacked Out’
Pricing a multimillion-dollar home can be more of an art than a science. In August, 49% of luxury homes sold below their initial asking price with an average discount of 9%, according to Zillow.
In an auction, it’s even more common. A Wall Street Journal analysis of properties handled by Concierge, which calls itself the world’s largest auction house for luxury real estate, found that a majority of home auctions sell below list price.
The average discount was 46% for 51 home auctions last year, according to the Journal’s analysis of Concierge’s publicized sales. The analysis only included U.S. sales that closed and where recorded prices were publicly available. This year, 39 closings through Sept. 18 had an average discount of 41%, the Journal found.
An analysis of Interluxe auctions, based on a list of sales the company provided, shows seven publicly recorded closings in 2023 with an average discount of about 26%. Through Sept. 18 of this year, it had four closings with an average discount of about 21%. The analysis only included sales that closed and where recorded prices were publicly available.
Paramount declined to provide its statistics, saying they weren’t readily available.
Concierge declined to comment for this article beyond a statement saying it stands by its results. “We specialise in high-value properties that are challenging to price and often require multiple years to sell. Our transparent platform determines market value through competitive bidding, with final sale prices representing the market price in a 60-day process resulting in a compelling value proposition for our sellers,” a company spokeswoman said.
Rather than listing their East Hampton estate, financial-services executive Erik Stern and his wife, Michelle Stern, went straight to auction. They said they were referred to Concierge by Charles Stewart , the CEO of Concierge’s part-owner Sotheby’s, who had been renting their property.
“It’s almost like a stock market, where you’ve got buyers and sellers and they come to the market price,” Erik said. “So I thought this actually sounds much more reasonable to me than just putting it on [the market] and seeing what happens.”
He said they expected that the house, a modernist property designed by architect Norman Jaffe, was worth around $20 million or more, based on the 3-acre parcel of land alone. The Sterns said Concierge representatives didn’t want to put a reserve price on the property because they believed it would stifle momentum, but the couple were assured there was a high level of interest.
“There was all this talk about, ‘You know, we’ve got people flying in from Switzerland to see your home, people from all over the U.S., a lot of Texans,’” said Michelle.
The auction ended in minutes and closed at $15 million, far less than the Sterns had expected.
“I think I vomited and blacked out,” Michelle said. The Sterns were offered $100,000 by Concierge to settle their claims that Concierge had misled them; the settlement agreement contained a confidentiality provision that would have prevented the Sterns from speaking negatively about Concierge. They declined.
The Landsmans, owners of the Tribeca penthouse, also hadn’t set a reserve price. They said they agreed to go ahead with their auction after representatives from Concierge predicted a “very active” auction and told them seven bidders had registered to participate.
Much of the couple’s retirement nest egg was tied up in the property, located in an 1800-era building, said Randy Landsman, who is the CEO of a financial-advisory firm.
“They told us it’s going to be a lot of activity. They told us they were speaking to their bidders frequently,” Randy said.
Once the auction began, none of the registered bidders submitted new bids. The property sold by default for the highest pre-bid of $5 million. Having agreed not to place a reserve price on the apartment, they were forced to accept the bid.
“They called a meeting right after the auction was over, and they said, ‘Sorry it didn’t work out,’” said Randy.
The deal fell apart soon after; the buyer pulled the plug after the Landsmans failed to close by the agreed-upon date, the Landsmans said. The couple said they have since been served with a letter for arbitration by Concierge, which says it’s still due its commission.
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