New home prices dipped 0.1% in April from the previous month, narrowing from a 0.2% drop in March and marking the slowest decline since April last year, Reuters calculations based on data released by the National Bureau of Statistics showed.

On an annual basis, prices fell 3.5%, compared with a 3.4% decline in March, marking the steepest drop in 11 months.

The attacks on airports, ports and residential areas in both cities have punctured the region’s reputation for stability at a moment when concerns about overheating were already surfacing.

Developers that had been selling out off-plan launches within hours now confront a sharply changed demand backdrop.

Off-plan deals made up 65% of Dubai transactions in 2025, according to Betterhomes, meaning most purchases were for homes not yet built.

That pipeline may now face a far tougher market, with foreign appetite set to be the decisive factor.

Pentagon identifies two soldiers killed in Iran war

On Wednesday, shares in Dubai and Abu Dhabi developers plunged.

Aldar Properties, Abu Dhabi’s largest listed developer, and Emaar Properties, the force behind downtown Dubai and the Burj Khalifa, both fell 5%, while bond prices of major developers dropped sharply. Bond markets - a critical funding channel for UAE developers - are now effectively shut for new issuance, with spreads widening across the sector.

Some developers played down the selloff.

“In this region we know things start quickly and end quickly and we overcome this because the fundamentals across the GCC (Gulf Cooperation Council) nations are strong,” said Ziad El Chaar, the CEO of Dar Global, the luxury developer behind a string of Trump-branded projects across the Gulf.

“Nothing is on hold … everything is on track,” he said. Others said the fallout was already visible.

A senior real-estate banker told Reuters his firm had this week shelved a planned UAE property capital raising.

“Investors are not thinking at this stage of investing in the region,” he said, adding that the risk premium for UAE property had become “much higher”. International lenders, he added, would face pressure to scale back new loans, potentially forcing asset sales if the conflict drags on.  

Turbocharged rally

Dubai’s skyline has been transformed over two decades by staggering construction ambition. Palm Jumeirah, once a radical land-reclamation experiment, is now an established luxury enclave; Palm Jebel Ali, a second, larger palm-shaped development, is rising from the Gulf with cranes tracing its outline.

Abu Dhabi has also been reshaping its coast through a quieter but equally determined building push.

The real-estate rally accelerated after COVID-19, as the UAE’s tax-free regime, liberalised visas and economic reforms attracted wealthy migrants.

Russians fleeing the Ukraine war, billionaires, family offices and hedge funds poured money into property, drawn by zero income tax and a business climate aiming to rival global financial hubs.

Iran launches wave of missiles at Israel; US Republicans block measure to halt US air campaign

By 2025 the UAE’s population surpassed 11 million, with expatriates making up nearly 90% of residents, one of the highest such proportions on Earth, according to official data. Dubai real estate prices jumped 60% between 2022 and the first quarter of 2025, according to Fitch.

Growth continued late last year, with residential prices up nearly 13% year-on-year in the fourth quarter, according to property consultants CBRE. Abu Dhabi residential prices rose almost 32% over the same period.

“The real effect on real estate should be measured on the level of demand once the conflict halts.

That is where the true impact will be felt,“ said Mohammed Ali Yasin, the chief executive of Ghaf Benefits, a Lunate company in Abu Dhabi.

He noted that listed developer stocks fell in line with the broader 5% market drop on Wednesday.  

Building spree built on foreign demand

Even before the US–Israeli strikes on Iran, analysts were warning about supply running ahead of population growth.

JPMorgan said last week that Dubai’s demographic expansion was unlikely to absorb the 300,000–400,000 new units expected by 2028.

“Foreign interest in purchasing property following the conflict will be critical,” Abu Dhabi Commercial Bank economists said in a note on Wednesday.

Expatriates and non-resident buyers are a crucial demand pillar, they added, with new supply expected to rise from the second half of this year and remain high through the next two.

The strikes hit just as that supply wave was gathering pace.

“Real estate investment typically relies on stability, visibility and sustained investor confidence, all of which tend to weaken during prolonged geopolitical uncertainty,” said Ryan Lemand, co-founder and CEO of Neovision Wealth Management in Abu Dhabi.

While talking to journalists here on Friday, Dr Mohamed Mansour said that the real estate extends far beyond residential development. It is an interconnected industry that fuels construction, banking, manufacturing, retail, and services—creating employment opportunities at every level. From skilled engineers and architects to daily-wage labourers and small suppliers, housing projects contribute directly to income generation and economic circulation

He has emphasized that planned urban communities and large-scale real estate projects will play a central role in strengthening the economy over the coming years.

CEO eighteen emphasized that green spaces, and commercial zones in a private housing project not only enhance quality of life but also attract domestic and overseas Pakistani investment. Projects like Eighteen demonstrate how modern housing societies can support government infrastructure goals while easing pressure on major urban centers, he added.

Dr Mohamed Mansour believes that with consistent policies, regulatory clarity, and access to financing, real estate can become a stabilizing force for Pakistan’s economy. Housing societies that prioritize transparency, planning, and community development can help formalize the sector and attract long-term capital.

He emphasized that these unlawful developments undermine the credibility of the real estate sector and discourage long-term capital inflows from the overseas diaspora, which remains a vital source of national investment.

He further stressed that strong regulatory enforcement, effective oversight, and strict checks and balances across housing societies would help stabilize the real estate sector and restore investor confidence. Such measures, he noted, would encourage both local and overseas investors to reinvest in this critical sector, which directly and indirectly supports more than 250 allied industries and plays a pivotal role in driving economic growth.

Commenting on the policy rate and its impact on real estate, he noted that a single-digit SBP policy rate would significantly boost investment in productive and running industries such as real estate by lowering the cost of borrowing and improving access to financing. Reduced interest rates would enable developers, businesses, and homebuyers to plan long-term investments with greater confidence.

Copyright Business Recorder, 2026

New home prices rose 0.18% month-on-month, easing from a 0.28% gain in December, according to the China Index Academy, one of the country’s largest property research firms.

Cities including Chengdu, Shanghai and Hangzhou saw the launch of high-end upgraded housing projects in January, lifting both month-on-month and year-on-year prices in first- and second-tier cities, the research firm said.

By contrast, third- and fourth-tier cities continued to work through existing inventory, with prices falling on both a monthly and annual basis.

Prices in the resale market fell 0.85% from the previous month, narrowing from a 0.97% decline in December.

China’s property sector has struggled since tighter regulations triggered a 2021 liquidity crunch for developers, many of which have since defaulted on debt.

Local media recently reported that developers are no longer required to report monthly data under the country’s “three red lines” policy, signalling an apparent end to rules that triggered the ongoing debt crisis.

China new home prices rise more slowly in August, survey shows

On January 1, Qiushi, the Communist Party’s official journal, said the property sector was “undergoing a profound adjustment,” calling on policymakers to shorten the adjustment period, smooth market volatility, and deliver support in one go rather than piecemeal.

Sales are likely to slow in February due to the Spring Festival holiday, but demand should pick up in March as high-quality land in core cities comes to market and developers step up pre-holiday promotions, the research firm said.

The projects include the Trump National Golf Course and Trump International Hotel in Riyadh’s Diriyah, a massive development project on the Saudi capital’s western edge, Chaar told Reuters.

In Jeddah, mixed-use offices and residential property are planned in a development named Trump Plaza, Chaar added.

The projects are in line with Saudi Arabia’s Vision 2030 to diversify the economy away from oil, Chaar said, with the aim of attracting direct foreign investment. Saudi Arabia also plans to allow foreigners to own property for the first time in designated areas, starting this month.

The latest in a series of partnerships between the Trump Organization and Dar Global, the international arm of Saudi developer Dar Al Arkan, is expected to be completed over the next four to five years, said Eric Trump, U.S. President Donald Trump’s son and executive vice president of the Trump Organization.

The country’s trade balance, the gap between exports and imports, was recorded at a deficit of $2.99 billion in December 2024.

The trade deficit expanded year-on-year (YoY) in November 2025, driven by higher imports and a significant decrease in exports.

Exports in December 2025 stood at $2.32 billion, down 20.4% against $2.91 billion recorded in December 2024.

Meanwhile, imports were recorded at $6.02 billion, up over 2% against $5.9 billion in the same period last year (SPLY).

On a month-on-month (MoM) basis, the trade deficit increased by over 28% in December 2025 against $2.89 billion in November 2025. The growth came amid a decrease in exports and a jump in imports on a monthly basis.

During the first six months of the fiscal year 2025-26 (6MFY26), the country’s trade deficit increased by nearly 35% to $19.20 billion from $14.27 billion recorded in SPLY.

Exports in 6MFY26 decreased by nearly 9% to $15.18 billion from $16.63 billion in SPLY.

On the other hand, imports in 6MFY26 rose by 11% to $34.39 billion from $30.90 billion recorded in 6MFY25.

Earlier, Pakistan’s current account recorded a cumulative deficit of $812 million in the first five months of this fiscal year (FY26), as compared to a surplus of $503 million in the same period last year.

A REER above 100 means the country’s exports are uncompetitive, while imports are cheaper. The situation reverses when REER stands below 100 on the index.

As per SBP’s latest data, the REER increased nearly 0.8% month-on-month (MoM) in November 2025.

When compared with November 2024, the REER value increased 1.7%, when it stood at 103.02.

“Pakistan’s REER has increased to 104.76 in Nov 2025, higher than the last 10-year average of 103.2,” said Topline Securities.

“A rising REER suggests that the relative value of the home currency is becoming overvalued compared to peer countries,” it added.

Meanwhile, the SBP says a REER index of 100 should not be misinterpreted as denoting the equilibrium value of the currency.

“Movement of the REER away from 100 simply reflects changes relative to its average value in 2010 and is unrelated to its equilibrium value,” the central bank said in an explanatory note on the topic.

Meanwhile, the Nominal Effective Exchange Rate Index (NEER) increased by 0.49% MoM in November 2025 to a provisional value of 38.18 from 38.00 in October 2025.

On a yearly basis, the NEER index decreased by 1.8% from the value of 38.89 in November 2024.

What is REER?

As per the central bank, REER is an index of the price of a basket of goods in one country relative to the price of the same basket in that country’s major trading partners.

“The prices of these baskets are expressed in the same currency using the nominal exchange rate with each trading partner. The price of each trading partner’s basket is weighted by its share in imports, exports, or total foreign trade,” the SBP website says.

Talking to Business Recorder, the Eighteen CEO Dr Mohamed Mansour noted that “the market will be shaped by developers with vision and integrity — and Eighteen is part of that transformation, setting a new standard for what luxury real estate in Pakistan can and should represent.”

A seasoned international executive with over two decades of experience in large-scale infrastructure and mixed-use developments, Dr Mansour brings a rare combination of technical expertise and global perspective to his new role. Prior to his appointment as CEO of Eighteen, he served as Group Chief Technical Officer of Ora Developers — the project’s parent company — where he oversaw major real estate and hospitality ventures across multiple markets. He holds a Ph.D. in Civil Engineering from Purdue University and advanced degrees from the American University in Cairo.

Dr Mansour described his mandate in clear terms to deliver Eighteen with speed, precision, and uncompromising quality. “Eighteen is an extraordinary project with immense potential,” he said. “My vision is to establish it as Pakistan’s most reliably delivered and prestigious luxury community. The focus now is on accelerating construction, elevating quality standards, and transforming this development into a thriving, world-class neighbourhood.”

The leadership transition from Ora Developers’ Group CTO to CEO of Eighteen signals a decisive shift in the company’s priorities. According to Dr Mansour, “This move reflects Ora’s strong commitment to delivery. Construction excellence is now the absolute core priority.” He emphasized that visible progress on the ground will be the key to restoring and reinforcing stakeholder confidence. “We are enforcing the strictest global quality standards across all stages of construction to strengthen trust among our customers and investors,” he added.

While outlining his strategic roadmap for positioning the development as the country’s most reliably delivered and prestigious luxury community, Dr. Mohamed Mansour said that the most anticipated developments linked to Eighteen is the dedicated slip road providing direct access from the Srinagar Highway, a vital infrastructure link now in the final stages of approval and we expect execution to commence shortly.

The Government of Pakistan’s renewed focus on facilitating large-scale investment through the Special Investment Facilitation Council (SIFC) and allied institutions is also paving the way for greater foreign participation, infrastructure advancement, and economic stability.

Dr Mansour also highlighted the project’s wider economic impact. Beyond housing, Eighteen contributes to job creation, infrastructure development, and investor confidence. “Our investment is a clear vote of confidence in Pakistan’s long-term growth. Ora Developers continues to see this market as one with enormous potential,” he stated.

Looking ahead, we are exploring strategic collaborations to further enhance the footprint. Dr Mansour confirmed ongoing discussions with the Defence Housing Authority (DHA) in Islamabad and Karachi for potential joint ventures. “We hold DHA in very high regard and see strong alignment in our shared vision for quality, infrastructure, and community development,” he said.

“Confidence comes from progress. Our mission is to deliver faster, better, and with the integrity that defines Ora Developers globally.” As construction accelerates and key milestones near completion, Eighteen aims to solidify its place as the country’s premier luxury address — a development that not only redefines living standards but also reflects renewed confidence in Pakistan’s real estate future.

Copyright Business Recorder, 2025

The session aimed to deliberate on a regulatory framework for real estate companies that intend to invite advance deposits for real estate projects.

The framework for such companies, which is provided under the Companies Act, 2017, has so far remained in abeyance. It requires companies to obtain a prior No-Objection Certificate (NOC) from the SECP before announcing or advertising any real estate project. Additionally, companies must maintain all public advances in an escrow account.

The participants held detailed discussions on the ground realities, practical aspects, and grey areas within the real estate sector to develop a robust framework that ensures both investor protection and sectoral growth. SECP representatives emphasized their commitment to strengthening regulatory safeguards, ensuring investor protection, and promoting transparency in project financing through a trustee mechanism.

Copyright Business Recorder, 2025

Prices slipped 0.3% in August from the previous month, according to Reuters calculation based on data released by the National Bureau of Statistics.

The figure matched July’s month-on-month decline and extended a weak trend that has persisted since May 2023.

On an annual basis, new home prices dropped 2.5% in August, narrowing from a 2.8% decline in July. China’s real estate sector entered a downturn in 2021.

Multiple rounds of stimulus measures, from mortgage rate cuts to launching a programme for renovating urban villages, have so far failed to achieve a sustained turnabout.

A spokesperson for the statistics bureau told a press conference on Monday that the property sector was still stabilising, despite some volatility, and more effort was needed to support demand.

The sector, which accounted for about a quarter of economic activity prior to its collapse four years ago, remains a heavy drag on the world’s second-largest economy.

Authorities have stepped up efforts to boost consumption and curb price wars to meet Beijing’s around 5% growth target in 2025, but deflationary pressures and US tariffs have added to economic headwinds.

“Based on current data and market trends, the real estate market is likely to face significant adjustment pressure in the near term,” said Zhang Dawei, a property analyst at Centaline.

“The market is anticipating stronger measures to stabilise the housing sector, including easing home purchase restrictions, looser credit policies, and, in particular, a potential interest rate cut on the Loan Prime Rate (LPR) on September 20,” Zhang added.

Of the 70 cities surveyed, 57 reported month-on-month declines, and 65 recorded year-on-year falls.

Resale prices also weakened. Prices in tier-one cities fell 3.5% year-on-year, while tier-two dropped 5.2% and tier-three prices were down 6.0%.

Separate data showed property investment slumped 12.9% year-on-year in January–August, with property sales by floor area falling 4.7%.

Mainland and Hong Kong property stocks slid in early trading, with the Hang Seng China Mainland Property Index and the CSI 300 Real Estate Index dropping 2.3% and 0.7%, respectively.

Iron ore futures prices slipped on Monday due to ongoing weakness in China’s property sector, even as steel and steelmaking ingredients rose.

Most analysts in a Reuters poll expect home prices to stabilise no earlier than the second half of 2026 or 2027, about half a year later than expectations three months ago.

Weak income expectations, elevated unemployment pressures, and high listings in the secondary market continue to dampen buyer sentiment, particularly in smaller cities burdened with high inventory, analysts say.

Households, which saw their wealth shrink in the real estate downturn, have tightened their purse strings while business confidence has faltered, dampening the job market.

In the past few weeks, Shanghai and Shenzhen, two of China’s biggest cities, further eased homebuying curbs, scrapping them in some districts for qualified buyers.

The central government, meanwhile, kept its policy calls for stabilising the market.

Premier Li Qiang said in a meeting in August that China should “adopt forceful measures to consolidate the stabilising trend” in the real estate market and stimulate demand for housing upgrades.

Economists polled by Reuters had forecast prices would rise 0.1% on the month and be 2% higher than the year before.

British house prices have been rising more slowly than consumer price inflation in recent months, after a surge in the first quarter of this year when buyers sought to take advantage of the final months of a tax break on property purchases.

“While the wider economic picture remains uncertain, the housing market has shown over recent years that it can take these challenges in its stride,“ said Amanda Bryden, Head of Mortgages at Halifax.

“Supported by improving affordability and resilient demand, we expect to see a slow but steady climb in property prices through the rest of this year.”

August data from rival mortgage lender Nationwide on Monday showed that prices unexpectedly dropped 0.1%, causing annual house price inflation to slow to 2.1% from 2.4%.

Property website Rightmove - which advertises the vast majority of British homes for sale - said there had been a rise in sales in July, as sellers dropped their initial asking prices by more than usual due to a glut of property on offer.

Halifax’s Bryden said the average property price had reached a new record high of 299,331 pounds ($404,366.25).

Figures from the Bank of England showed mortgage approvals picked up to a six-month high in July.

However, industry body RICS said some buyers had appeared cautious that property taxes on more expensive homes would rise in finance minister Rachel Reeves’ annual budget, which will take place on November 26.

Separate data from Rightmove, released earlier on Friday, showed that average rents for newly advertised tenancies were 3% higher than a year earlier at a record 1,577 pounds a month.

A growing number of major UAE developers are setting up in-house contracting firms, after long relying on third-party contractors.

The move is aimed at increasing control over construction timelines, costs and quality standards, and ultimately, securing a larger share of profits, though it could also carry risks.

In a previously unreported sign of the trend, Emaar Properties, which developed the Burj Khalifa, has established Rukn Mirage under its subsidiary Mirage, a spokesperson told Reuters.

maar joins developers such as Samana Developers, Ellington, and Azizi, all of which have launched in-house contracting units in the past two years.

Arada, the developer co-founded by Saudi Prince Khaled bin Alwaleed bin Talal Al Saud, also confirmed in a statement to Reuters that they acquired part of an Australian contractor this year and plan to integrate it into UAE operations by 2027.

The shift comes as Dubai’s real estate surges, with prices up 70% over four years to December 2024 and a government plan to double the population to 7.8 million by 2040.

Property launches rose 83% in 2024, though completions fell 23%, industry data shows.

The boom has fuelled a new influx of workers, including migrant labourers mainly from South Asia, with high rates of turnover among expatriate staff.

It has also led to fears of a downturn in a sector that remains crucial to the UAE economy.

Developers have been struggling to attract bids from outside contractors, amid stiff competition.

Dubai’s Emaar Properties reports 33% jump in first-half profit

Samana Developers had initially planned to allocate 20% of its projects to its new in-house arm, launched in September. Now 80-90% of its new projects are being handled internally, Chief Executive Imran Farooq told Reuters.

“We used to get 25 or 30 contractors bidding for a project. Today you get hardly two or three,” Farooq said. Emaar, meanwhile, is taking a hybrid approach.

While some projects — such as a recently announced residential development — will be executed by their in-house construction arm Rukn Mirage, they will continue to outsource others, founder and Managing Director Mohamed Alabbar said.

Developers are also tapping debt markets to fund land purchases and operations, as billions of dirhams in buyer payments remain in escrow until handover.

Funds are released only after final inspections, with a one-year delivery grace period before buyers can claim refunds.

Developers, whose ownership varies and includes founding families, public investors and Emirati sovereign wealth funds, want to complete projects on time to unlock cash needed for shareholder distributions and to pay for expansion in the UAE and beyond.

Developers also want to avoid penalties for delays, which are not disclosed publicly but occasionally reported by local media. In March, a Dubai court ordered a developer to repay 12.4 million dirhams ($3.38 million) plus interest over an undelivered floating villa, Al Khaleej reported, opens new tab.

Developers say owning the full pipeline — from land acquisition to handover — provides greater certainty in an unpredictable market and aligns with the UAE’s push for self-reliance in strategic sectors.

But bringing construction in-house may also carry risks. “When developers try to become builders, they start splitting focus — and that’s when things can get muddy,” said Gordon Rodger, founder and managing partner at construction consultancy Stonehaven.

“They end up with teams stretched between land acquisition, sales, marketing, events, PR, funding… and now also procurement, site logistics, health and safety, and huge amounts of sub-contractor management.” Rodger also cautioned that developers could be left with idle construction capacity in a downturn.

“You’ve got a big factory, a pre-cast yard, a huge joinery division, in-house plant, in-house equipment all sitting idle and you’ve got no work because your master developer can’t sell any real estate,” he said.

As a result of the shift, independent contractors may seek more work outside real estate in sectors such as in government infrastructure, manufacturing or oil and gas, industry sources said.

House prices in July rose by 0.6% on a seasonally adjusted basis, taking the average to 272,664 pounds ($360,080), after a 0.9% drop in June, raising the annual rate of growth to 2.4% from 2.1%, the figures from Nationwide Building Society showed.

Economists polled by Reuters had forecast a 0.3% monthly rise and a 2.1% annual increase for July.

China property investment falls 10.7% yr/yr in January-May

Annual price rises are down from a peak of 4.7% in December and Nationwide said demand had stabilised after the end in April of an exemption from stamp duty land tax on many lower-value house purchases.

House prices are now rising more slowly than consumer price inflation or wages and the cost of an average house has fallen to around 5.75 times average income from a record high of 6.9 in 2022.

“After deteriorating markedly in the wake of the pandemic, housing affordability has been steadily improving thanks to a period of strong income growth alongside more subdued house price growth and a modest fallback in mortgage rates,” Nationwide Chief Economist Robert Gardner said.

The Bank of England is widely expected to cut its main interest rate to 4% from 4.25% on August 7 but economists are unsure how many further rate cuts are likely as inflation has picked up to close to double the BoE’s 2% target.

Nationwide said the interest rate on a typical five-year fixed-rate mortgage with a 25% deposit had fallen to 4.3% from a peak of around 5.7% in late 2023.

Last month the BoE relaxed restrictions on high loan-to-income mortgages.

The campaign is anchored by a compelling new TV commercial, featuring Eighteen’s CEO, who takes viewers on a personal and emotional journey of transformation. The TVC chronicles the development’s path from concept to completion, capturing the moment the dream becomes a reality, as residents begin living the extraordinary life that Eighteen promises.

Copyright Business Recorder, 2025

The ceremony was attended by prominent figures from Lahore’s real estate sector, including Top Realtors and Sales Partners. All SSPs of Etihad Town were present at the event and praised the vision, location, and distinctive features of Phase - III.

The Chief Guest, Mr. Sheikh Shujaullah Khan, CEO of Etihad Group, shared key insights into the development, stating:

“Phase - III will be one of the most iconic and remarkable projects in Etihad Town’s history. It is not just a residential scheme, but a complete representation of a modern, prosperous lifestyle.”

He further assured attendees that, like its previous projects, Etihad Town Phase - III will also be delivered ahead of schedule.

The pre-launch payment plan for Phase - III was shared with the attendees and received overwhelmingly positive feedback. Sales Partners expressed strong trust in Etihad Town’s credibility, timely project delivery, and reliable development model.

Etihad Town Phase - III stands out as a first-of-its-kind project, combining modern urban amenities, sustainable green environments, and internationally inspired commercial infrastructure—all within a single development.

Property sales by floor area fell 2.9% from the previous year, compared with a 2.8% drop in the first four months.

China’s property measures give sales a boost, but only in big cities

New construction starts measured by floor area slumped 22.8%, after contracting 23.8% in January-April.

Funds raised by China’s property developers were down 5.3%, versus a 4.1% drop in the first four months.

The property attracted 224 investors from over 40 nationalities - 70% of whom entered Dubai’s real estate market for the first time - with an average investment amount of AED 10,714. Prypco said this highlighted “the platform’s wide appeal and the growing appetite for accessible, tech-enabled real estate opportunities in the region.”

“To see our first property fully funded in just a day reflects not only the strength of the concept but also a clear market demand for smarter, more accessible investment solutions,” said Prypco’s CEO Amira Sajwani.

Dubai’s residential property prices expected to fall by 15%: Fitch Ratings

The initiative continues to draw significant interest, with a waitlist that has over 6,000 requests. “This surge in demand reflects Dubai’s growing appeal to new segments of global investors seeking innovative and accessible property ownership models,” DLD said.

So what exactly is a tokenised real estate project?

Essentially, it allows users to own a share in a prime real estate project in Dubai through blockchain-based tokens, starting from AED 2,000.

Joseph Dahrieh, Managing Principal at forex broker Tickmill, broke it down: “A tokenized real estate project involves converting ownership rights or the economic value of a physical property into digital tokens that are recorded and traded on a blockchain platform.”

Speaking to Business Recorder, he said “this process enables fractional ownership, meaning a property can be divided into many smaller, more affordable shares represented by these tokens.” This approach aims to increase liquidity by making it easier to buy and sell these shares, lower barriers to entry for investors by reducing the minimum investment needed, and enhance transparency and security through the immutable nature of blockchain records, he explained.

According to Prypco’s statement, the platform converts tangible real estate assets into secure, digital tokens, each linked to a legally recognised Property Token Ownership Certificate issued by the DLD. “This grants investors the same rights as traditional property ownership with none of the associated administrative burden, while enjoying benefits such as rental income, capital appreciation, and liquidity,” it said.

Meanwhile DLD has said the certificate it issues will ensure “a transparent and secure investment experience without the complexities of traditional property management”, adding that investors will benefit from both rental income and capital appreciation resulting from the property’s appreciation. Currently available exclusively to UAE ID holders, the platform is expected to expand globally in the near future.

The project is jointly managed by DLD, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority, as the regulatory body for digital assets.

“The collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment,” according to DLD.

All transactions are carried out exclusively in UAE Dirhams, with no use of crypto currencies during the pilot phase. Through the platform, investors can access property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required.

In the current phase, the Central Bank of the United Arab Emirates will oversee the opening of corporate accounts linked to real estate tokenization through the Client Money Account system. This banking structure is designed to safeguard investor funds.

What does this mean for Dubai’s property sector?

Dahrieh said “tokenization signifies a major transformation aimed at democratizing investment and enhancing market dynamics.” He said “it lowers investment barriers, attracting new retail and global investors.”

“This initiative is expected to boost market liquidity, transparency, and transaction efficiency. It also offers developers new funding avenues. Strategically, this aligns with the Dubai Economic Agenda D33 and Real Estate Strategy 2033, aiming to solidify Dubai as an innovative global hub,” he said.

“The DLD projects that tokenized assets could reach AED 60 billion, or 7% of the market, by 2033,” he added.

The project is part of the Real Estate Evolution Space Initiative previously launched by DLD, which aims to “position Dubai on the global map for PropTech and artificial intelligence.”

DLD said the initiative fosters a flexible legislative environment and encourages the attraction of talent and start ups in the real estate sector, further enhancing Dubai’s global competitiveness.

Copyright Business Recorder, 2025

New home prices have shown no growth since May 2023 as China attempts to lift the real estate sector, once a key driver of the economy, from a prolonged slump.

From a year earlier, prices in April were down 4.0%, a slight improvement from a 4.5% decline last month, data from China’s National Bureau of Statistics showed.

Beijing has announced a raft of stimulus measures in recent weeks to bolster the economy amid trade uncertainties with the US, including trimming mortgage costs for some buyers to turn around a property crisis that began in 2021.

Indebted developers have since struggled to repay their borrowings and deliver pre-sold homes, dampening confidence in the sector.

Resale home prices declined across tier-one, tier-two, and tier-three cities on both a monthly and annual basis.

China new home price rises accelerate in November, survey finds

Separate official data showed property investment dropped 10.3% year-on-year and sales by floor area shrank 2.8% in January-April.

The head of China’s financial regulator promised to roll out more measures to help sustain the “stabilising trend of the property sector” at a high-profile press conference earlier this month.

Meanwhile, the central bank cut the interest rate for housing provident fund loans by 25 basis points, effective May 8, reducing borrowing costs for some buyers.

Talking to a selected group of journalists on Friday, Tarek Hamdy, CEO of EIGHTEEN Housing, underscored the pressing challenges and promising opportunities within Pakistan’s real estate sector. The major proposals of foreign investor focused on enhancing regulatory frameworks, attracting foreign investment, and streamlining bureaucratic processes to spur economic growth.

Tarek Hamdy emphasized the urgent need for appointing technocrats as members of the said regulatory authority for the real estate sector. He commended the SIFC for the significant role it has already played in supporting foreign investors and streamlining investment-related processes in various sectors of Pakistan’s economy.

Sharing his experience, he stated that the formation of the SIFC marked a positive step toward reducing bureaucratic red tape, creating investor confidence, and fostering a more business-friendly environment. However, to make the SIFC even more effective, Hamdy proposed expanding its structure by incorporating technocrats, economists, legal experts, and seasoned professionals from the different sectors and finance industries to ensure balanced and informed decision-making.

A pivotal aspect of Hamdy’s proposals centres on creating a more enticing and predictable investment climate for international investors through bold and strategic fiscal incentives. He passionately advocated for a ten-year tax exemption specifically tailored for Foreign Direct Investment (FDI) in the real estate sector — an industry he believes holds untapped potential to drive economic growth and urban transformation. In addition, he stressed the critical importance of offering a clear and guaranteed mechanism for the repatriation of profits, which would signal to global investors that Pakistan is open for business on competitive and investor-friendly terms.

CEO Eighteen questioned the rationale behind expecting international investors to park their capital in Pakistan without assurances of meaningful returns or a clear exit strategy. “Why would a foreign investor bring their money here if they can’t take it back with profit?” he posed, highlighting the fundamental need for Returns On Investment (ROI) as a cornerstone of global capital movement.

Tarek Hamdy also addressed the critical issue of over-taxation in the real estate sector, calling it a major impediment to growth and investor confidence. He argued that excessive and often arbitrary taxation has become a clear burden on the industry, directly impacting sales volumes and discouraging both local and foreign investment. “When taxes go up, sales go down. It’s a simple equation,” he stated, advocating instead for a more rational and balanced tax policy that encourages development rather than stifles it.

He criticized conduct of certain revenue authorities, alleging that instead of facilitating legitimate projects, some institutions have resorted to intimidation tactics. He pointed out how investors and developers are often subjected to sudden raids and pressure without substantial legal backing. Specifically, he cited an incident involving the Federal Board of Revenue (FBR) and the Punjab Revenue Authority (PRA), where EIGHTEEN Housing became the target of such actions. “They raided our offices, tried to damage our credibility, but when it came to the courts, they couldn’t substantiate a single claim,” he said.

He described these actions not just as harassment, but as deeply damaging to the investment climate in Pakistan. “You can’t expect people to invest in an environment where regulatory bodies behave like bullies instead of facilitators,” he remarked.

Addressing bureaucratic inefficiencies, Hamdy lamented the challenges posed by conflicting laws and regulations across various government bodies involved in different approvals. He advocated for the implementation of a streamlined, one-window operation approach, empowering bodies like the Board of Investment (BOI) to facilitate smoother processes and reduce red tape.

Tarek Hamdy voiced serious concerns about the unchecked mushroom growth of illegal housing societies across Pakistan, calling it one of the most alarming threats to the credibility and stability of the real estate sector. He highlighted how these unregulated entities operate without proper approvals or oversight, exploiting legal loopholes and the lack of coordinated regulatory enforcement. As a result, countless individuals — particularly overseas Pakistanis — have fallen victim to elaborate scams, investing their hard-earned money into projects that either do not exist or never materialize.

Hamdy also recommended the creation of a centralized digital registry encompassing all housing societies across Pakistan — a move he believes is critical to restoring transparency and investor confidence in the real estate sector. This registry, he suggested, should serve as a publicly accessible platform where investors—particularly overseas Pakistanis — can verify the legal status, No-Objection Certificates (NOCs), development progress, and regulatory approvals of any housing project before committing their finances.

Copyright Business Recorder, 2025

Remittance inflow since Jan 2024

The inflow of overseas workers’ remittances into Pakistan stood at $4.1 billion in March 2025, crossing the $4-billion mark for the first time, the State Bank of Pakistan (SBP) data showed on Monday.

Remittances increased by 37% year over year, compared to $2.95 billion recorded in the same month last year. On a monthly basis, remittances were up 30%, compared to $3.12 billion in February.

Cumulatively, with an inflow of $28 billion, workers’ remittances increased by 33.2% during Jul-Mar, FY25 compared to $21.04 billion received during Jul-Mar, FY24.

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households.

“Pakistan’s remittances have hit a record high, driven by growing confidence in the stability of the Pakistani Rupee due to a narrower gap between interbank and open market exchange rates,” Wagas Ghani, Deputy Head of Research at JS Global, told Business Recorder.

This stability is largely credited to stricter foreign exchange regulations, he added. “Additionally, a recent surge in immigration, particularly to Gulf countries, has boosted remittance inflows.”

However, experts warned that the inflow momentum may not be sustained in the coming months.

“The level is unlikely to be maintained and will normalize to around $3-3.2 billion,” Sana Tawfik, Head of Research at Arif Habib Limited said.

As a result of record inflows, Pakistan’s current account is expected to post a surplus of around $700-900 million in March, she said.

Breakdown of remittances

Overseas Pakistanis in Saudi Arabia remitted the largest amount in March 2025 as they sent $987.3 million during the month. The amount was up 33% on a monthly basis, and 40% higher than the $703.1 million sent by the expatriates in the same month of the previous year.

Inflows from the United Arab Emirates (UAE) rose by 28% on a monthly basis, from $657.1 million in February to $842.1 million in March. On a yearly basis, remittances jumped nearly 54%, as compared to $548.5 million reported in the same month last year.

Remittances from the United Kingdom amounted to $683.9 million during the month, up by 38% compared to $496.5 million in February 2025. YoY inflows from the UK improved by 48%.

Overseas Pakistanis in the US sent $419.5 million in March 2025, a MoM increase of 35%.

PM rejoices over record remittances

Prime Minister Shehbaz expressed delight over the record achievement.

“Remittances reaching a record level is a reflection of the confidence of overseas Pakistanis in government policies,” PM said.

“Overseas Pakistanis not only bring glory to the country and nation by working hard abroad but also benefit the country’s economy with remittances,” read the statement released by the Prime Minister’s Office (PMO).

The government is committed to providing all facilities to overseas Pakistanis, the prime minister added.

Saudi Arabia has poured hundreds of billions of dollars through the Public Investment Fund (PIF) into “giga-projects” such as NEOM, a massive urban and industrial development project nearly the size of Belgium to be built along the Red Sea coast.

NEOM is set to house roughly nine million people and is central to the kingdom’s economic diversification plan called Vision 2030 to create new sources of growth beyond oil.

Saudi nationals and Saudi-based expats plan to spend $489 million on residential real estate in the country, according to a survey of 1,037 households, including 100 Saudi-based expats.

They also plan to set aside $733 million for giga-projects, according to the report. While NEOM remains the top choice for them, greater choice in the market and fewer move-in-ready homes for sale have eroded its dominant position, the report said. NEOM’s popularity has decreased from 84% in 2023 to 17% this year, Faisal Durrani, Knight Frank’s head of research for Middle East and North Africa (MENA) was quoted as saying in the report.

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“There are likely to be a range of reasons for this, including the emergence of other giga-projects over the last two years, perceptions around households’ ability to afford to own a home in any of NEOM’s subprojects, a lack of ready-to-move-into homes, a lack of homes actually on the market to purchase, or a combination of the above,” Durrani added.

There is 2.75 billion riyals ($733.08 million) of potential private capital among Saudi nationals and Saudi-based expats ready to be spent on residential real estate within the giga-projects, according to research from the property consultant.

While faltering economic growth, stagnant wages and a dearth of well-paying jobs have left millions of working-class families with depleted savings, home prices have nearly doubled in the past decade in a housing market dominated and driven by those with high incomes.

In addition, a mismatch between strong demand and limited supply has inflated home prices to a point where tens of millions are having to rent.

Average home prices in India will surge 6.5% this year and 6.0% next, following a rise of about 4.0% last year, according to median forecasts in a February 17-March 4 survey of 14 property market experts.

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That outlook was barely changed from a December poll, taken before the Reserve Bank of India began cutting interest rates in what is expected to be a short and shallow cycle.

Urban rental costs were set to climb even faster, jumping 7.0%-10.0% over the coming year. Such an increase would far outpace consumer inflation, which is expected to average 4.3% and 4.4% over the next two fiscal years, according to a separate Reuters survey.

With rents soaring, the path to homeownership is even steeper as first-time buyers struggle to save for a down payment.

“This is a double-whammy: home prices will outpace inflation and rents have already been skyrocketing for years. For millions I think homeownership is becoming a distant mirage,” said Pankaj Kapoor, managing director at real estate research firm Liases Foras.

“There isn’t just one problem; there are many. In short, economic growth isn’t translating into higher incomes and jobs. Instead, we are seeing a housing market where only the wealthy can buy. I don’t think this trend will change soon.”

Ajay Sharma at Colliers International and Atif Khan at CBRE were in broad agreement. Average home prices in India’s two most populous cities, Mumbai and Delhi - including its surrounding National Capital Region - are expected to rise between 5.8% and 8.5% this year and next, while prices in Bengaluru and Chennai are forecast to increase 5.0%-7.3%.

Asked what will happen to affordability for first-time home buyers over the coming year, property market experts were split, with seven saying it would improve and seven saying worsen.

“With these price escalations, affordability for first-time buyers is likely to decline as rising costs outpace income growth making homeownership more challenging - especially in high-demand metropolitan regions,” said Arvind Nandan, managing director of research at Savills India.

“This makes renting a more viable option than home buying.”

Finding affordable housing remains a major challenge for the millions migrating to cities as India rapidly urbanizes, despite government initiatives to increase supply.

Asked what would most likely drive an increase in the supply of affordable housing in major cities, 11 out of 13 respondents said intervention from central or local government. One cited market-driven adjustments and another said there would be no significant shift anytime soon.

“Although there have been policy measures to support demand and infusion of affordable housing in India…There is already an existing shortage of 10.1 million units,” said Vivek Rathi, director of research at Knight Frank.

The stock had been suspended from trading since April 2, 2024 pending the publication of its 2023 full-year and 2024 interim financial reports after it defaulted on $11 billion of offshore bonds in late 2023.

That default deepened a debt crisis in the economically crucial property sector that had also seen defaults by major peers including China Evergrande Group.

Country Garden is now in a restructuring process that aims to cut its $16.4 billion of offshore debt by 70%.

It told a Hong Kong court on Monday in a liquidation hearing filed by a creditor against the company that it expects to reach restructuring terms with creditors next month, and was granted an adjournment until May 26.

A trade resumption is useful to Country Garden’s restructuring negotiations as the plan includes a convertible bond option for creditors.

If Country Garden is able to get creditors’ approval for the debt revamp plan, that would help the developer push back against the liquidation petition.

A liquidation order against Country Garden would worsen the outlook for China’s crisis-hit property sector, which policymakers have yet to revive successfully despite waves of stimulus measures since 2022.

Narrower loss expected

Country Garden last week said it expected to post a narrower annual loss in 2024 after reporting a record 178.4 billion yuan ($24.33 billion) loss in its long-overdue 2023 results.

“It is evident from the…results that the Group is carrying out a business with a sufficient level of operations and assets of sufficient value to support its operations, which warrants the continued listing of the shares of the company,” Country Garden said in a filing on Tuesday.

Shares of Country Garden, one of the country’s top developers during the boom years, jumped as much as 30% in morning trading to HK$0.63, compared with its last trading price of HK$0.485 before the suspension in April.

It last traded up 19.6% at 0333 GMT.

Since its shares were suspended, the Hang Seng Mainland Properties Index has lost 5%, while Sunac China, which has completed its offshore debt restructuring, and Logan Group, which is still in the process of restructuring, gained 34% and 62%, respectively.

Chinese authorities have launched a series of supportive policies during the period since Country Garden’s shares were suspended, including relaxing purchase restrictions in top-tier cities, as they vowed to stop the market from falling further.

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“The stock surge doesn’t mean anything; Country Garden’s shares have come down from near HK$20 at peak,” said Eugene Law, director of China Galaxy International.

“Trade resumption doesn’t mean the debt problem of the company is resolved. The whole sector is still struggling to recover,” Law added.

The court hearing, which was held to measure progress in reaching an agreement with creditors, was then adjourned until May 26 by Hong Kong judge Linda Chan after a request from Country Garden’s lawyers to extend the date from May 19.

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Country Garden said earlier this month it has proposed to creditors a debt restructuring that would cut its offshore debt worth $16.4 billion by 70%, and it had reached an “understanding” with a lender group.

Once China’s biggest property developer, Country Garden defaulted on $11 billion in offshore bonds in late 2023, deepening a debt crisis in the sector that had already experienced defaults by many developers, including China Evergrande Group.

Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings, filed a petition against Country Garden in February last year for non-payment of a $205 million loan.

Property sales by floor area dropped 12.9% last year, compared with a 14.3% decline in the January-November period.

New construction starts measured by floor area declined 23.0% in 2024, the same as the slide in the first eleven months.

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Funds raised by China’s property developers declined 17.0% last year from a year earlier after an 18.0% fall in January-November.

The pace of recovery in the British housing sector is under scrutiny, as a slower-than-expected reduction in interest rates hampers affordability, while rising build-cost inflation continues to put pressure on the market.

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The FTSE 100 builder, which generates majority of its sales through partnerships with local authorities, housing associations and government providers, said the outcome of the UK government’s spending review and the transition to a new Affordable Homes Programme would be crucial in driving momentum in both open and partner-funded markets.

The petition was filed by a unit of state-owned asset manager China Cinda Asset Management, and a hearing is scheduled for March 19, the Hong Kong judiciary’s website showed late on Thursday.

Many mainland developers, including China Evergrande, and Country Garden, have faced or are currently facing liquidation cases in Hong Kong since the property sector was hit by a liquidity crunch in 2021.

But most petitions have not been filed by state-owned companies and China Cinda’s was made despite Chinese authorities repeatedly vowing to stabilise the struggling property sector and the stock market. Calls to the petitioner, China Cinda (HK) Asset Management, went unanswered on Friday.

Sunac shares in Hong Kong were down as much as 29.7% to HK$1.23 in morning trade on Friday, on course for the biggest one-day percentage drop since Oct. 8, according to LSEG data, before recovering some ground to trade 21% lower at midday.

A September 2025 bond was bid at 10.253 cents on the dollar, down from 12.875 cents on Thursday, while a September 2032 bond was bid at 7.85 cents, down from 10.75 cents.

Sunac confirmed the petition was filed against the company and the hearing date in a filing on Friday, but it declined to provide further details.

More restructuring possible

Its liquidation petition comes as weak home sales in China raise the prospect of a new round of offshore debt restructuring in the property sector.

Sunac, which prior to the debt crisis that jolted the property sector in 2021 ranked among China’s top developers by sales, was the first to complete a comprehensive overhaul of its $9 billion offshore debt in November 2023 after facing an liquidation petition in 2022 that was ultimately withdrawn.

Reuters reported this week Sunac has informed some of its offshore creditors it is unlikely to meet a September maturity deadline for its restructured bonds, due to uncertainties in the sector’s sales recovery that could affect its ability to repay.

“I’m not surprised by the petition,” said Alvin Cheung, associate director of Prudential Brokerage Ltd in Hong Kong. “Chinese developers are not making much money, while they have to keep repaying a lot of debt.”

Sunac, which had total borrowings of 277.4 billion yuan ($37.83 billion) as of the end of June according to its interim financial results, is also working to restructure $2.1 billion of yuan-denominated bonds.

Stocks across the property sector were down on Friday, with Cheung pointing to investors being increasingly concerned about further defaults.

Shares in Shimao Group, and Agile Group, both slipped more than 9%, while those in CIFI Holdings, shed 8%.

Beijing has rolled out a raft of measures over the past year to revive the country’s economically crucial property sector, but the measures have had little impact on homebuyer confidence in the world’s second-largest economy.

Country Garden, a major developer that defaulted on its around $16.4 billion of offshore debt in 2023, said on Thursday it has proposed a deal to its offshore creditors that would cut its debt by 70% in a restructuring.

The proposal includes options for creditors such as converting bonds into cash with a 90% haircut, or receiving new debt instruments with delayed maturity.

House prices jumped by 0.7% in monthly terms during December, following a 1.2% increase in November, Nationwide said.

A Reuters poll of economists had pointed to a 0.1% month-on-month increase. House prices ended the year 4.7% higher than their level of December 2023, up from 3.7% in November - the highest annual growth rate since late 2022.

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The Nationwide survey fits with a slew of stronger than expected housing market data, contrasting with other indicators that point to weakening activity across the wider economy.

“Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers,” said Robert Gardner, chief economist at Nationwide.

The building society stuck to its view that house prices were likely to rise in 2025 by 2% to 4% - with activity likely to be stronger in the first half of the year ahead of an increase in property transaction taxes in April.

China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said.

China will strictly control the supply of commercial housing, while increasing the supply of affordable housing to help solve the living problems of a large number of new citizens, young people and migrant workers, it said.

Policymakers have stepped up efforts to revive the real estate by introducing new measures to encourage home demand after a government-led campaign to rein in highly leveraged developers triggered a crisis in 2021.

Since September, measures aimed at encouraging homebuying have included cutting mortgage rates and minimum down-payments, as well as tax incentives to lower the cost of housing transactions.

The real estate market has shown some momentum of stabilizing, with home transactions in October and November seeing double year-on-year and month-on-month growth for two consecutive months, said the conference.

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China’s home prices fell at the slowest pace in 17 months in November, supported by government efforts to revive the sector, official data showed.

An official of the Central Financial and Economic Affairs Commission in December called for policy measures with direct impact on stabilising the real estate market to be adopted as soon as possible, with local governments getting greater autonomy to buy housing stock.