Two Kuwaiti businesses working in real estate development have announced a plan to set up a $ 3.5 billion Dirhams ($ 953 million) housing project in Sharjah – North Dubai – seeing a wealth in the real estate market. Eva Hotels and Resorts and Kuwait Real Estate Company have partnered to develop 1100 homes on an area of 6 million square feet near the Sharjah border with Dubai. The “Tay Hills” project will include village houses and semi -independent villas (only on one side of other villas) and independent villas (completely separate villas for any other building) ranging from 3 to 6 bedrooms. Homes are sold at prices of between 1.8 million dirhams and 7.3 million dirhams, according to executives in an interview. Sharjah’s real estate recovery, Sharjah, has begun to purchase real estate in specific areas of the emirate of a conservative nature two years after the approval of a law that enables foreigners. The developers build tens of thousands of homes and buyers flow to the emirate where real estate prices are much less compared to Dubai, which has been an increase in real estate values since 2020. an industrial river. Facilities will include restaurants, cafes and retail stores and pools, as well as hiking and cycling. The first phase of the project, which includes 375 residential units, is expected to be completed in the first quarter of 2028. Buyers can pay 30% of the unit value during the construction period, and pay the remaining percentage of 70% upon receipt, when the financing options are available at that time. The Eva Hotels and Resorts Company has developed many multi -use projects on the artificial “Nakhle Jumeirah” Island in Dubai, including the “Golden Mail” project and the “Fairmont and Residence Hotel”. “Kuwait Real Estate”-which is considered one of the oldest real estate development companies in the Gulf region, has an 8.26% stake in Eva Hotels and Resorts Company, according to its website. The two companies have chosen the right time to start the project. Read more: real estate mania in Dubai inflict millions of dollars in homes, Khaled Aspiah, chairman of the Eva Hotels and Resorts Company, said in an interview: “We bought the land more than 15 years ago, but the conditions of registration and licensing in Sharjah were not yet suitable for developers.” Founded housing compared to Dubai, Sharjah has always delivered more housing at reasonable prices compared to Dubai, but most of the offer in the market consists of antique towers with some in the facilities that its neighbor, Dubai, usually provides with luxury and modernity. Changes started with the property market in Sharjah. Arad Real Estate Development Company, owned by Ibn Saudi Prince Al -Walid Bin Talal and member of the ruling family in Sharjah, adopted a $ 9.5 billion project. Other companies, including Eagle Hills in Abu Dhabi and the ‘Alph group’ of Sharjah projects in the city. The experience of Kuwaiti businesses in the UAE market. Kuwaiti real estate development companies enjoy experience and knowledge of the changes in the real estate market in the Emirates, including increases and decrease in prices or real estate activity. A few years ago, Eva Hotels and Resorts Company entered into a legitimate dispute with the state’s “Nakheel” business in Dubai after the global credit crisis during 2008, which lowered the house prices in Dubai by more than 60%. Talal al -bahr, vice -chairman and CEO of Kuwait Real Estate Company, said: ‘At the time,’ Nakheel ‘went through a difficult period and everyone associated with it faced the same challenges. Read more: Dubai Real Estate Price boom has the demand for boxes and partial property. The sea explained that the demand for the Margins in Dubai is very strong, despite the fluctuations in the market. Sharjah is “very attractive”, but he has refrained from providing more details.
Kuwaiti developers attempt to take advantage of the boom in Sharjah
