Investment Rating - The report does not explicitly state an investment rating for the real estate industry in Dubai and Abu Dhabi Core Insights - The Dubai Land Department has launched a tokenised real estate platform allowing investments starting from AED2,000, with expectations that tokenised assets will represent 7% of Dubai's real estate market by 2033, equating to around AED60 billion in value [2] - Residential sales prices in Dubai increased by 5.7% in the first four months of 2025, indicating a slowdown compared to previous years [3][22] - In contrast, Abu Dhabi's residential sales prices increased by 7.0% in the same period, showing a stronger growth trend [4][41] - The rental market in Dubai has also seen a slowdown, with a 4.1% increase in rents in the first four months of 2025, compared to 15.7% in 2024 [3][51] - Abu Dhabi's rental values increased by 8.9% in the first four months of 2025, driven primarily by apartments [5][59] Summary by Sections Residential Market - Dubai's residential sales prices increased by 5.7% in early 2025, down from 18.0% in 2024 and 20.1% in 2023, indicating a slowdown [3][22] - Abu Dhabi's residential sales prices increased by 7.0% in early 2025, compared to 11.1% in 2024 and 5.0% in 2023 [4][41] - Rental values in Dubai increased by 4.1% in early 2025, down from 15.7% in 2024, while Abu Dhabi saw an 8.9% increase in rents [3][51][59] Supply Trends - The residential supply in Dubai is expected to increase significantly by 2027, with approximately 16% of the current supply expected to be added [5] - Abu Dhabi is also expected to see a rise in residential supply, with around 12% of the current stock anticipated to be added by 2027 [5][44] - The office market in Abu Dhabi is projected to add approximately 7% to the current stock by the end of 2027, while Dubai's office market is expected to add about 3.5% [6][68] Retail Market - The retail market in Dubai is expected to see limited additions, with only about 1.6% of the current stock expected to be added by the end of 2027 [7][72] - Abu Dhabi's retail market is projected to see a slightly higher increase of around 5.6% [7][72] Hospitality Sector - Dubai currently has a stock of 154,800 hotel rooms, with an additional 4,500 rooms forecasted to be delivered by the end of 2024 [77] - Abu Dhabi has a current stock of 32,800 hotel rooms, with another 540 rooms expected to be delivered by the end of 2024 [79]

Investment Rating - The report reiterates a Buy rating on CRL, COLI, Greentown, Jinmao, and Longfor, while maintaining a Neutral rating on Poly and CMSK [2][41]. Core Insights - The report highlights improving land investment efficiency among developers, with 86% of land bank investments concentrated in the Top 10 cities, indicating a strategic shift towards better-performing markets [1][28]. - The analysis suggests that new acquisitions by six key developers are expected to yield gross profit margins (GPM) in the mid-teen% to over 20%, an improvement from below teen% levels for land acquired before 2024 [1][35]. - The average return on equity (ROE) from these new acquisitions is projected to be around 8%, aligning with historical trends and supporting a valuation recovery [1][35][43]. Summary by Sections Best Performing Cities - The Top 10 cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, have shown resilient pricing trends and signs of price stabilization in both primary and secondary markets [5][6]. - Home sales volume in these cities has indicated a year-on-year recovery trend, with a 36%/2% decline compared to the peak month in 2021 and the monthly average in 2024 [10][12]. Margin & ROE Improvement - The report notes that the concentration of land investment in the Top 10 cities has increased significantly, with these cities accounting for 86% of new land investments since 2024, compared to about half from 2018-2023 [28][29]. - The expected GPM for new acquisitions is projected to reach an average of 14% for 2026E-2027E, compared to an average of 13% in 2024 [35][37]. Upward Revisions - The report revises the 2026E/27E GPM for the six developers by an average of 0.2pt/0.7pt and their target prices by 1-5%, reflecting a more positive outlook on price trends and land acquisitions [2][37]. - The earnings estimates for 2025E-27E are projected to be approximately 10% above consensus, driven by higher topline and margin expectations [40][41].

Investment Rating - The report maintains a "Buy" rating on selected companies within the MENA region, particularly focusing on UAE and Saudi Arabia [9][45]. Core Insights - The GCC markets exhibit resilience to macroeconomic uncertainties, with a focus on sectors less sensitive to oil prices, particularly in the UAE [2][54]. - A bearish outlook for oil prices is anticipated in 2025-26 due to increased non-OPEC production, but a bullish cycle is expected to follow from 2027 onwards [8][22]. - The report emphasizes the importance of economic diversification in the UAE, which is less exposed to oil price fluctuations compared to Saudi Arabia [27][55]. Summary by Sections Macroeconomic Overview - The US macro team has raised the growth forecast for 2025 by 0.5 percentage points to 1% and reduced the 12-month recession odds to 35% [15][20]. - The perceived de-escalation of tariffs is seen as an indirect positive for GCC markets, although oil price movements remain a more relevant driver for regional performance [17][21]. Sector Analysis - The UAE is highlighted as favorably positioned due to its economic diversification, with strong prospects in Real Estate, Energy, and Mobility sectors [3][54]. - In Saudi Arabia, the focus is on identifying resilient companies in the TMT sector and selective opportunities within Financials, Consumers, and Chemicals [3][54]. Investment Opportunities - Key sectors identified for investment include UAE Real Estate, Energy (specifically ADNOC), and Infrastructure/Mobility [10][12]. - In Saudi Arabia, companies like Saudi Aramco and SABIC are favored due to their strong fundamentals and strategic positioning [10][45]. Capex Cycle Insights - The report anticipates continued spending momentum across sectors in the GCC, particularly in Energy, Digital Innovation, and Clean Tech, despite a lower oil price environment [46][50]. - The GCC Capex Wave is expected to focus on non-oil sectors, with significant investments in digitization, metals & mining, and clean energy [39][40]. Company-Specific Recommendations - The report recommends a selective approach to investments in banks, favoring those with a balanced loan mix and strong deposit franchises, such as SNB and Riyad Bank [10][45]. - In the consumer sector, companies like Almarai and Lulu are under scrutiny for their ability to navigate current market pressures [10][12].

Investment Rating - The report maintains a "Buy" rating for C&D International with an unchanged target price (TP) of HKD 21.20, implying a 57% upside from the current share price of HKD 13.54 [4][6][10]. Core Insights - C&D International is positioned to benefit from the revitalization of Xiamen's housing market, characterized by increasing sales volumes, declining inventory, and stabilizing new home prices. This marks a recovery from a significant sales decline of 29% year-on-year in 2024 due to market weakness [1][2]. - The implementation of Xiamen's advanced home purchase voucher scheme is expected to stimulate demand and alleviate inventory pressure, contributing to 40% of the gross floor area (GFA) sold in the primary market from October 2024 to February 2025 [2][10]. - C&D's strategic landbank investments in Xiamen, totaling RMB 19 billion for six sites in 2024, provide a competitive supply advantage as market sentiment improves [3][10]. Summary by Sections Investment Rating - Buy rating maintained with a target price of HKD 21.20, reflecting a 57% upside potential [4][6]. Market Conditions - Xiamen's property market is experiencing "goldilocks" conditions with increasing sales volumes and declining inventory, which is expected to benefit C&D International [1][2]. Policy Impact - The new home purchase voucher scheme in Xiamen is effectively stimulating demand and reducing inventory pressure, with significant contributions to sales in the primary market [2][10]. Land Acquisition Strategy - C&D's counter-cyclical land acquisitions in Xiamen position the company favorably against competitors, enhancing its market presence as sentiment improves [3][10]. Financial Projections - The financial outlook includes projected property sales of RMB 138.623 billion for 2024, with a slight decrease expected in subsequent years, followed by a recovery [11][12].

海西房产网（微信公众号：fjhxfcw）消息：2025年5月28日，福州市长乐区自然资源和规划局发布"关于2025年 第四次拍卖出让国有建设用地使用权的公告"。 经福州市长乐区人民政府批准(长政综〔2025〕45号)，福州市长乐区自然资源和规划局决定以拍卖方式出让一 宗国有建设用地使用权。 拍卖时间为2025年6月19日下午15:00，在福州市长乐区公共资源交易服务中心举行（福州市长乐区文武砂街道 湖文路201号福州新区政务服务中心4层大拍卖间）。 规划指标要求：容积率＞1.0，≤1.1；建筑度≤35%；绿地率≥30%；出让年限：住宅用地70年、商业用地40年 竞买保证金6160万元，公开出让起始价30800万元。海西房产网根据容积率上限1.1测算，该地块起始楼面价为 8048.05元/平米。 上述地块加价幅度为100万元，且为100万元的整数倍，不设保留价。开竣工时间：交地之日起九个月内开工， 开工之日起三年内竣工。 本次拍卖出让宗地采取福州市公共资源电子交易系统网络报名，按照价高者得原则现场拍卖出让。上述地块竞 买申请人范围为：中华人民共和国境内外具有房地产开发资质的企业，可参加竞买。但存在《关于进一步加 ...

Core Viewpoint - Hepsor AS has appointed Martti Krass as a new member of the Management Board, effective August 1, 2025, succeeding Henri Laks, who will transition to the Supervisory Board [1][2][3] Group 1: Management Changes - Martti Krass has been with Hepsor since 2014, serving in various roles including Latvian Country Manager since 2017 [2] - Henri Laks, the current Chairman of the Management Board, will become a member of the Supervisory Board upon the expiration of his mandate on August 1, 2025 [1][3] Group 2: Future Goals and Strategy - Martti Krass emphasized the company's focus on increasing profitability through enhanced efficiency, teamwork, and client satisfaction [3] - The company aims to continue its activities in Estonia and Latvia, with an emphasis on sustainable development projects and improving living environments [3] Group 3: Company Background - Hepsor AS is a developer of residential and commercial real estate, operating in Estonia, Latvia, and Canada [4] - Over fourteen years, Hepsor has developed 2,076 homes and nearly 36,300 square meters of commercial space [4] - The company has a portfolio of 25 development projects totaling 172,800 square meters [4]

Visualisation of area Lahekalda development area OÜ Merko Kodud, part of the AS Merko Ehitus group, has decided to proceed with the construction of the above-ground volumes of next phase of the Lahekalda apartment development project located on the Maarjamäe limestone clint in Tallinn. Within the framework of this development phase two apartment buildings with a total of 110 apartments will be completed in the fall of 2026. The apartment sizes of the 8-storey A-energy class buildings being built at Pae ...

Core Insights - Belpointe PREP, LLC has announced that its mixed-use development project, VIV, in St. Petersburg, Florida, is approximately 85% complete and is expected to begin leasing later this year [1][3] Group 1: Project Overview - VIV is strategically located in downtown St. Petersburg and aims to become a landmark destination with residential units, modern amenities, and vibrant retail spaces [2][5] - The project is designed to meet the growing demand for high-quality living options in St. Petersburg, providing a unique opportunity for residents and businesses [2][5] Group 2: Company Commitment - The CEO of Belpointe OZ expressed excitement about the project's progress and emphasized the company's commitment to delivering exceptional developments in high-growth markets [3] - The project is part of Belpointe OZ's strategy to create long-term value for investors [3] Group 3: Company Profile - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" and has over 2,500 units in its development pipeline across four cities, with a total project cost exceeding $1.3 billion [6] - The company has filed registration statements with the SEC for the offer and sale of up to $1.5 billion of Class A units [7]

Core Insights - Belpointe PREP, LLC has announced that its mixed-use development project, VIV, in St. Petersburg, Florida, is approximately 85% complete and is expected to begin leasing later this year [1][3] Group 1: Project Overview - VIV is strategically located in downtown St. Petersburg and aims to become a landmark destination with residential units, modern amenities, and vibrant retail spaces [2][5] - The project is designed to meet the growing demand for high-quality living options in St. Petersburg, providing a unique opportunity for residents and businesses [2][5] Group 2: Company Commitment - The CEO of Belpointe OZ expressed excitement about the project's progress and emphasized the company's commitment to delivering exceptional developments in high-growth markets [3] - The project is part of Belpointe OZ's strategy to create long-term value for investors [3] Group 3: Company Profile - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" and has over 2,500 units in its development pipeline across four cities, with a total project cost exceeding $1.3 billion [6] - The company has filed registration statements with the SEC for the offer and sale of up to $1.5 billion of Class A units [7]

27日，高新区一宗低密住宅拍卖。地块位于高新区火炬路以南、华中路以东、青岛中学以北，为城镇住宅用地，土地面积62644㎡，最终，该地块 被青岛东方伊甸园文化旅游开发有限公司（金茂控股）竞得，成交楼面价3850元/㎡，成交总价约3.86亿元。 文体设施：现状周边5处文化用地；规划有1处文化用地。 商业设施：现状周边智力岛商业区和金茂商业区；规划周边有海月湖商业区。 城市公园绿地：现状周边伊甸园、祥茂河公园、青岛中学公园；葫芦巷水系公园。 地块周边公服配套的规划和建设情况： 道路交通（地铁）：规划周边有地铁10号线。 教育与医疗：现状周边有3处幼儿园，1处小学，1处九年一贯制学校，一处12年制学校；规划周边有1处九年一贯制学校。 具体来看，地块位于火炬路南、华中路东、祥茂河以西、青岛中学北侧，占地面积约62644㎡，为城镇住宅用地，容积率1.6，建筑面积约10.02万 ㎡，建筑密度≤20%，绿地率≥30%，楼面起拍地价3850元/㎡，起拍总价3.86亿元，保证金1.16亿元。 从地块位置来看，地块位于高新区中心，片区内配套完善，包含商业金茂览秀城、学校青岛中学，以及完成竣工验收即将启用的娱乐配套——东 方伊甸园项 ...