The real estate sector in Saudi Arabia is experiencing significant growth, according to Minister of Municipalities and Housing Majid Al-Hogail. At the opening of Cityscape Global 2024, the Kingdom’s largest property event, Al-Hogail announced that the number of local developers participating has doubled to over 100, along with 69 international developers. This increase is attributed to the continuous rise in real estate transactions, which have exceeded SR630 billion since the beginning of the year. The minister highlighted that real estate has become a core driver of economic diversification in the Kingdom.
During the event, new strategic projects and agreements surpassing SR180 billion were unveiled, representing a 50% increase over last year. This growth reflects the rapid expansion of the Saudi real estate market, which has been supported by leadership to create a sustainable and attractive investment environment. Al-Hogail also emphasized efforts to accelerate real estate refinancing in Saudi Arabia, with plans to scale the market to SR1.3 trillion by 2030 through expanded local and international financing channels. The Saudi Real Estate Refinance Company, in collaboration with banks, has already strengthened liquidity by increasing long-term financing options, with total refinancing in property portfolios now at SR37 billion.
In addition to the growth in the real estate market, advancements in regulations have also been made, with over 20 new policies issued by the General Real Estate Authority. Certifications for over 60,000 real estate agents have been issued to date, indicating progress in enhancing professionalism and standards in the industry. The Cityscape Global 2024 event has brought together experts and specialists from diverse sectors, including a Real Estate Investor Forum that has attracted 150 investors from 22 countries. This demonstrates the strong interest and confidence in the Saudi real estate market among both local and international investors.
The future of living in Saudi Arabia is promising, with the real estate sector playing a crucial role in driving economic diversification and growth. The continuous rise in real estate transactions and the increase in the number of local and international developers participating in events like Cityscape Global 2024 are positive indicators of the market’s expansion. With new strategic projects and agreements worth SR180 billion unveiled at the event, it is evident that the Saudi real estate market is on a path of rapid growth and development.
Efforts to accelerate real estate refinancing in the Kingdom are also underway, with plans to reach a market size of SR1.3 trillion by 2030. The collaboration between the Saudi Real Estate Refinance Company and banks, along with the implementation of new regulations and certifications for real estate agents, is expected to further enhance the professionalism and standard of the industry. The presence of 150 investors from 22 countries at the Real Estate Investor Forum at Cityscape Global 2024 signifies the high level of interest and confidence in the Saudi real estate market among investors worldwide.
Overall, the real estate sector in Saudi Arabia is poised for continued growth and development, with strong support from leadership and ongoing efforts to create a sustainable and attractive investment environment. The increasing number of local and international developers, along with the unveiling of new strategic projects and agreements, is a testament to the market’s momentum and potential. With a focus on real estate refinancing and advancements in regulations, the Saudi real estate market is well-positioned to remain a key driver of economic diversification and investment in the Kingdom.
