Arab News,
Thu, Nov 07, 2024 | Jumada al-Awwal 5, 1446
Saudi real estate to see $48bn in deals at Cityscape Global 2024
Saudi Arabia:
Saudi Arabia’s real estate sector is poised for
another major boost with an estimated SR180 billion ($48 billion) in deals
expected to be signed at Cityscape Global 2024, taking place in Riyadh from Nov.
11-14.
The event will feature a global investment forum
with representatives from 22 countries managing over $3.2 trillion in assets,
further solidifying Riyadh’s position as a key capital hub.
Over 30,000 housing units from international
developers will also be launched, marking a significant entry into the Saudi
market.
Cityscape Global 2024, hosted at Riyadh’s
Exhibition and Convention Center in Malham, stands as a major platform for
innovation and growth. It underscores Saudi Arabia’s ongoing evolution in real
estate, driven by Vision 2030, and its commitment to sustainable development in
this vital sector.
The event will host nearly 200 international
companies from 50 countries, along with 104 local developers and over 70 global
real estate investors. This diverse representation will create a unique platform
for shaping the future of real estate in the Kingdom. This year’s edition will
span a remarkable 120,000 sq. meters — double the size of the previous edition.
Unprecedented growth
The Saudi real estate sector has seen exceptional
growth, with local developers increasing from 48 to 104 in just one year and
international developers rising from 54 to 69. This expansion is reflected in
the sector’s performance in 2024, with over 280,000 real estate transactions
worth more than SR636 billion.
According to the 2024 Global Real Estate
Transparency Index, Saudi Arabia’s market ranks among the world’s most improved,
raising expectations for Cityscape 2024 and attracting more attention to the
Kingdom’s burgeoning real estate opportunities.
Championing the growth
Much of this progress is driven by Saudi Arabia’s
Minister of Municipalities and Housing Majid Al-Hogail who has been instrumental
in strengthening the sector’s regulatory framework.
Under his leadership, the real estate sector now
contributes over 12 percent to Saudi Arabia’s non-oil gross domestic product.
Al-Hogail’s vision includes promoting sustainable
urban development, enhancing homeownership rates, and creating smart cities
through transformative projects like NEOM and The Line.
Cityscape’s role
Cityscape Global 2024 will showcase Saudi Arabia’s
real estate advancements, offering an immersive experience for participants. A
holographic map of future cities will allow attendees to explore designs,
buildings, and street layouts that represent the Kingdom’s vision for
sustainable urban development.
With Al-Hogail’s leadership, Cityscape 2024 is
poised to pave the way for an innovative and sustainable real estate future in
Saudi Arabia.
A global real estate leader
Cityscape Global 2024 is more than just an event;
it is a testament to Saudi Arabia’s rapid development and commitment to
excellence. As the Kingdom positions itself as a global leader in real estate,
Cityscape will drive the sector to new heights, aligned with the country’s
Vision 2030 and its pursuit of creating thriving, sustainable communities.