During the beginning of Cityscape Global 2024, the Kingdom’s largest real estate show with the theme “The Future of Living,” Minister of Municipalities and Housing Majid Al-Hogail announced notable growth in the Saudi real estate industry.
“The number of local real estate developers participating this year has doubled to over 100, alongside 69 international developers,” Al-Hogail stated, attributing this increase to the continuous rise in real estate transactions, which have exceeded SR630 billion since the beginning of the year.
He emphasized how this momentum has made real estate a key factor in the Kingdom’s economic diversification.
A 50% increase over the previous year, the minister announced new strategic projects and agreements totaling more than SR 180 billion. He emphasized that this growth is a reflection of the Saudi real estate market’s explosive growth, which has been supported by the leadership to create a stable and alluring investment environment.
With ambitions to develop the market to SR1.3 trillion by 2030 through more local and foreign financing channels, Al-Hogail emphasized efforts to speed up real estate refinance in Saudi Arabia.
He pointed out that by expanding long-term financing options, the Saudi Real Estate Refinance Company, working with banks, has already improved liquidity, with SR37 billion in total refinancing in property portfolios to date.
He also pointed out that the General Real Estate Authority has certified more than 60,000 real estate agents to date and has released more than 20 new policies.
With a Real Estate Investor Forum that has attracted 150 investors from 22 countries, this year’s Cityscape Global 2024 brings together experts and specialists from a variety of fields.
