Saudi Arabia’s real estate sector is experiencing significant growth, driven by the expansion of its cities and a shift towards larger, integrated developments. This surge in activity is opening up new avenues for property developers, investors, and businesses, with a noticeable increase in private-sector involvement. The fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah serves as a platform to highlight these opportunities, gathering government agencies, developers, investors, financial institutions, and real estate service providers under one roof.
One of the standout projects presented at the exhibition is MARAFY, a major waterfront development undertaken by ROSHN Group in northern Jeddah. Spanning over 9.3 million square meters, this ambitious project is built around an artificial waterway linked to the Red Sea via Obhur Creek. It aims to create a thriving community with more than 70,000 residential units, ultimately accommodating over 225,000 residents. Within this development, the Alarous community alone is set to feature approximately 18,000 residential units, with various companies contributing to the broader master plan.
Developers from outside Saudi Arabia are also capitalizing on these emerging opportunities. New Event Development, which has operations in Egypt and Türkiye, has announced its projects in Jeddah and expressed intentions to expand into Riyadh. This move is in line with the promising prospects brought about by Saudi Vision 2030, which aims to diversify the kingdom’s economy and stimulate growth in various sectors.
As the real estate market flourishes, legal experts are advising potential property buyers to exercise caution and conduct thorough due diligence. Ensuring the legitimacy of property ownership, the legal status of developers, and the authority of individuals signing contracts are crucial steps. Experts recommend reviewing commercial registrations, ownership documents, payment terms, delivery schedules, guarantees, and penalties for any delays. They also caution against transferring funds to personal accounts and emphasize the importance of seeking legal counsel before finalizing property agreements.
