KSA real estate witness expansion – say experts

Investor sentiment swelled over the past week in the Kingdom of Saudi Arabia as exhibitors revealed the country’s latest real estate developments at Restatex Cityscape Riyadh.

The exhibition, which draws to a close tomorrow evening at the Riyadh International Convention & Exhibition Centre, is held under the patronage of His Excellency Majed Al-Hugail, Minister of Housing in Saudi Arabia.

Over 35 exhibitors, comprising developers, brokers and consultants from the Kingdom and across the Middle East – including a few from Europe – displayed their projects to a Saudi audience eliciting a positive response from homebuyers and investors who visited the show over the last three days.  

“Against a backdrop of economic reform in the Kingdom, we can see that real estate plays a significant role in driving non-oil revenue. This year’s show is an example of the demand for real estate,” said Hussain Farraj, CEO of Ramtan, co-organisers of Restatex Cityscape Riyadh. “Over the last few days we saw this demand realised as thousands of visitors poured into the venue looking for their next real estate purchase. Our exhibitors equipped homebuyers and investors with knowledge, providing them with advice on their purchases as well as offering attractive payment terms on several developments.”

KPMG, one of the exhibitors at this year’s show, is providing visitors with information on the market. Rani Majzoub, Head of Real Estate at KPMG in Saudi Arabia, said Restatex Cityscape 2017 is one of the largest real estate events in the Kingdom and the company is happy to share its local real estate market experiences with real estate developers, investors, and government agencies.

“We believe that the real estate sector in Saudi Arabia is witnessing an expansion in terms of the number of projects, as the private sector is currently planning to utilise and develop the white lands available within the urban boundaries, which will help to increase the supply of residential units and help in bridging the gap between the supply and demand of residential units, achieving one of the most important objectives of Vision 2030, which is increasing home ownership by  Saudi nationals from 47% to 52% by 2020,” said Majzoub.

“Moreover, the Saudi government is increasing the level of confidence in the sector by implementing new initiatives to protect the rights of the various stakeholders among the supply chain, in addition to introducing new real estate investment vehicles represented by the Real Estate Investment Trusts (REITs) that were recently introduced to the sector and are expected to increase the level of liquidity in the market.”

Majzoub is confident that the government’s goals have also increased the focus on several sub-real estate sectors such as hospitality, tourism, warehousing and logistics, industrial cities and labour accommodation, some of which can be seen at this year’s show.

“As the curtain falls on our first ever Restatex Cityscape Riyadh tomorrow evening, we’re incredibly pleased with the way visitors and developers have responded to this exhibition,” said Ahmed Zakaria, Exhibition Director at Restatex Cityscape Riyadh. “The turnout is evidence that real estate remains a top priority for many in Saudi Arabia.”

Other exhibitors include: SGE Saudi Arabia, who are showcasing its residential compound in Riyadh, Carolina Palms; Al Jarbou are showing its residential project Alia el Sharq, which comprises an array of villas, in Madinah; Jabal Omar Development Company (JODC), who launched Jabal Omar in Makkah, a mixed-use development, which includes hotel operated residential towers near the Grand Mosque; Dubai Properties, who are showcasing two residential projects in Business Bay; Bellevue Towers, and Marasi Riverside; Emay Insaat Taahhut Sanayi ve Tic. A.S., who earlier this week revealed KentPlus Yalova Wellness Spa Resort in Yalova, Turkey; Plus Holding, who are displaying projects from Lebanon and Cyprus.

Restatex Cityscape Riyadh is sponsored by: Main Sponsor – Dubai Properties, Diamond Sponsor - Jabal Omar; Founding Sponsor – Aldar Properties; Inaugural Sponsor - Al Akaria; Gold Sponsors - Amlak International, Al Ahli, Etqaan Real Estate Co.; Silver Sponsor - KPMG, Samba, Al Rajhi Bank.