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Saudi Arabia's Real Estate Boom

Saudi Arabia's real estate market is booming, with record-breaking deals anticipated at Cityscape Global 2024, exceeding SAR 180 billion ($48 billion). Government initiatives and major projects are driving this growth.

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English

Syria

InvestmentEconomic GrowthInternational TradeReal EstateGovernment PolicyDevelopment

Cityscape GlobalMinistry Of Municipal And Rural Affairs And HousingGeneral Real Estate AuthorityHousing ProgramNational Housing Company (Nhc)

Majid Al-HogailMohammed Al-ButyMohammed Al-Habib

How has real estate financing in Saudi Arabia contributed to the sector's growth?: The growth is driven by increased real estate financing from Saudi banks, rising from SAR 200 billion in 2018 to SAR 800 billion in 2024, and further projected growth to SAR 1.3 trillion by 2030. The Saudi Real Estate Refinance Company is also playing a key role, providing over SAR 37 billion in mortgage refinancing.
What were the projected real estate deals at Cityscape Global 2024 in Saudi Arabia?: Saudi Arabia's real estate sector is booming, with deals at Cityscape Global 2024 expected to exceed SAR 180 billion ($48 billion). This represents a significant increase from the previous year and showcases the country's strong economic growth and investment in the sector.
What were some significant development projects announced during Cityscape Global 2024?: Several major development projects were announced at Cityscape, including deals worth over SAR 142 billion by the NHC, and significant investments from Retal, Mohammed Al-Habib Company, Tilal, Caden, Mountain View, and Diriyah Gate Company. These projects encompass residential, commercial, and mixed-use developments.
What government initiatives are supporting the growth of the Saudi Arabian real estate sector?: The Saudi government is actively supporting the real estate sector's growth through various initiatives, including over 20 new regulatory measures to streamline the market, the issuance of more than 60,000 real estate broker licenses, and initiatives aligned with Vision 2030's goals of sustainable development and urban transformation.
What was the significance of Cityscape Global 2024 in terms of participation and its role in promoting Saudi Arabia's real estate market?: Cityscape Global 2024, held in Riyadh, served as a major platform for showcasing Saudi Arabia's real estate development, attracting over 100 local and 69 international developers, along with 400 exhibitors from 50 countries and over 100 investors. The event highlighted the country's commitment to creating sustainable and vibrant urban communities.

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