Saudi Arabia has seen real estate transactions worth $168bn so far this year, and more major announcements are expected at Cityscape Global this week.
Minister of Municipalities and Housing Majed Al Hogail inaugurated the second edition of the world’s largest real estate event, Cityscape Global 2024, under the slogan “The Future of Living,” in the presence of senior officials from government agencies, companies, real estate developers, and financing entities.
During the opening ceremony, Minister Al Hogail announced the launch of numerous strategic projects and agreements worth over SR180bn ($48bn), representing a more than 50 per cent increase from the first edition.
Saudi real estate in focus at Cityscape Global
He said: “It is indicative of the accelerated growth of the Saudi real estate sector, which the leadership’s support has facilitated. This support has contributed to establishing an attractive real estate investment environment, essential for developing a sustainable future in the real estate sector”.
He said that the number of local real estate developers participating in this edition has doubled to more than 100, while the number of international developers has reached 69.
He attributed this increase to the consistent growth of real estate transactions, which have exceeded SR630bn ($168bn) since the beginning of the year.
This sector is one of the most significant economic engines contributing to the diversification of the economy.
Cityscape Global 2024 is attended by experts and specialists from various sectors and includes the Real Estate Investors Forum, which hosts 150 investors from 22 countries.
The forum aims to foster cooperation in investment projects and serve as a central hub for investment and opportunities.
The event will run for four days at the Riyadh Exhibition and Convention Centre in Malham, north of Riyadh.
It is organised under the patronage of the Ministry of Municipalities and Housing in partnership with the Real Estate General Authority (REGA) and the Housing Program, a key initiative of Saudi Vision 2030.
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