Saudi Gazette report

RIYADH — Minister of Municipalities and Housing Majid Al-Hogail announced significant growth in Saudi Arabia’s real estate sector at the opening of Cityscape Global 2024, the Kingdom’s largest property event themed 'The Future of Living.'

"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 highlighted that this momentum has positioned real estate as a core driver of economic diversification in the Kingdom.

The minister unveiled new strategic projects and agreements surpassing SR 180 billion —a 50% increase over last year— emphasizing that this growth reflects the rapid expansion of the Saudi real estate market, which has been fostered by leadership support to create a sustainable, attractive investment environment.

Al-Hogail underscored efforts to accelerate real estate refinancing in Saudi Arabia, with plans to scale the market to SR1.3 trillion by 2030 through expanded local and international financing channels.

He highlighted that the Saudi Real Estate Refinance Company, in collaboration with banks, has already strengthened liquidity by increasing long-term financing options, with total refinancing in property portfolios now at SR37 billion.

He also noted advancements in regulations, with more than 20 new policies issued by the General Real Estate Authority, certifying over 60,000 real estate agents to date.

This year’s Cityscape Global 2024 brings together experts and specialists across diverse sectors, featuring a Real Estate Investor Forum that has drawn 150 investors from 22 countries.