Real estate investment opportunities on the rise 
Saudi Arabia recently hosted the second Cityscape Global in Riyadh, themed “The Future of Living.” The event served as a platform for investment, networking, and exploring the real estate ecosystem, attracting global influencers, decision-makers, professionals, and investors.
Saudi Arabia’s decision to host two consecutive rounds of this event reflects its goal to reshape the real estate market and align with Vision 2030. The plan aims to diversify the economy and increase the real estate sector’s contribution to non-oil GDP to 10 percent by 2030.
The event also supported efforts to attract foreign direct investment, contributing to the Vision 2030 goal of achieving 5.7 percent of non-oil GDP by 2030.
Over three days, Cityscape Global showcased innovative projects using recycled materials and featured special mortgage rates from various Saudi banks.
The event attracted over 172,000 visitors and hosted more than 400 exhibitors from around the world, including major local and global companies, with international participants making up 47 percent.
It also drew 150 investors from 22 countries, along with experts and specialists from various sectors. Approximately 550 local and international speakers participated in panel discussions, representing over 50 countries, including top experts and industry leaders.
Real estate transactions exceeded SR230 billion ($61 billion), setting a new benchmark for the event. Strategic agreements worth SR30 billion were signed, while local and international developers reported sales surpassing SR20 billion.
The event also saw the unveiling of new strategic projects and agreements totaling SR180 billion, a 50 percent increase from the previous edition.
Minister of Municipalities and Housing Majed Al-Hogail said that the number of local developers participating has doubled to over 100, alongside 69 international developers.
This growth is attributed to the continuous rise in real estate transactions, which have surpassed SR630 billion since the beginning of the year.
The minister also emphasized that real estate has become a key driver of economic diversification in the Kingdom.
The growth of the real estate sector highlights its importance to the Kingdom’s economy, particularly with plans to scale the market to SR1.3 trillion and support the growth of around 60 economic sectors.
Hosting Cityscape Global for the second time demonstrates the global interest and confidence in the Saudi real estate sector and its role in driving economic diversification and growth in the Kingdom.
The collaboration between the Ministry of Municipalities and Housing and local and international partners, along with the introduction of new regulations and legislation, has built confidence in the Saudi real estate market among both local and global investors.
It is also worth noting that the Saudi Cabinet praised the success of Cityscape Global, highlighting the government’s ongoing support for the real estate sector’s development in line with Saudi Arabia’s vision to increase homeownership for Saudi citizens to 70 percent by 2030.
• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
