Saudi Arabia’s real estate sector is witnessing significant growth as cities expand, creating fresh opportunities for developers, investors, and businesses. The shift towards larger, integrated developments and increased private-sector involvement is evident, and these advancements are being highlighted at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah. This event serves as a platform for government agencies, developers, investors, financial institutions, and real estate service providers to converge and explore the burgeoning market.
A key project underscoring this growth is the MARAFY development by ROSHN Group. Situated in northern Jeddah, this major waterfront project spans more than 9.3 million square meters. It features an artificial waterway that connects to the Red Sea via Obhur Creek. Designed to accommodate over 70,000 residential units, MARAFY aims to eventually house more than 225,000 residents. Within this development, the Alarous community is set to include approximately 18,000 residential units, with various companies contributing to the larger master plan.
Developers are keen to expand their footprint in Saudi Arabia, with companies like New Event Development, which already operates in Egypt and Türkiye, announcing projects in Jeddah and plans to enter Riyadh. This expansion is driven by the opportunities arising from Saudi Vision 2030, a strategic framework aimed at reducing the country’s dependency on oil and diversifying its economy.
As investment prospects in the real estate sector grow, legal experts emphasize the importance of due diligence for property buyers. They advise prospective buyers to verify property ownership and the legal status of developers, as well as the authority of individuals signing contracts. Experts recommend a thorough review of commercial registration, ownership documents, payment terms, delivery dates, and any guarantees or penalties related to delays. They also caution against transferring funds to personal accounts and stress the need for legal advice before finalizing property agreements.